Plastic Recycling Market Trends Challenges, Growth Drivers
The global plastic recycling market size is expected to exhibit a strong 5.82% CAGR over the forecast period till 2028, according to the latest research report from Market Research Future (MRFR). The global plastic recycling market is expected to grow to a valuation of USD 53.9 billion by 2023, according to the report. The report presents a detailed overview of the global plastic recycling market to readers by providing a detailed look into the market’s historical statistics. The trajectory of the market from its historical statistics to its present-day figures is mapped in detail in the report. Based on this information, forecasts are made for the market’s likely growth trajectory over the forecast period till 2028. Major players operating in the global plastic recycling market are also profiled in the report, in order to provide readers with a complete overview of the competitive landscape of the global plastic recycling market. The impact of the COVID-19 pandemic on the global plastic recycling market is also assessed in detail in the report.
Plastic recycling has become widely popular in recent years due to the growing awareness about the environmental unviability of plastics. Plastics are not biodegradable, due to which they can remain in their dumped environment for a long period of time, polluting the environment. Plastics can also be consumed by unsuspecting animals, which can cause various health issues in the animals, for example, blockages in the digestive tract. Growing awareness about these issues has driven the demand for plastic recycling solutions in the last few years. Increasing awareness among consumers in developed countries is likely to remain a major driver for the plastic recycling market over the forecast period. Consumers in developed countries have adopted various plastic recycling solutions enthusiastically in order to reduce their adverse impact on the environment. This is likely to remain a major driver for the global plastic recycling market over the forecast period, as grassroots involvement in plastic recycling is the major factor determining the success of recycling solutions in the long run.
Increasing government support to plastic recycling solutions is also likely to be a major driver for the global plastic recycling market over the forecast period. Governments, especially in developed countries, have been strong supporters of plastic recycling solutions in the last few years. Reducing the overall adverse environmental impact of countries has emerged as a major agenda for governments in the last few years. This has driven the involvement of governments in plastic recycling schemes.
Competitive Leaderboard:
Leading players in the global plastic recycling market include Kuusakoski Group Oy, MBA Polymers Inc., Seraphim Plastics, CarbonLITE Industries, Green-O-Tech India, KW Plastics Inc., UltrePET LLC, Plastic Recycling Inc., Custom Polymers Inc., and Envision Plastics.
In December 2017, MBA Polymers formed a fully owned subsidiary in India. The waste management and post-consumer plastic production unit in the city of Pune will utilize electronic and automotive plastic waste to produce post-consumer plastic for the booming Asian market.
In June 2017, Kuusakoski Group formed a joint venture with Rosk’n Roll Oy and Itä-Uudenmaan Jätehuolto Oy, with a 51% share in the company called Revanssi Oy, to offer comprehensive waste management services in southern Finland.
Segmentation:
The global plastic recycling market trends is segmented on the basis of material, recycling process, application, and region.
By material, the global plastic recycling market is segmented into polyethylene terephthalate (PET), high-density polyethylene (HDPE), low-density polyethylene (LDPE), polypropylene (PP), and others.
By recycling process, the global plastic recycling market is segmented into mechanical and chemical.
By application, the global plastic recycling market is segmented into packaging, construction, textiles, automotive, and others.
Regional Analysis:
Asia Pacific is likely to retain a dominant share in the global plastic recycling market over the forecast period due to the growing import of plastic scrap in countries such as China. China accounts for around 56% of the global imports of plastic waste, with the country’s plastic scrap imports increasing from 5.9 million tonnes to 8.9 million tonnes from 2006 to 2012. North America is the second largest regional market for plastic recycling.
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