Global Plastic Recycling Market: Snapshot
Plastic recycling refers to a process that is performed either mechanically or chemically to recover plastic waste from discarded items for production of reusable plastic. The global plastic recycling market has been gaining a steady momentum over the past few years due to the growing awareness about carbon emissions and the need to reduce them. Citing this reason, the report states that the global plastic recycling market, which was valued at US$31.5 bn in 2015 is expected to reach a figure of US$56.8 bn by 2024. During the forecast period of 2016 and 2024, the global market is expected to progress at a CAGR of 6.9%.
Stern Stance on Recycling by Developed Nations Boosts Growth of Global Market
The global plastic recycling market is anticipated to flourish in the coming years due to the stern stance of developed regions to ban plastics and reduce the dumping of plastic wastes in landfills. The state of overflowing landfills has also triggered an urgent need for recycling plastic instead of producing new material. Furthermore, the large amount of crude oil required to manufacture makes the production of virgin plastics considerable expensive than recycling plastics. Thus, the cost-effectiveness of recycling plastics has also given the market a much-needed impetus.
On the basis of material, the global plastic recycling market is segmented into PET, PP, HDPE, LDPE, PS, PVC, ABS, nylon, and polycarbonate. Due to the growing demand for recycled HDPE and PET plastics, the respective segments are expected to retain dominance in the global market. These types of plastics are predominantly used for making bottles for household chemicals, storage containers, and personal care products. Higher grade of HDPE is also used for making beverage containers, juice cans, milk bottles, and other edible liquid cans.
Asia Pacific to Lead Global Market as Regional Imports of Plastic Wastes Increase
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. Analysts anticipate that China alone will make a contribution of over 50% to the global plastic recycling market. Presently, Asia Pacific is the key importer of plastic scrap of recycling with China and India leading the way. The region is aggressively engaged in activities such as parings and converting the plastic scrap into recycled resins for further applications. Cheap labor and relatively lenient governmental regulations 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 currently recycling more than 4.4 million tons of plastic wastes ever year due to ban on dumping plastic scrap in landfills. Furthermore, the increasing awareness about protection of the environment is also anticipated to boost the Europe plastic recycling market.
The key players operating in the global plastic recycling market Kuusakoski Oy, Plasgran Ltd., Envisison Plastics, KW plastics etc. The competitive landscape of the global market is quite fragmented due to the presence of several players. Each players holds a small share in the global market. In the coming years, companies will focus on expanding to emerging economies to remain dominant.
Global Plastic Recycling Market: Overview
Plastic recycling is a process of cleaning, sorting and processing of pre-consumer or post-consumer plastic waste into resins for various applications. This plastic scrap can be rigid, like bottles, containers, furniture etc., or non-rigid, like films, wrappers, pliable sheets etc. The plastic recycling market is also segmented based on resin type as PET, PP, HDPE, LDPE, PS, PVC, and others. PET is largely recycled into PET fibers and yarns for textile applications. However, most of the plastics end-up as construction products such as plastic lumber, landscaping furniture, and roof & floor tiles.
The report estimates and forecasts the plastic recycling market on the global, regional, and country levels. The study provides forecast between 2016 and 2024 based on volume (kilo tons) and revenue (US$ Mn) with 2015 as the base year. The report comprises an exhaustive value chain analysis for each of the product segments. It provides a comprehensive view of the market. Value chain analysis also offers detailed information about value addition at each stage. The study includes drivers and restraints for the plastic recycling market along with their impact on demand during the forecast period. The study also provides key market indicators affecting the growth of the market. The report analyzes opportunities in the plastic recycling market on the global and regional level. Drivers, restraints, and opportunities mentioned in the report are justified through quantitative and qualitative data. These have been verified through primary and secondary resources. Furthermore, the report analyzes substitute analysis of plastic recycling and global average price trend analysis.
The report includes Porter’s Five Forces Model to determine the degree of competition in the plastic recycling market. It comprises qualitative write-up on market attractiveness analysis, wherein sources, materials, applications and countries have been analyzed based on attractiveness for each region. Growth rate, market size, raw material availability, profit margin, impact strength, technology, competition, and other factors (such as environmental and legal) have been evaluated in order to derive the general attractiveness of the market. The report comprises price trend analysis for plastic recycling between 2016 and 2024.
Global Plastic Recycling Market: Segmentation
The study provides comprehensive view of the plastic recycling market by dividing it into source, material, application and geography. The plastic recycling market has been segmented by source into rigid and non-rigid. Based on material the market is segmented as PET, PP, HDPE, LDPE, PS, PVC, and Others (ABS, Nylon, Polycarbonate etc.). Based on application the market is segmented as Packaging, Automotive, Construction, Textile, and Others (Industrial, Consumer Goods, etc.).The segments have been analyzed based on historic, present, and future trends.
Global Plastic Recycling Market: Regional Outlook
Regional segmentation includes the current and forecast of plastic recycling in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Key countries such as the U.S., France, Germany, Italy, the U.K., China, India, ASEAN, South Africa, Mexico, and Brazil have been included in the study. Market segmentation includes amount of plastic recycled by material (resin) and application in all the regions and countries.
Global Plastic Recycling Market: Research Methodologies
Secondary research sources that were typically referred to include, but were not limited to company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report.
In-depth interviews and discussions with wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening secondary research findings. Primary research further helped in developing the analysis team’s expertise and market understanding.
Key Players Mentioned in the Report are:
The report covers detailed competitive outlook that includes market share and profiles of key players operating in the global market. Major players profiled in the report include ARORA FIBRES Limited, Kuusakoski, B&B Plastics Inc., KW Plastics, MBA Polymers UK Ltd., PLASgran Ltd. Company profiles include attributes such as company overview, number of employees, brand overview, key competitors, business overview, business strategies, recent/key developments, acquisitions, and financial overview (wherever applicable).
The plastic recycling market has been divided into the following segments.
Plastic Recycling Market – Source Analysis
- Rigid Plastics
- Non-rigid Plastics
Plastic Recycling Market – Material Analysis
- Others (ABS, Nylon, Polycarbonate etc.)
Plastic Recycling Market – Application Analysis
- Food Contact
- Non-food Contact
- Others (industrial, consumer goods etc.)
Plastic Recycling Market – Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America