Plastic Recycling Market Estimated to Record Highest CAGR by 2028

 

Plastic recycling is a process of plastic waste recovery, cleaning, sorting and processing of pre-consumer or post-consumer plastic waste into resins for various applications. Moreover, the plastic waste is of the form of rigid, bottles, containers, furniture as well as non-rigid forms like films, wrappers, pliable sheets etc. The global market for plastics has established new applications and markets for recycled plastics with PET being one of the major manufactured recycled plastic. The plastic recycling market is also divided based on resin type as PET, PP, HDPE, LDPE, PS, PVC, and others. Furthermore, PET is largely recycled into PET fibers and yarns for textile applications. However, most of the plastics are used as construction products such as plastic lumber, landscaping furniture, and roof & floor tiles.

The global plastic recycling market is witnessing significant growth on account of factors such as rise in prices of conventional plastics, environmental issues and improved quality of recycled plastic. Moreover, growing reliance on sustainability amongst the packaging and consumer product manufacturers coupled with improvement in processing and sorting technologies which allows plastic to be recycled into high quality resins and a better-quality collection infrastructure which surges the plastic recycling rate. Presently, the demand for recycled PET has been high and the market on the other hand is under-supplied, with a high number of manufacturers hindering expansion plans due to uncertainty of supply. Also, the demand for these plastics is highly prevalent with its increasing application scope.

The market has been segmented based on source, type and region. Based on the source, the market is segmented as rigid plastic, non-rigid plastic. Based on the type the market is segmented as high-density polyethylene (hdpe), low-density polyethylene (ldpe), polyethylene terephthalate (pet), polypropylene (pp), others. Based on region, the global Plastic Recycling Market can be divided into North America, Latin America, Europe, Middle East & Africa and Asia Pacific. The robust demand in Asia-Pacific region is anticipated to be one of the key driving factors for the overall growth of the global market. Moreover, this growth is attributed to ongoing shift in recycled plastic production from the matured economies to Asia Pacific region, particularly China, India, which is also boosting the market growth. Moreover, absence of initial regulations in these regions coupled with lower environmental, health and safety costs is also boosting the market growth in this region. The markets in various other developing economies such as Brazil, Russia and Korea among others are also expected to witness a rapid growth throughout the forecast period. In addition to this, growing per capita disposable revenue and rush in the global economy is another key factor which is expected to bring stimulus in the growth of the global market during the forecast period.

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Key players operating in the global market are concentrating on some of the major market policies such as mergers, collaborations, partnerships and acquisitions in order to keep grip in the constantly competitive global market. Furthermore, they are aiming on gaining grip on the local players to reinforce their goodwill as well as to develop their market reach in the global market. Some of the major players in the global market include Avangard Innovative, B. Schoenberg, Custom Polymers, Delta Plastics of South, UltraPet, Hikon, KW Plastics, J.J. Group of Companies, BB America LLC and Avian Granulator.

The market has been segmented
By Source:
• Rigid plastic
• Non-rigid plastic
By Type:
• High-density polyethylene (HDPE)
• Low-density polyethylene (LDPE)
• Polyethylene terephthalate (PET)
• Polypropylene (PP)
• Others
By Region:
• North America
• Latin America
• Europe
• Middle East & Africa
• Asia Pacific

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