A recent report ongoing study by Infinium Global Research on the plastic recycling market provides in-depth analysis of segments and sub-segments in the global as well as regional plastic recycling market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional plastic recycling market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global plastic recycling market. According to the report, the global plastic recycling market is projected to grow at a significant CAGR over the forecast period of 2021-2027.

Market Insight

The global plastic recycling market was valued at USD million in 2021 and is expected to reach USD million in 2027, with a significant CAGR during the forecast period. The process of recovering different classes of plastic materials that will be reused in other forms is called plastic recycling. Recycled Plastic is scrap or waste plastic materials that are processed into useful products. Since most of the polymer materials used globally are non-biodegradable, recycling these materials is the solution to decrease the burden of polymer present within the environment. The increasing restrictions on the usage of single-use polymers and therefore the initiatives taken by governments in Europe, China, India, and Brazil are expected to market recycling. Growth within the global market is being driven by ongoing efforts toward environmental sustainability, prompting industries to specialize in plastic recycling. The increasing specialization in plastic recycling is additionally attributed to its increasing use in various industrial applications like product packaging, electronic components, and automotive interiors.

Increasing awareness across the world and improving technologies within the plastic recycling industries in recent times combined with the favorable government initiatives to limit plastic wastage are expected to enhance the growth of the plastic recycling industry during the forecast period. The demand for recycled plastics especially the sort PET and HDPE is increasing among various end-user industries and therefore the increasing industrial verticals that are utilizing recycled plastics for diverse trade goods are expected to propel the plastic recycling market growth during the forecast period. However, a number of end-users and consumers show a better preference for virgin plastics over recycled plastics for better quality and cheaper prices. The recycling process is difficult and involves significant procedures that incur manufacturing costs that affect the value of recycled plastics. This factor is taken into account as the most important restraint of the growth of the plastic recycling industry.

In terms of region, the global plastic recycling market is segmented into North America, Europe, Asia Pacific, Africa, and also the geographic region. North America holds the biggest market share during the forecast period. Various companies in this region are that specialize in making use of recycled materials in their products. this can be expected to assist the region to stay free from pollution caused by plastics. Furthermore, the Asia Pacific is anticipated to dominate and be the fastest-growing region during the forecast period. Rising utilization by the textile industry in developing countries like India and China will propel the expansion of the market during the forecast period.

Segment Covered

The report on the global plastic recycling market covers segments such as type, source, and end user industry. On the basis of type, the sub-markets include polyethylene terephthalate, polyethylene, polypropylene, polyvinyl chloride, polystyrene, and others. On the basis of source, the sub-markets include packaging, sheets, pipes, wires and cables, and molded products. On the basis of end user industry, the sub-markets include household and personal care, food and beverage, construction, and automotive.

Companies Profiled:

The report provides profiles of the companies in the market such as MBA Polymers Inc., Phoenix Technologies International LLC, Vikoz Enterprises Inc., Terracycle, KW Plastics, DS Smith PLC, PETCO, CarbonLite Industries LLC, Waste Connections Inc., and Custom Polymers Inc..

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the plastic recycling market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.