Plastic Recycling Market - Global Industry Analysis, Size, Share, Growth 2024
Global Plastic Recycling Market: Snapshot
Plastic
recycling refers to a process that is performed either mechanically or
chemically to recover plastic waste from discarded items for production
of reusable plastic. The global plastic recycling market has been
gaining a steady momentum over the past few years due to the growing
awareness about carbon emissions and the need to reduce them. Citing
this reason, the report states that the global plastic recycling market,
which was valued at US$31.5 bn in 2015 is expected to reach a figure of
US$56.8 bn by 2024. During the forecast period of 2016 and 2024, the
global market is expected to progress at a CAGR of 6.9%.
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Stern Stance on Recycling by Developed Nations Boosts Growth of Global Market
The
global plastic recycling market is anticipated to flourish in the
coming years due to the stern stance of developed regions to ban
plastics and reduce the dumping of plastic wastes in landfills. The
state of overflowing landfills has also triggered an urgent need for
recycling plastic instead of producing new material. Furthermore, the
large amount of crude oil required to manufacture makes the production
of virgin plastics considerable expensive than recycling plastics. Thus,
the cost-effectiveness of recycling plastics has also given the market a
much-needed impetus.
On
the basis of material, the global plastic recycling market is segmented
into PET, PP, HDPE, LDPE, PS, PVC, ABS, nylon, and polycarbonate. Due
to the growing demand for recycled HDPE and PET plastics, the respective
segments are expected to retain dominance in the global market. These
types of plastics are predominantly used for making bottles for
household chemicals, storage containers, and personal care products.
Higher grade of HDPE is also used for making beverage containers, juice
cans, milk bottles, and other edible liquid cans.
Asia Pacific to Lead Global Market as Regional Imports of Plastic Wastes Increase
On
the basis of region, the global market is segmented into North America,
Europe, Asia Pacific, the Middle East and Africa, and Latin America. Of
these regions, Asia Pacific is expected to dominant in the global
market throughout the forecast period. Analysts anticipate that China
alone will make a contribution of over 50% to the global plastic
recycling market. Presently, Asia Pacific is the key importer of plastic
scrap of recycling with China and India leading the way. The region is
aggressively engaged in activities such as parings and converting the
plastic scrap into recycled resins for further applications. Cheap labor
and relatively lenient governmental regulations have kept the region at
the forefront.
Europe
is also expected to show steady growth in the global market due to
stringent laws pertaining to the use of plastic in the region. The
region is currently recycling more than 4.4 million tons of plastic
wastes ever year due to ban on dumping plastic scrap in landfills.
Furthermore, the increasing awareness about protection of the
environment is also anticipated to boost the Europe plastic recycling
market.
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The
key players operating in the global plastic recycling market Kuusakoski
Oy, Plasgran Ltd., Envisison Plastics, KW plastics etc. The competitive
landscape of the global market is quite fragmented due to the presence
of several players. Each players holds a small share in the global
market. In the coming years, companies will focus on expanding to
emerging economies to remain dominant.
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