Plastic Recycling Market by Regional Analysis, Key Players and Forecast 2024
The
consumers in the global plastic recycling market lack brand loyalty
due to the presence of a large number of players. This aspect has
also stiffened the competition in the overall market, states
Transparency Market Research. The leading player in the market is
Plasgran Ltd., which offers a comprehensive collection of facility
that enables smooth sorting and baling and separation and compounding
operations. The other players in the market are expected to focus on
expanding their businesses to emerging economies for capturing a
wider geographical reach.
Read
Report Overview @
According
to the research report, the global plastic recycling market has been
valued at US$56.8 bn by 2024 as compared to US$31.5 bn in 2015.
Between the forecast years of 2016 and 2024, the global market is
expected to progress at a CAGR of 6.9%.
Asia
Pacific to Remain Dominant as Consumption of Plastic Rises
On
the basis of material, the global plastic recycling market has been
segmented into PET, HDPE, PP, LDPE, PVC, PS, and others such as
nylon, polycarbonate, and ABS. Of these, HDPE is expected to remain a
dominant material segment during the forecast period. In terms of
revenue, this segment is projected to expand at a CAGR of 7.4%
between 2016 and 2024. The demand for HDPE is expected to remain high
as it is extensively used in residential and packaging applications.
Request
Sample Report @
Geographically,
the global plastic recycling market is segmented into North America,
Europe, the Middle East and Africa, and Latin America. Regionally,
Asia Pacific is anticipated to remain dominant in the global market
as it is slated to acquire a share of 71.3% by the end of 2024. The
increasing plastic consumption along with increasing pressure of
eco-friendly disposal of plastic waste is expected to keep the
regional market ahead of the pack.
Request
Plastic Recycling Market Report Brochure @
Overflowing
Landfills Increase Pressure on Governments for Recycling Plastic
The
growing pressure of overflowing landfills has been the primary growth
driver for the global plastic recycling market. This factor has
proven to be an important driver for the plastic recycling market in
developed regions such as Europe. The mounting plastic waste has
triggered Herculean task of recycling plastic waste. Furthermore, the
European Committee of Region’s (CoR) support for the ban on all
dumping plastics in landfills across the European 2020 has also won
the market a special impetus.
The
growing awareness about protecting the environment, hazardous impact
of plastic wastes on landfills and animals, and need to reduce the
carbon footprint has also fueled the global plastic recycling market.
Owing to these reasons, solutions such as drop-off recycling,
curbside recycling, buy-back centers, and deposit/refund centers are
helping various organizations to channelize trash for recycling. The
global market is also gaining momentum due to the cost-effectiveness
of recycling plastic over manufacturing plastic. Production of
plastic requires a large amount of crude oil, which has gotten
expensive with each passing year, thus making the option of recycling
existing plastic far cheaper.
Buy
Plastic Recycling Market Research Report @
Comments
Post a Comment