Plastic recycling refers to a process in which the discarded plastic is converted into reusable form. Discarded plastic can be rigid such as bottles, and containers; or non-rigid such as films, and wrappers. Plastic recycling market is segmented on resin type such as PET. Polyethylene terephthalate abbreviated PET, is the most common thermoplastic polymer resin of the polyester family and are used in fibers for clothing, containers for liquids and foods, and thermoforming for manufacturing.
The prime uses for recycled PET are polyester fiber, strapping, and non-food containers. Most thermoplastics can be recycled; PET bottle recycling is more applied than many other plastic applications because exclusive use of PET for widely used carbonated soft drink and water bottling. Recycling of thermoplastic can undergo two processes. First one includes the recycling back to the initial raw materials where the structure of the polymer is completely destroyed; and the other process includes the recycling where the original polymer properties are being maintained.
The recycling of thermoplastics is sustainable initiative. Large amounts of plastics wastes are degrading environment, hence an initiative for cleaning and sorting the wastes is of utmost use. In thermoplastics recycling industry, the recycling of the bottles is main part, which are used in all kinds of liquid packaging like water, juices, beer, sauces, detergents, household chemicals, and carbonated soft drinks. Bottles are easy to differentiate because of consistency and shape. Bottles separate from waste plastic streams either by automatic or by hand-sorting processes. The established polyester recycling industry consists of three major sections; waste logistics: PET bottle collection and waste separation, flake production: production of clean PET bottle flakes, and flake processing: conversion of flakes to final product. The first step includes the bottle waste with a PET content greater than 90. In the second step, the collected bottles are transformed to clean bottle flakes. This step can be complicated depending on required final flake quality. During the third step, bottle flakes are processed to any kind of products like film, bottles, fiber, or filament.
Recycling Polyester staple Fiber (RPSF) is prominent segment in recycling PET and it has been projected that the RPSF is going to be the fiber of the future in the entire textile industry. It is formed by re-melting the thermoplastic PET bottles and then thick material is pressed leaving them as filaments. Filaments can be used as endless threads and cut into length-defined fibers for spinning. After weaving, the fabric is transformed into garment, such as pullovers, jackets or sweatshirts. The recycled thread or yarn can be used either alone or together with other fibers to create strong, durable and rough products, such as jackets, coat, shoes, bags, hats and accessories.
Factors like demand in light weighting vehicles, and packaging industry, is expected to drive the market during the forecasted period. On the other hand, factors like stringent government regulations, environmental issues would limit the growth of the market. Polypropylene manufacturers are shifting their emphasis from synthetic to bio-based polypropylene as a result of increase in demand for the latter.
On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Of these regions, Asia Pacific is expected to dominant in the global market throughout the forecast period. Asia Pacific is engaged in activities such as converting the plastic into recycled resins for further applications and cheap labor and lenient governmental policies have kept the region at the forefront. Europe is also expected to show steady growth in the global market due to stringent laws pertaining to the use of plastic in the region. The region is recycling plastic wastes ever year due to ban on dumping plastic in landfills. The increasing awareness about environment protection is also anticipated to boost the Europe plastic recycling market.
Key manufacturers of PET recycling market are PET Recycling Plant, DAK Americas LLC, M&G Polymers USA, Nan Ya Plastics Cooperation, and KW Plastics.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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