Plastic Recycling Market – Global Industry Analysis, Segments Overview, Major Geographies, Prominent Players Review and Forecast To 2023

Plastic Recycling Market Research Report 2019: Industry Size, Share, Trends, Growth, Regional Analysis and Segmentation By application (Packaging, Construction, Textile, Automotive, Others), material (Polyethylene Terephthalate (PET), High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Polypropylene (PP), Others), recycling process (mechanical, chemical) and Region: Forecast 2023

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Global Plastic Recycling Market Research Report Covers Historical Market Trends, Current Market Dynamics, Market Valuation by Segmentation as Well as Region, Country-level Analysis for Every Segment, Key Player's Market Share Analysis, Competitive Landscape and Supply Chain Analysis.

The plastic recycling market is predicted to surpass a valuation of USD 53,958 million, registering a CAGR of 6.61% during the assessment period (2018-2023). Recycling of plastic waste is considered an economically viable option as petroleum prices are constantly rising. Plastic recycling ensures optimum waste management. This highly supports the expansion of the market.

The top players operating in the global plastic recycling market are Seraphim Plastics, CarbonLITE Industries, Kuusakoski Group Oy, MBA Polymers Inc., Custom Polymers, Inc., Envision Plastics, UltrePET LLC, Plastic Recycling Inc., Green-O-Tech India, KW Plastics, Inc., Boer Group, Kishco Pvt. Ltd., Recycling Textile S.r.o., Miller Waste Mills, Inc., and Knebel Textilrecycling GmbH.

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Market Potential and Pitfalls

The global plastic recycling market has witnessed a tectonic surge over the past few years. The demand for plastic across verticals like packaging, construction, and consumer products is skyrocketing and is expected to showcase a similar trend in the long run. With the surging petroleum prices across the globe, the need for plastic recycling as an economical alternative is likely to increase. Plastic also has adverse effects on the environment, which triggers the demand for plastic recycling worldwide. Plastic takes thousands of years to break down. It is not just the accumulation of plastic that harms the environment, but the toxins and fragments released at the time of photo-decomposition, which pollute the water and soil.

Favored by private and government organizations, recycling technology is going through numerous advancements, which are estimated to propel the growth of the Plastic Recycling Market during the appraisal period. There are certain plastics which are specifically designed to degrade quickly. Oxo-Degradable is one among them. Referred to as degradable plastic, oxo-degradable does not require a biological process to degrade. Microorganisms speed up the degradation process, which offers a distinct advantage over other methods for degrading plastic. For instance, in the ocean, plastic fragments are taken in by filter-feeding organisms. Though these plastics are designed to degrade quickly, they are still present in the environment. Floating plastic waste can survive a thousand years in water and can serve as a transportation mode for invasive species that disrupt habitats. The dearth of sufficient recycling units along with the mishandling of waste, especially in emerging countries, has created growth opportunities in the developed nations. Also, recycled plastic has developed applications across packaging, consumer electronics, and other industry verticals. This has further accelerated the revenue generation for the market players.

On the contrary, the dearth of proper processing units is likely to pose a threat to the global market. Moreover, the lack of cost-efficient infrastructure poses a challenge to the recycling process of heterogeneous plastic. Such factors are expected to slow down the growth of the market in the foreseeable future.

Industry Updates

June 2019: Mondi has recently developed a usable pouch which has been made of 20% post-consumer recycled plastic. Mondi Group has led Project Proof, which is a pioneer project facilitated by Ellen MacArthur Foundation. The pouch can be used for packaging household products like detergents. The company will develop a prototype to ensure that the usable pouch can be rolled out as a commercially viable product for customers globally.

Global Plastic Recycling Market: Segmental Analysis

The plastic recycling market is segmented on the basis of application, material, and recycling process.

By application, the plastic recycling market is segmented into construction, packaging, automotive textile, and others. Among these, the packaging application will retain its leading position in the foreseeable future. The segment is predicted to surpass a valuation of USD 21,195.4 million by the end of 2023.

By material, the market is segmented into high-density polyethylene (HDPE), polyethylene terephthalate (PET), polypropylene (PP), low-density polyethylene (LDPE), and others. Among these, the polyethylene terephthalate (PET) material acquired the lion’s share, accounting for 29.91% in 2017. The segment is predicted to experience the fastest growth at a CAGR of 7.96% by the end of 2023.

Based on recycling process, the market is segmented into mechanical and chemical. Among these, the mechanical segment is likely to command the major share.

Regional Frontiers

Geographically, the plastic recycling market spans across Europe, America, Asia Pacific, and the Middle East & Africa.

Considering the global scenario, the Asia Pacific region acquired the lion’s share in 2017. The region is predicted to expand at an impressive CAGR of 7.55%, surpassing a valuation of USD 26,649 million by the end of 2023.

The region has tremendous growth potential due to rapid urbanization, strong economic growth rate, exponential population, etc. The increased concerns related to plastic waste management are inspiring governments in the region to promote recycling, which is likely to remain a key driver for the market.

The European and American regions are considered important regions and are likely to expand at a significant rate. Europe bags the third spot and is likely to surpass a valuation of USD 10,818.7 million by the end of 2023. The volume of plastic waste collected for recycling has augmented by 79% from 2006 to 2016. The region also has strong potential for market growth and is likely to bolster revenue creation for the market players.

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List of Tables

Table 1 Market Synopsis
Table 1 List of Assumptions
Table 2 Global Plastic Recycling Market, by Application, 2016-2023 (Usd Million)
Table 3 Packaging: Plastic Recycling Market, by Region, 2016-2023 (Usd Million)
Table 4 Construction: Plastic Recycling Market, by Region, 2016-2023 (Usd Million)
Table 5 Textile: Plastic Recycling Market, by Region, 2016-2023 (Usd Million)
Table 6 Automotive: Plastic Recycling Market, by Region, 2016-2023 (Usd Million)
Table 7 Others: Plastic Recycling Market, by Region, 2016-2023 (Usd Million)
Table 8 Global Plastic Recycling Market, by Material, 2016-2023 (Usd Million)

Continued........

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