Global Plastic Recycling Market: by application (Packaging, Construction, Textile, Automotive, Others), by material (Polyethylene Terephthalate (PET), High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Polypropylene (PP), Others), by recycling process (mechanical, chemical) and Region – Forecast to 2023
According to Market Research Future (MRFR)’s new study, the global plastic recycling market is anticipated to grow from USD 36,966.5 Mn in 2017 to USD 53,958 Mn towards the end of 2023. The market is poised to expand at a CAGR of 6.61% during the forecast period 2018 to 2023. The demand for plastic across different industry verticals such as construction, packaging, consumer products, etc. is skyrocketing and is prognosticated to exhibit a similar trend in the forthcoming years. The increase in the petroleum price is projected to intensify the need for plastic recycling as an economical alternative to production. In addition, the adverse effect of plastic on the environment is one of the major problems faced by the governments and environmentalists in recent years. The advancement in recycling technology is likely to be favored by government and private organization, which is projected to augment the plastic recycling market through the projection period.
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Lack of sufficient recycling units and mishandling of waste in the emerging economies have opened avenues for growth in the developed countries. Furthermore, the recycled plastic has developed applications across different industry verticals such as consumer electronics, packaging, etc. It has accelerated the revenue creation for market participants. On the flip side, a scarcity of proper processing units and cost-efficient infrastructure poses a challenge to the recycling of heterogenous plastic. It is likely to restrict the growth of the plastic recycling market in the upcoming years.
Global Market for Plastic Recycling – Segmental Analysis:
This MRFR report covers a detailed segmental analysis of the plastic recycling market based on application, material, and recycling process. By application, the market is segmented into automotive, textile, packaging, construction, and others. The packaging segment is currently dominating the global market and is prognosticated to retain its prominence in the forthcoming years. The growth of the segment is attributable to the rising demand from the packaging industry owing to the high strength-to-weight ratio of plastic. Meanwhile, the construction segment is likely to capitalize on rapid urbanization over the next few years and emerge as the fastest growing segment.
By material, the plastic recycling market is segmented into polyethylene terephthalate (PET), high-density polyethylene (HDPE), low-density polyethylene (LDPE), polypropylene (PP), and others. Among these, the polyethylene terephthalate (PET) segment currently accounts for the largest share of the market and is poised to maintain its prominence over the next few years. The growth of the segment can be ascribed to the increasing demand for recycled PET across industry verticals such as packaging, electronics, construction, etc.
By recycling process, the plastic recycling market has been segmented into mechanical and chemical. The mechanical segment accounted for 67.52% share of the plastic recycling market in 2017. It is expected to hold its pole position through the forecast period. Meanwhile, the chemical segment is likely to attract a larger customer base in the foreseeable future, thus, becoming the fastest growing segment.
The global plastic recycling market, by region, has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Asia Pacific held the maximum share of the market in 2017 which accounted for 46.84% share. It is estimated to expand at a relatively higher CAGR of 7.55% during the forecast period. The region poses tremendous potential for growth owing to strong economic growth rate, rapid urbanization, exponential population, etc. Furthermore, the rising concerns associated with plastic waste management are motivating the governments to promote recycling. It is expected to revolutionize the growth trajectory of the plastic recycling market in the region.
Americas and Europe are important growth pockets and are anticipated to grow substantially over the next couple of years. The Middle East & Africa is likely to hold the least share of the global plastic recycling market across the review period. It is estimated that approximately only 10% of the plastic waste in the region is recycled. Although efforts are directed towards the adoption of recycling technologies, most of the plastic waste is dumped into landfills or sold as a mixture of different plastics at a low price.
Global Market for Plastic Recycling – Competitive Dashboard:
Some of the key players operating in the global plastic recycling market are CarbonLITE Industries, Seraphim Plastics, MBA Polymers Inc., Kuusakoski Group Oy, Envision Plastics, Custom Polymers, Inc., Plastic Recycling Inc., UltrePET LLC, KW Plastics, Inc., Green – O – Tech India, Kishco Pvt. Ltd., Boer Group, Miller Waste Mills, Inc., Recycling Textile sro, and Knebel Textilrecycling GmbH.
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