plastic recycling market growth 2021 Factors, Applications, Regional Analysis, Key Players
The report presents a detailed overview of the global plastic recycling market to readers by providing a detailed look into the market’s historical statistics. The trajectory of the market from its historical statistics to its present-day figures is mapped in detail in the report. Based on this information, forecasts are made for the market’s likely growth trajectory over the forecast period till 2028. Major players operating in the global plastic recycling market are also profiled in the report, in order to provide readers with a complete overview of the competitive landscape of the global plastic recycling market. The impact of the COVID-19 pandemic on the global plastic recycling market is also assessed in detail in the report.
Plastic
recycling has become widely popular in recent years due to the growing
awareness about the environmental unviability of plastics. Plastics are not
biodegradable, due to which they can remain in their dumped environment for a
long period of time, polluting the environment. Plastics can also be consumed
by unsuspecting animals, which can cause various health issues in the animals,
for example, blockages in the digestive tract. Growing awareness about these
issues has driven the demand for plastic recycling solutions in the last few
years. Increasing awareness among consumers in developed countries is likely to
remain a major driver for the plastic
recycling market over the forecast period. Consumers in developed countries
have adopted various plastic recycling solutions enthusiastically in order to
reduce their adverse impact on the environment. This is likely to remain a
major driver for the global plastic recycling market over the forecast period,
as grassroots involvement in plastic recycling is the major factor determining
the success of recycling solutions in the long run.
Increasing
government support to plastic recycling solutions is also likely to be a major
driver for the global plastic recycling market over the forecast period.
Governments, especially in developed countries, have been strong supporters of
plastic recycling solutions in the last few years. Reducing the overall adverse
environmental impact of countries has emerged as a major agenda for governments
in the last few years. This has driven the involvement of governments in
plastic recycling schemes.
Competitive Leaderboard:
Leading players
in the global plastic recycling market include Kuusakoski Group Oy, MBA
Polymers Inc., Seraphim Plastics, CarbonLITE Industries, Green-O-Tech India, KW
Plastics Inc., UltrePET LLC, Plastic Recycling Inc., Custom Polymers Inc., and
Envision Plastics.
In December 2017, MBA
Polymers formed a fully owned subsidiary in India. The waste management and
post-consumer plastic production unit in the city of Pune will utilize
electronic and automotive plastic waste to produce post-consumer plastic for
the booming Asian market.
In June 2017,
Kuusakoski Group formed a joint venture with Rosk’n Roll Oy and Itä-Uudenmaan
Jätehuolto Oy, with a 51% share in the company called Revanssi Oy, to offer
comprehensive waste management services in southern Finland.
Segmentation:
The global
plastic recycling market is segmented on the basis of material, recycling
process, application, and region.
By material, the
global plastic
recycling market trends is segmented into polyethylene terephthalate (PET),
high-density polyethylene (HDPE), low-density polyethylene (LDPE),
polypropylene (PP), and others.
By recycling
process, the global plastic recycling market is segmented into mechanical and
chemical.
By application,
the global plastic recycling market is segmented into packaging, construction,
textiles, automotive, and others.
Regional Analysis:
Asia Pacific is
likely to retain a dominant share in the global plastic recycling market over
the forecast period due to the growing import of plastic scrap in countries
such as China. China accounts for around 56% of the global imports of plastic
waste, with the country’s plastic scrap imports increasing from 5.9 million
tonnes to 8.9 million tonnes from 2006 to 2012. North America is the second
largest regional market for plastic recycling.
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