Plastic Recycling Market Overview
The Global Plastic Recycling Market is expected to gain an unprecedented value of USD 36,336.9 Million by 2028, with a CAGR of 5.82% during the forecast period (2020–2027). Market Research Future (MRFR) in their report envelops segmentations and drivers for a better glimpse of the market in the coming years. Plastic recycling is the process of recovering plastic waste and reprocessing it into useful products. The plastic recycling process includes waste collection, sorting and shredding, and molding. Plastic has become vital in day-to-day life. However, it is produced from finite resources such as petroleum. As petroleum prices increase, it becomes economically viable to recycle polymers rather than produce them from raw materials. Consequently, plastic waste recycling can help save resources and process waste. Therefore, there is an increased awareness of local authorities and end-use industries to recycle plastic waste. Moreover, over the years, progress has been made in the development of recycling technologies such as mechanical recycling and feedstock recycling.
Prominent players profiled in the Plastic Recycling Market are CarbonLITE Industries (US), Seraphim Plastics (US), MBA Polymers Inc. (US), Envision Plastics (US), Custom Polymers, Inc. (US), Plastic Recycling Inc. (US), UltrePET, LLC (US), and KW Plastics, Inc. (US). Expansion is some of the key strategies that these companies have adopted to stay ahead of the rest.
For instance, in May 2018, CarbonLITE opened a PET recycling plant in Pennsylvania, US, which will increase the company’s capacity by more than 50%.
Similarly, in January 2018, CarbonLITE collaborated with AMUT Group for the supply of water through a waterline system at its recycling facility in Dallas, Texas. The collaboration will improve the recycling process for plastic bottles.
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The global market for plastic recycling is segmented based on material, recycling process, and application. On the basis of material, the polyethylene terephthalate (PET) segment is expected to dominate the market owing to its high-strength fibers and several types of packaging materials, such as soft drink bottles and jars.
On the basis of recycling process, the mechanical segment is expected to dominate the market, owing to the recyclability process.
On the basis of application, the packaging segment is expected to dominate the market, owing to its versatility and its extended shelf life is an exceptional solution for a modern lifestyle.
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Geographic analysis of the global plastic recycling market spans across the Americas, Europe, Asia Pacific (APAC), and the Middle East Africa.
In 2018, Asia-Pacific dominated with a market valued at USD 9,035.7 million. The regional market value is expected to reach USD 16,952.4 million by 2028 with an impressive 6.58% CAGR during the forecast period. Asia-Pacific is marked with rapid economic development, increasing population, and various policies and regulations to support environmental protection and waste management. China has been the receiving hub of plastic waste from across the world and has been regarded as the leader among in scrap consumers. With growing awareness and positive economic health in Asia-Pacific, there is seen a strong set of framework for waste management. China is a leading country in imports for waste plastics, as the country receives approximately 56% of the global imports of plastic waste. Between 2006 and 2012, plastic scrap imports in China increased from 5.9 million tonnes to 8.9 million tonnes. Therefore, the Chinese market will continue to dominate the global market in the coming years. Since 2008, China, as a key destination of waste material in the global market, reduced the purchasing of recovered paper and plastics as a result of the fall in demand from Chinese packaging firms. Japan is a laggard region in the plastic recycling market. According to the Organisation of Economic Cooperation and Development, the municipal recycling rate for Japan was only 21%, below Germany at 48%, Sweden at 33%, and the US at 26%. Meanwhile, Japan exports 1.6 million tonnes of plastic waste to China
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