Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report published by
Infinium Global Research on the plastic recycling market provides an 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 the long term. The report is a comprehensive presentation
of trends, forecasts, and dollar values of the global plastic recycling market.
According to the report, the global plastic recycling market is projected to
grow at a CAGR of about 8% over the forecast period of 2021-2027.
The global plastic recycling market was valued at USD 45 billion in 2021 and is expected to reach USD 69 billion
in 2027, with a CAGR of about 8% 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 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.
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.
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, and CarbonLite Industries LLC, Waste Connections Inc., and Custom
Polymers Inc.
The report provides deep insights into 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 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 forecasts 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 insight into the market share of the leading players.
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