Plastic Recycling market is anticipated to worth USD 50.2 billion by 2025, with a CAGR of 4.95% during 2019-2025
Published | April 2019
According to BlueWeave Consulting, the global Plastic Recycling market is anticipated to worth USD 50.2 billion by 2025, with a CAGR of 4.95% during 2019-2025. Global Plastic Recycling Market is prognosticated to scale new heights in the upcoming years owing to the rising cost of production as a result of increasing petroleum prices. The growth of the market is likely to be dictated by government regulations favoring the recycling of plastic waste.
Rising awareness about the pollution caused by plastics and the energy-saving benefits in the manufacturing of recycled plastics over virgin plastics are the major factors driving the growth of the global market for plastic recycling over the forecast period. Moreover, the negative environmental impact of plastics disposal drives the global recycled plastics market. The production of plastics has increased manifold over the past few decades, which has led to the generation of a tremendous amount of waste, resulting in environmental concerns.
Besides, the necessity for a standard recycling technology for plastic to manage waste efficiently is also anticipated to catalyze the expansion of the market over the next couple of years. Furthermore, continuous research activities are being undertaken globally, to find an effective method of the recycling process. Moreover, the ban imposed on landfills has also been introduced in several developed countries is anticipated to drive the market over the forecast period. On top of these factors, alternative waste management options for recycling landfill or incineration are relatively cheap in many countries.
Polyethylene Terephthalate (PET) is the most Lucrative material Type in the Global Plastic Recycling Market over the anticipated period.
Based on material, the global plastic recycling market has been segmented Polyethylene Terephthalate(PET), Polypropylene(PP), High-Density Polyethylene(HDPE), Low-Density Polyethylene(LDPE), Polystyrene(PS), Polyvinyl Chloride(PVC), Others. Polyethylene Terephthalate (PET) has a maximum share in the global market and is expected to grow at a robust rate throughout the forecast period. Owing to the rising global consumption of recycling PET and HDPE plastic products, these segments are likely to retain dominance in the overall market. The large market size of PET is due to its easy recyclability and ease of collection in the form of PET bottles. This material is also relatively cheaper, which further contributes to making PET the largest segment by type.
Packaging Industry is offering substantial growth opportunities in the Global Plastic Recycling Market over the anticipated period.
Based on the end-use industry, the packaging segment was estimated to be the largest segment of the recycled plastics market over the forecast period, followed by the construction segment. The packaging industry, which is the largest user of virgin plastics, is also the largest user of recycled plastics. Due to the increasing population and the subsequent need for more consumer goods drives the demand for plastics from this industry. Moreover, the growing consciousness regarding the environmental benefits provided by recycled plastics has been a significant factor contributing to the ever-increasing use of recycled plastics in this industry. Also, factors such as an increase in the consumption of plastic and a rise in need to dispose of the generated plastic waste in an eco-friendly and responsible manner are augmenting the plastic recycling market globally.
The Asia Pacific is expected to dominate the Global Plastic Recycling Market over the anticipated period.
Asia Pacific region accounted for the largest market share of the global plastic recycling market and is expected to dominate over the forecast period. The region’s flourishing manufacturing sector, ample availability of labor, competitive cost base, and increasing consumer demand are expected to drive the industrialization in the region which eventually propel the demand for recycled plastics in the region as they provide a cost advantage over virgin plastics. Moreover, due to the lack of stringent government regulations and lenient landfill laws in the region, regions like Europe and North America export plastic scrap to Asia for recycling. However, the plastic recycling market in Europe is projected to expand at a rapid pace during the forecast period.
Global Plastic Recycling Market: Competitive Landscape
The major players operating in the global plastic recycling market includes CarbonLITE Industries, Seraphim Plastics, MBA Polymers Inc., Kuusakoski Group Oy, Envision Plastics, Custom Polymers, Inc., Plastic Recycling Inc., UltrePET LLC, KW Plastics, Inc., Green – O – Tech India, Kishco Pvt. Ltd., Boer Group, Miller Waste Mills, Inc., Recycling Textile sro, and Knebel Textilrecycling GmbH. Moreover, the key players are focusing on the provision of higher quality products to retain customer loyalty since low switching costs and product differentiation have reduced supplier power.
Key Development in the Market
In November 2017, SUEZ and LyondellBasell (US) signed a joint venture agreement focusing on the production of high-quality circular polymers. The company produces PP and HDPE recycled plastics
In July 2017, Suez started a joint venture with Kempenaars Recycling (Netherlands). The new company is known as SK Polymers and is finding a better way to recycle hard plastics.
In November 2016, Plastipak Packaging acquired the business assets of Evolve Polymers (UK), one of Europe’s leading plastics recyclers from Aurelius Equity Opportunities.
Browse Detailed Analysis with TOC, “Global Plastic Recycling Market by Source (Bottles, Films, Fibers, Foams, Others), By Material (Polyethylene Terephthalate(PET), Polypropylene(PP), High Density Polyethylene(HDPE), Low Density Polyethylene(LDPE), Polystyrene(PS), Polyvinyl Chloride(PVC), Others), End-Use Industry (Packaging, Building & Construction, Textiles, Automotive, Electrical & Electronics), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Market Trend Analysis, Competitive Analysis, Size and Forecast, 2015-2025”