Plastic Recycling Market Growth, Industry Analysis, Business Opportunities and Latest Innovations
Overview
The plastic recycling market is anticipated to grow by US$2.45 Bn by 2023 rapidly growing at a CAGR of 5.82% during the forecast period. The global plastic recycling market is driven by increasing use of plastic in the packaging industry along with government support for recycling plastic. These factors have helped shape the plastic recycling market and are expected to boost the growth. Companies in the plastic recycling market could also face challenges such as lack of awareness about recycling and slow economic growth in some countries. The details covered in the plastic recycling market report cover all the aspects of the industry. Plastic recycling market analysts have also shared growth projections in the report and have suggested plastic recycling market players to plan growth strategies accordingly.
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Market Segmentation
The global plastic recycling market has been segmented based on material, recycling process, and application. On the basis of material, the market for plastic recycling is segmented based on polypropylene (PP), low-density polyethylene (LDPE), high-density polyethylene (HDPE),polyethylene terephthalate (PET), and others. Additionally, the market on the basis of recycling process, is segmented into mechanical and chemical. The global market for plastic recycling is also covered based on the application segment which is further split into automotive and others, construction, packaging, textile.
Factors like growing awareness about the impact of plastic disposal on the environment support the plastic recycling market growth. The performance of the plastic recycling market has also been studied for the past and current years. Additionally, the plastic recycling market report provides analysis of these segments. The plastic recycling market segmental analysis provided in the report offers major details about the plastic recycling market performance and future.
Competitive Landscape
The plastic recycling market is supported by rapid economic development, increasing population, and various policies and regulations. The population growth around the world and increasing demand of plastic recycling market based services and products also support the market growth. However, the plastic recycling market growth can be affected due to lack of support from the government and unorganized plastic sector in some regions. The report covers all such details which will help companies in the plastic recycling market to strengthen their business plan and improve their product portfolio. The plastic recycling market research report also provides company profiles of major companies. The company profiles of many organizations operating in the plastic recycling market report highlights crucial details like company size, revenue growth, and details of mergers and acquisitions taking place in the plastic recycling market. New companies and established businesses can plan their strategies based on this data provided in the plastic recycling market research report.
Industry News
Chemical provider LyondellBasell and the French multinational environmental services supplier Suez jointly purchased, for an undisclosed sum, Tivaco, a plastics recycling firm headquartered in Blandain, Belgium. The enterprise will become part of the company's current 50/50 plastics recycling joint venture, Premium Circular Polymers (QCP). With this deal, QCP will expand its recycled materials processing capacity to about 55,000 tons a year.
Regional Overview
Companies in the plastic recycling market are spread across the world. The plastic recycling market report provides major information about regional markets of North America, Europe, Asia-Pacific (APAC), and the rest of the world. The North American plastic recycling market has many companies across the United States, Canada, and Mexico. Europe has companies in the plastic recycling market across Germany, France, Spain, Italy, and the United Kingdom. A detailed analysis of the plastic recycling market across India, China, and Japan in the Asia-Pacific region is also presented in the report. The plastic recycling market of the Middle East, Africa, and other regions has also been studied by analysts. The regional analysis of the plastic recycling market can be found in the market research report.
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