Plastic Recycling market is anticipated to worth USD 50.2 billion by 2025, with a CAGR of 4.95% during 2019-2025
Published | 04 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”
At
Get Help
Related Report
Publish Date: March 2022
The growth of the global plastic recycling market is primarily supported by the growing plastic production and demand. Increasing use of lightweight plastic components and rising awareness of plastic's adverse effects on the environment are also driving the market. Furthermore, consistent support from the governments and increasing penetration of recycled plastic products present lucrative opportunities for the global plastic recycling market.
Relevant Press Releases
- Artificial Intelligence & Advanced Machine learning market is expected to grow at a CAGR of 37.95% from 2020-2026
- Global Paraffin Hydrotreating Catalyst Market is Forecast to Touch USD xx Billion by 2027, Growing at a CAGR of xx % From 2020 to 2027.
- Global Carotenoids Market was prized at USD 1.27 billion in 2019
- Global Tissue Paper Market to witness a surge in its valuation with a CAGR 5.90% by 2027
- Global Air Flow Sensor Market will boost by the growing its application in Automobiles and Aerospace Industry