Transparency Market Research says its new report gives insights about key segments, prominent growth drivers, restraining factors, geographical outlook, and the status of the vendor landscape of the global plastic recycling market. The market is currently valued at $34 billion in 2018 and is expected to grow to $60 billion by the fall of 2027, corresponding with a CAGR of 6.8% for a forecast period between 2019 and 2027.
Global Plastics Recycling Market Report: Key Findings
Use of Recycled Plastics in Various Industries
The report finds that demand for recycled, re-processed PET and HDPE is increasing due to the low costs of recycled plastics and its wide application in packaging, textiles, and construction industries. Prices of virgin plastics are decreasing significantly over the last few years, driving recyclers to focus on competitive pricing. Additionally, recycled plastics used in the consumer goods sector, such as kitchen tools, home furniture, general gadgets and appliances, cloth hangers, footwear and personal care products are expanding the global industry and creating opportunities for the plastic recycling market.
- Excess plastic trash increasing plastic recycling
- Environmentalists and global welfare organizations collaborating for sustainable growth through innovative management of plastic waste
- The economical and eco-friendly aspects of plastic recycling affecting the use of crude oil, with around 8% of oil produced in the world used to manufacture plastic
- Lack of waste collection and sorting systems across the globe
- Impact of rising pollution levels and dumping plastic in oceans
Global Plastic Recycling Market: Segmentation
- Polyethylene Terephthalate [PET]
- Polypropylene [PP]
- High Density Polyethylene [HDPE]
- Low Density Polyethylene [LDPE]
- Polystyrene [PS]
- Polyvinyl Chloride [PVC]
- Others (ABS, Nylon, Polycarbonate, etc.)
- Food Contact
- Non-food Contact
- Others (Industrial, Consumer Goods, etc.)
According to the report, Asia Pacific dominated the global plastic recycling market primarily with family-owned, small-scale recyclers, importing and recycling significant amounts of plastic trash due to lenient government regulations and cheap labor prevalent in the region. China is a major hub for plastic recycling; however, it announced a permanent ban on the import of plastic waste. Key names in the global plastic recycling market include Kuusakoski Oy, KW plastics and Envision Plastics.
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