The Global Plastic Recycling Market was worth US$ 38.5 billion in 2019 and is expected to grow at a CAGR of 5% during 2020 and 2030.
Plastic recycling plays a vital role in reducing the burden of plastic waste generated from industrial and residential applications. With increasing concerns over the impact of plastic waste on environment health, the environment protection authorities in close conjunction with plastic manufacturers and non-government organizations are focusing of development of sustainable plastic recycling solutions.
It refers to a process of recovering different types of reusable plastic from plastic waste and involves sorting, cleaning, shredding, identification, classification, extruding and manufacturing of different plastic products. Increased industrialization and urbanization has resulted in rapid adoption of plastic as an affordable alternative to wide range of materials used across industrial and daily used products. This has resulted in an unprecedented growth in plastic waste, thereby fueling the demand for plastic recycling solutions. Plastic recycling market has witness prominent growth over past decade fueled by government initiatives to reduce plastic waste generation and focused research and development towards development of cost efficient, eco-friendly and sustainable recycling solutions.
Lack of awareness and negligence towards the impact of plastic on environment across major parts of the globe is anticipated to result in increased plastic waste in coming years. Thus, is anticipated to offer lucrative opportunities to developers of plastic recycling solutions during the forecast period. The global plastic recycling market is anticipated to grow steadily during the forecast period.
Asia Pacific contributed a dominating share to the global plastic recycling market in 2019 and is anticipated to be a dominating region during the forecast period owing to favorable regulatory framework governing the plastic recycling industry and presence of large number of small and medium plastic recycling companies across major countries. Increasing plastic waste due to expanding population and rising demand for recycled plastic from construction and packaging applications is expected to drive the growth of Asia Pacific plastic recycling market during the forecast period.
Europe contributed a significant share to the global plastic recycling market in 2019 and is anticipated to witness prominent growth during the forecast period. North America is anticipated to grow significantly during the forecast period owing to increasing plastic waste and rising demand from packaging industry.
Plastic Recycling Market Share Analysis, by Geography (2022)
The report titled “Plastic Recycling Market - Global Market Share, Trends, Analysis and Forecasts, 2023-2032”, wherein 2021 is historic period, 2022 is the base year, and 2023 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the global plastic recycling market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
The global plastic recycling market is segmented on the basis of material, application, and geography. Based on material, the global plastic recycling market is segmented into polyethylene terephthalate [PET], polypropylene [PP], high density polyethylene [HDPE], low density polyethylene [LDPE], polystyrene [PS], polyvinyl chloride [PVC], and others. Based on applications, the global plastic recycling market is segmented into packaging, automotive, construction, textile, and others. Based on geography, the global plastic recycling market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment, and would identify the segment of the company focusing on plastic recycling. Further, market share of prominent companies in the global plastic recycling market would also be estimated. The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, SWOT analysis, and research and development focus of all the plastic recycling companies.
The global plastic recycling market study would take into consideration the participants engaged throughout the ecosystem of the market, along with their contribution. Product portfolio would focus on all the products under the plastic recycling business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the global plastic recycling market.
Major players active in the global plastic recycling market include B&B Plastics Inc., CarbonLite Industries LLC, Custom Polymers, Inc., Dart Container Corporation, Fresh-Pak Corp, Kuusakoski, KW Plastics, MBA Polymers UK Ltd., Novolex, PLASgran Ltd., Plastipak Holdings, Inc., Wellpine Plastic, and WM Recycle America LLC.
The Global Plastic Recycling Market Is Segmented As Below
Based On Material
Based On Applications
Based On Geography
The plastic recycling analysis market has been assessed for the years 2019 to 2032.
Lack of awareness and negligence towards the impact of plastic on environment across major parts of the globe is anticipated to result in increased plastic waste in coming years. Thus, is anticipated to offer lucrative opportunities to developers of plastic recycling solutions during the forecast period. The global plastic recycling market is anticipated to grow steadily during the forecast period.
Asia Pacific contributed a dominating share to the global plastic recycling market and is anticipated to be a dominating region during the forecast period owing to favorable regulatory framework governing the plastic recycling industry and presence of large number of small and medium plastic recycling companies across major countries.
Some key players operating in the plastic recycling market include B&B Plastics Inc., CarbonLite Industries LLC, Custom Polymers, Inc., Dart Container Corporation, Fresh-Pak Corp, Kuusakoski, KW Plastics, MBA Polymers UK Ltd., Novolex, PLASgran Ltd., Plastipak Holdings, Inc., Wellpine Plastic, and WM Recycle America LLC.
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