Global Plastic Recycling Market to Reach US$ 56.03 Bn by 2026
Global Plastic Recycling Market: Snapshot
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.
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According to the report, the global plastic recycling market will register a promising 6.9% CAGR over the period between 2016 and 2024, rising from a valuation of US$31.5 bn in 2015 to a revenue opportunity of US$56.8 bn by 2024.
Demand for Recycled PET and HDPE Plastics to Remain High
The report segments the global plastic recycling market based on criteria such as source, material, and application. Based on material, the market has been segmented into high-density polyethylene (HDPE), polypropylene (PP), polyethylene terephthalate (PET), low-density polyethylene (LDPE), polystyrene (PS), polyvinyl chloride (PVC), acrylonitrile butadiene styrene (ABS), nylon, and polycarbonate. Owing to the rising global consumption of recycling PET and HDPE plastic products, these segments are likely to retain dominance in the overall market.
Based on application, the market has been expanded into packaging, construction, automotive, textile, consumer goods, and industrial. Of these, the segment of packaging is expected to serve the most demand for recycled plastic owing to the thriving expansion of the packaging industry and the several mandates compelling the industry to adopt more environment-friendly processes and ways to cut-down on its carbon footprint. The construction segment is also increasingly becoming a notable consumer of recycled plastic and is likely to account for a notable share in the overall market by the end of the report’s forecast period.
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Asia Pacific to Remain Most Lucrative Regional Market as Imports of Plastic Waste Increase
Based on geography, the report examines the plastic recycling market for regions such as Asia Pacific, North America, Europe, Latin America, and Middle East and Africa. The market in Asia Pacific is likely to account for the dominant share in the overall market, China expected to contribute to nearly 50% of the global market alone by the end of the forecast period. Asia Pacific is also the leading importer of recycled plastic scrap, with India also accounting for a notable share in the regional market. The region has well-established infrastructure for parings and converting plastic scrap into resins for using them further for a number of applications. Abundant labor pool and lenient regulations also bode well for the regional market.
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.
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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. Some of the leading companies in the global plastic recycling market are KW plastics, Kuusakoski Oy, Envisison Plastics, and Plasgran Ltd.
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