The global plastic recycling market is anticipated to flourish in the coming years due to the stern stance of developed regions to ban plastics and reduce the dumping of plastic wastes in landfills.
Albany, NY -- (SBWIRE) -- 02/21/2017 -- Global Plastic Recycling Market: Snapshot
Plastic recycling refers to a process that is performed either mechanically or chemically to recover plastic waste from discarded items for production of reusable plastic. The global plastic recycling market has been gaining a steady momentum over the past few years due to the growing awareness about carbon emissions and the need to reduce them. Citing this reason, the report states that the global plastic recycling market, which was valued at US$31.5 bn in 2015 is expected to reach a figure of US$56.8 bn by 2024. During the forecast period of 2016 and 2024, the global market is expected to progress at a CAGR of 6.9%.
Stern Stance on Recycling by Developed Nations Boosts Growth of Global Market
The global plastic recycling market is anticipated to flourish in the coming years due to the stern stance of developed regions to ban plastics and reduce the dumping of plastic wastes in landfills. The state of overflowing landfills has also triggered an urgent need for recycling plastic instead of producing new material. Furthermore, the large amount of crude oil required to manufacture makes the production of virgin plastics considerable expensive than recycling plastics. Thus, the cost-effectiveness of recycling plastics has also given the market a much-needed impetus.
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On the basis of material, the global plastic recycling market is segmented into PET, PP, HDPE, LDPE, PS, PVC, ABS, nylon, and polycarbonate. Due to the growing demand for recycled HDPE and PET plastics, the respective segments are expected to retain dominance in the global market. These types of plastics are predominantly used for making bottles for household chemicals, storage containers, and personal care products. Higher grade of HDPE is also used for making beverage containers, juice cans, milk bottles, and other edible liquid cans.
Asia Pacific to Lead Global Market as Regional Imports of Plastic Wastes Increase
On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Of these regions, Asia Pacific is expected to dominant in the global market throughout the forecast period. Analysts anticipate that China alone will make a contribution of over 50% to the global plastic recycling market. Presently, Asia Pacific is the key importer of plastic scrap of recycling with China and India leading the way. The region is aggressively engaged in activities such as parings and converting the plastic scrap into recycled resins for further applications. Cheap labor and relatively lenient governmental regulations have kept the region at the forefront.
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Europe is also expected to show steady growth in the global market due to stringent laws pertaining to the use of plastic in the region. The region is currently recycling more than 4.4 million tons of plastic wastes ever year due to ban on dumping plastic scrap in landfills. Furthermore, the increasing awareness about protection of the environment is also anticipated to boost the Europe plastic recycling market.
The key players operating in the global plastic recycling market Kuusakoski Oy, Plasgran Ltd., Envisison Plastics, KW plastics etc. The competitive landscape of the global market is quite fragmented due to the presence of several players. Each players holds a small share in the global market. In the coming years, companies will focus on expanding to emerging economies to remain dominant.
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