Albany, NY -- (SBWIRE) -- 11/09/2018 -- The global plastic recycling market is anticipated to witness a surge in its sales rate during the forecast period 2018 – 2026, due to rising concerns among individuals regarding negative impact that plastic is bring to the atmosphere. Plastics are hard to degrade and is known to be bane for aquatic ecosystem, as it have taken lives of numerous sea creatures. Scientists are finding various ways to recycle. A report titled, "Plastic Recycling Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026", by ResearchMoz.us provides a detailed analysis of the market. The authors of the report have provided various potential aspects which are likely to have significant impact on the market such as trends, opportunity, and restraints.
Plastic recycling which is a chemical or mechanical process of recovering plastic scrap or waste which are discarded during the production or after the use of plastic products. One of the major reason for rising uptake of plastic recycling is it helps in descending carbon emission. Rising carbon emission is known to hamper earth's atmosphere, by shooting overall temperature and depleting the ozone layer.
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Various developed countries all across the world have taken initiatives have taken various steps to landfill bans on plastic waste. This step was taken in order to recover and recycle plastic waste. Government and other private organizations are working on various programs to collect plastic wastes in order to prevent them from getting into oceans. These organization are fostering recycling of plastic products. These factors are anticipated to favor the market to rise exponentially.
However, volatile prices of oil and gas have direct impact on the cost of plastic manufacturing. Reduction of oil and gas prices have drastically impact on the raw materials used to manufacture virgin plastics. Reduction in price of oil and gas dramatically brought down the prices of virgin polymer all over the world. This reduced the prices of virgin plastic, thus plummeting down the demand for recycled plastic. Although, according to experts, prices of virgin plastics are likely to surge during the assessed period, thus pushing the market to grow.
The global plastic recycling market is segregated on the basis of material and application. On the basis of material, the market is divided into polyethylene terephthalate, polypropylene, high density polyethylene, low density polyethylene, polystyrene, polyvinyl Chloride, and others. On the basis of application, the market is bifurcated into packaging, automotive, construction, textiles and others. Amongst these packaging and automotive industries are prophesized to contribute more.
On the basis of geography, the market is split into Asia Pacific, Europe, Latin America, Middle East & Africa, and North America. Of these, Asia Pacific is anticipated to hold a major share owing to rapid expansion of packaging and automotive industry in the region.