Upscaling Need for Plastic Recycling to Propel Market Growth

Summary

Plastic Recycling Market Share, Information by Material (Polyethylene Terephthalate (PET), High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Polypropylene (PP) and others), Recycling Process (Mechanical and Chemical), Application (Packaging, Construction, Textile, Automotive and others) and Region (Americas, Europe, Asia-Pacific, Middle East & Africa) – Forecast to 2028

Plastic Recycling Market Share Overview

The upscaling need for plastic recycling is observed as a primary cause for the surge in its global market, reveals Market Research Future (MRFR), in its “Plastic Recycling Market Share” report.

The Global Plastic Recycling Market is expected to expand at 5.82% CAGR during the forecast period. 

The enormous amount of plastic generated to provide packaging for grocery, retail, and other consumer goods, and lack of proper waste management are increasing the need for effective plastic recycling technologies. This is expected to generate scope for the market to grow. In Africa, the monster campaign for plastic recycling is observed as an excellent initiative to support plastic recycling. Hence, campaigns and promotions spreading awareness about the benefits of plastic recycling can cast a positive impact on the market. Governments, all over the globe, are taking initiatives to support plastic recycling. The UK Plastic Pact aims at eliminating one billion single use plastic products by 2020. It is also noted that China is now emphasizing on domestic plastic recycling.

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Key Players

MRFR’s list of players that are functioning in the Plastic Recycling Market Share includes;

Seraphim Plastics (US)

CarbonLITE Industries (US)

UltrePET, LLC (US)

Envision Plastics (US)

MBA Polymers Inc. (US)

Plastic Recycling Inc. (US)

Custom Polymers, Inc. (US)

KW Plastics, Inc. (US)

Plastic Recycling Market Segmental Outline

The global Plastic Recycling Market Share is studied in segments to get a comprehensive understanding of it. The market is assessed by recycling process, material, and application. The material-based segments are; High-Density Polyethylene (HDPE), Polyethylene Terephthalate (PET), Polypropylene (PP), Low-Density Polyethylene (LDPE), and others. The Polyethylene terephthalate (PET) segment can exhibit rapid expansion due to features of PET. The thermoplastic PET has high-strength fibers, hence used extensively as a packaging material. The adoption of PET in the food and beverage sector is high. These factors are noted to cause high revenue generation for the global Plastic Recycling Market Share as PET can recycled easily. 

Based on recycling process, the Plastic Recycling Market segments are; mechanical and chemical. Mechanical recycling processes are widely deployed. The availability of required equipment is supporting the deployment of mechanical process. Hence, the mechanical recycling process segment is expected to thrive at high CAGR in the review period.

By application, the market segments are; construction, packaging, automotive, textile, and others. Plastics are extensively used as packaging material. versatility and prolonged shelf life are features that are supporting the application of plastics as a packaging material. The packaging segment is likely to contribute largely to the growth of the Plastic Recycling Market Share due to its extensive utility, and need to prevent landfills.

Regional Outlook

The need for recycling plastics is surging across different regions. Hence, the global Plastic Recycling Market Share is expected to witness a rise in its valuation by the end of the forecast years. In Asia Pacific, the progress of the packaging industry is mostly driven by plastic applications. The large-scale application of plastics is observed to hurt the environment. Plastics are non-degradable and can lead to fatal health issues. Hence, the upscaling need for plastic recycling is expected to generate revenue of USD 16,952.4 million by 2028. The APAC Plastic Recycling Market Share is likely to thrive at about 6.58% CAGR in the review period. MRFR findings reveal, the Americas Plastic Recycling Market Share is expected to expands at 5.02% CAGR across the forecast period. In 2018, the Americas market was recorded at USD 5,937.5 million.  The growing initiatives taken by governments in the region are likely to cause the escalation in the regional market valuation to USD 9,619.7 million by 2028. The market in the MEA region is expected to also experience improvement in its health in years to come.

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