Overview
The Plastic Recycling Market Business is predicted to surpass a valuation of USD 53,958 million, registering a CAGR of 6.61% during the assessment period (2018-2023). Recycling of plastic waste is considered an economically viable option as petroleum prices are constantly rising. Plastic recycling ensures optimum waste management. This highly supports the expansion of the market.
The global Plastic Recycling Market Business has witnessed a tectonic surge over the past few years. The demand for plastic across verticals like packaging, construction, and consumer products is skyrocketing and is expected to showcase a similar trend in the long run. With the surging petroleum prices across the globe, the need for plastic recycling as an economical alternative is likely to increase. Plastic also has adverse effects on the environment, which triggers the demand for plastic recycling worldwide. Plastic takes thousands of years to break down. It is not just the accumulation of plastic that harms the environment, but the toxins and fragments released at the time of photo-decomposition, which pollute the water and soil.
Segmentation
The global market of plastic recycling is studied in segments to get a comprehensive understanding of it. The market is assessed by recycling process, material, and application. The material-based segments are; High-Density Polyethylene (HDPE), Polyethylene Terephthalate (PET), Polypropylene (PP), Low-Density Polyethylene (LDPE), and others. The Polyethylene terephthalate (PET) segment can exhibit rapid expansion due to features of PET. The thermoplastic PET has high-strength fibers, hence used extensively as a packaging material. The adoption of PET in the food and beverage sector is high. These factors are noted to cause high revenue generation for the global Plastic Recycling Market Business as PET can recycled easily.
Based on recycling process, the market segments are; mechanical and chemical. Mechanical recycling processes are widely deployed. The availability of required equipment is supporting the deployment of mechanical process. Hence, the mechanical recycling process segment is expected to thrive at high CAGR in the review period.
By application, the market segments are; construction, packaging, automotive, textile, and others. Plastics are extensively used as packaging material. versatility and prolonged shelf life are features that are supporting the application of plastics as a packaging material. The packaging segment is likely to contribute largely to the growth of the Plastic Recycling Market Business due to its extensive utility, and need to prevent landfills.
Regional Outlook
The need for recycling plastics is surging across different regions. Hence, the global Plastic Recycling Market Business is expected to witness a rise in its valuation by the end of the forecast years. In Asia Pacific, the progress of the packaging industry is mostly driven by plastic applications. The large-scale application of plastics is observed to hurt the environment. Plastics are non-degradable and can lead to fatal health issues. Hence, the upscaling need for plastic recycling is expected to generate revenue of USD 16,952.4 million by 2028. The APAC Plastic Recycling Market Business is likely to thrive at about 6.58% CAGR in the review period. MRFR findings reveal, the Americas Plastic Recycling Market Business is expected to expands at 5.02% CAGR across the forecast period. In 2018, the Americas market was recorded at USD 5,937.5 million. The growing initiatives taken by governments in the region are likely to cause the escalation in the regional market valuation to USD 9,619.7 million by 2028. The market in the MEA region is expected to also experience improvement in its health in years to come.
Key Players
MRFR’s list of players that are functioning in the Plastic Recycling Market Business includes; Seraphim Plastics (US), CarbonLITE Industries (US), UltrePET, LLC (US), Envision Plastics (US), MBA Polymers Inc. (US), Plastic Recycling Inc. (US), Custom Polymers, Inc. (US), and KW Plastics, Inc. (US).
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