Plastic Recycling Market To Witness A Pronounce Growth Rate 7.19% During 2022 To 2030 | Size, Growth, Latest Trends
Research Reports
Dec 12, 2022
The Global Plastic Recycling Market is expected to grow at a 7.19% CAGR and is estimated to be worth USD 67.32 Billion by the end of 2030.
The rising cognizance about environmental safety among the general public is considered to escalate the demand for Plastic Recycling. The augmentation of plastic recycling depends on the aid of government regulations and protection guidelines related to plastic recycling.
The process of re-collecting different classes of plastic materials that can be reused in other forms is known as plastic recycling. Growth in the global market is being driven by proceeding efforts toward environmental sustainability, encouraging industries to concentrate on plastic recycling. The amplifying focus on plastic recycling is also attributed to its increasing use in various industrial applications like product packaging, electronic components, and automotive interiors. Some of the textile makers are also applying recycled plastic for material production. Another prominent factor increasing the market is the availability of evolved plastic waste management technologies.
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The requisition for affordable consumer electronic products, similar to laptops, mobile, modems, etc. has increased majorly through e-commerce websites. The rising use of consumer electronics has driven the demand for recycled plastics in electrical & electronics and packaging applications, which is anticipated to boost the market growth. The global plastics market is likely to be run by the increasing consumption of plastics in the construction, automotive, medical devices, and electrical & electronics industries.
Regional Analysis
The Global Plastic Recycling Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Presently, the Asia-pacific region is dominating the plastic recycling industry since 2018. This is due to the expanding number of small industries in the market and their expressive operation. Also, the region imports and recycles waste plastic and converts them for expressive applications. The presence of reasonable labor and major industrial areas across the countries like China have accounted for the major drivers of plastic recycling market growth across the region. The blistering usage of automotive industries and industrialization across the region are influencing the overall growth of the plastic recycling industry across the Asia-pacific region.
European countries are also flaunting a progressive growth rate in the plastic recycling industry, owing to the restrictions and strict norms regarding the wastage of plastics. Some reports generated in the European nation’s state that over 4.4 million tons of plastic waste are generated across the European countries, which are getting landfills over the year.
The US is another substantial regional market for plastic recycling due to the grand volumes of plastic waste being generated.
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Market Segmentation
The Global Plastic Recycling Market is segmented based on following;
By Type:
- Polyethylene Terephthalate (PET)
- Polyethylene (PE)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Others
By Source:
- Bottles
- Films
- Fibers
- Foams
- Others
By Method:
- Thermal
- Chemical
- Mechanical
- Landfill
By End-User:
- Packaging
- Building & Construction
- Textile
- Automotive
- Electrical & Electronics
- Others
Key Players
The Global Plastic Recycling Market key players are Asia Plastic Recycling Holding Limited, B & B Plastics Recycling Inc, B. Schoenberg & Co., CarbonLITE Industries LLC, Clear Path Recycling, Consolidated Container Company, GreenLine Polymers, Imerys SA, Indorama Ventures Public Company Limited, Jayplas, Joe’s Plastics Inc., Kuusakoski Group Oy, KW Plastics, , Montello S.p. A., MTM Plastics GmbH, Plasgran Ltd., Plastipak Holdings, Inc., Recycled Plastics UK, RJM International Inc., Seraphim Plastics, Shakti Plastics Industries, Suez, Teijin Limited, Ultra Poly Corporation , Ultre PET, LLC, Veolia, Custom Polymers, Inc., Envision Plastics , Plastic Recycling Inc., KW Plastics, Inc., Seraphim Plastics , MBA Polymers Inc., Green-O-Tech, India
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