Plastic Recycling Market
Plastic Recycling Market (Material: Polyethylene Terephthalate [PET], Polypropylene [PP], High Density Polyethylene [HDPE], Low Density Polyethylene [LDPE], Polystyrene [PS], Polyvinyl Chloride [PVC], and Others; and Application: Packaging, Automotive, Construction, Textile, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
Plastic Recycling Market: Overview
- Recycling plastic waste is a complex issue to which no real solution has proven to be completely effective and environmentally responsible. Many recycling techniques have in fact proven to be rather expensive, energy inefficient, and as harmful to the environment, if not more, as plastic itself.
- The global population continues its exponential rise and economic and industrial activities thrive at an even faster rate. This has made the issue of recycling plastic waste, which accounts for a large portion of total waste generated on everyday basis from several sources, is becoming increasingly severe.
- Thus, continuous research activities are being undertaken across the globe with an aim of finding an effective method of recycling plastic waste or gaining something beneficial from the process.
- According to the report, the global plastic recycling market will register a promising 6.8% CAGR over the period between 2019 and 2027, rising from a valuation of US$34 Bn in 2019 to a revenue opportunity of US$60 Bn by 2027.
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What are Key Growth Drivers of Global Plastic Recycling Market?
- Plastic is a functional and sustainable material. It has replaced several materials, such as metal, concrete, and wood, as it is lightweight, corrosion proof, economical, and esthetically appealing. Plastic manufacture requires less energy.
- The global production of plastic stood at 359 million tons in 2018 and is estimated to have a tremendous growth over forecast years
- Rise in demand for plastics is projected generate large amounts of plastic trash. This, in turn, is likely to boost the plastic recycling market.
- The global plastic packaging industry has been expanding at a rapid pace. It is expected to reach US$ 375 Bn by 2020. Growth in the plastic packaging industry is anticipated to propel the production of plastic waste. Most packaging, especially in the food & beverages industry, have a short life. This results in significant production of plastic trash.
- Efficient disposal of the generated waste is pivotal. Recycling offers the best solution for economical and eco-friendly disposal of plastic, as landfilling is hazardous to the environment.
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What are Key Challenges for Global Plastic Recycling Market?
- Several countries do not have an established waste collection and sorting system for solid waste. 10% of the total waste produced in Africa is channeled into the collection system.
- The remaining 90% of the waste lies unaccounted for and usually ends up in oceans and river streams.
- Moreover, more than 8 million tons of plastic waste is estimated to end up in oceans. This is anticipated to hamper the recycling market, as collection and sorting of plastic waste is the first and crucial step in plastic recycling.
Lucrative Opportunities for Players in Global Plastic Recycling Market
- Demand for recycled PET and HDPE is increasing due to the low costs of recycled plastics. Plastic recyclers focus on PET and HDPE recycling and re-processing owing to their large demand and wide application in packaging, textiles, and construction industries.
- Recyclers also need to focus on competitive pricing, as prices of virgin plastics are decreasing significantly over the last few years.
- Recycled plastics can be used in consumer goods. These can be employed in several products such as kitchen tools, home furniture, general gadgets and appliances, cloth hangers, footwear, and personal care products.
- The consumer goods industry has been expanding at a significant pace across the globe. This creates significant opportunities for the plastic recycling market
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Asia Pacific to Dominate Global Plastic Recycling Market
- Asia Pacific dominated the global plastic recycling market in 2018. The plastic recycling market in Asia Pacific is fragmented; family-owned small scale recyclers primarily operate in the market.
- Asia Pacific imports and recycles significant amount of plastic trash due to the lenient government regulations and cheap labor prevalent in the region. China is the major hub for plastic recycling; however, the country recently announced a permanent ban on the import of plastic waste.
- The market in Europe is also likely to exhibit a promising pace of expansion over the forecast period owing to the strict regulations regarding the reuse of recyclable plastics in the region. The region is presently recycling nearly 4.4 mn tons of plastic waste every year owing to the several regulations that put a ban on discarding plastic waste into landfills. Moreover, the rising awareness regarding the need to recycle for the protection of environment also works well for the regional market.
Leading Players in Global Plastic Recycling Market
- Some of the leading companies in the global plastic recycling market are
- KW plastics
- Kuusakoski Oy
- Envisison Plastics
- Plasgran Ltd.
- The vendor landscape of the global plastic recycling market is highly fragmented and features a large number of unstructured, small players in the largely unorganized market in several emerging and underdeveloped economies across the globe.
- International companies seeking entry into these emerging economies, which possess vast growth opportunities due to rising populations and swelling use of plastic products for daily necessities, are focusing on ways of consolidating and organizing these markets through strategic collaboration.
Global Plastic Recycling Market – Scope of Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global plastic recycling market to gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating a landscape for growth of the global plastic recycling market. The study also identifies growth avenues for stakeholders. The report provides insightful information about how the global plastic recycling market is likely to expand during the forecast period of 2019 to 2027.
The report offers intricate dynamics about different aspects of the global plastic recycling market that aid companies operating in the market in making strategic decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure the growth of the packaging industry with respect to the global plastic recycling market during the forecast period. It also includes a key indicator assessment to highlight growth prospects of the global plastic recycling market and estimates statistics related to growth of the market in terms of volume (kilo tons) and value (US$ Mn).
This study covers a detailed segmentation of the global plastic recycling market, along with key information and a competition landscape. The report mentions company profiles of key players operating in the global plastic recycling market, wherein various developments and expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Global Plastic Recycling Market
The report provides detailed information about the global plastic recycling market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global plastic recycling market that would help them design successful strategies and make target-driven decisions.
- Which material segment of the global plastic recycling market would emerge as a leading revenue generator during the forecast period?
- What would be the Y-o-Y growth rate of the global plastic recycling market between 2019 and 2027?
- What are winning imperatives of frontrunners in the global plastic recycling market?
- Which application segment is expected to generate maximum revenue in the global market for plastic recycling during the forecast period?
Research Methodology – Global Plastic Recycling Market
The research methodology adopted by analysts for compiling the report on the global plastic recycling market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the global plastic recycling market.
For primary research, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global plastic recycling market.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global plastic recycling market.
Global Plastic Recycling Market – Segmentation
TMR’s research study segments the global plastic recycling market in terms of material, application, and region. This report presents extensive market dynamics and growth trends associated with different segments and explains how they are influencing the growth of the global plastic recycling market.
Middle East & Africa