The Asia-Pacific Plastic Recycling Market is projected to grow at a CAGR of 6.4% in the forecast period of 2021-26, says MarkNtel Advisors in their research report. The market is driven primarily by the swiftly increasing demand for plastic in different applications across multiple verticals, generating massive amounts of plastic waste, coupled with mounting concerns associated with the environment's degradation, thereby encouraging plastic recycling practices across Asia-Pacific.
In addition, the versatility of plastics has replaced the demand for other materials like concrete, metal, & wood, mainly due to their lightweight, esthetic appearance, and affordable prices. Besides, improper disposable practices are leading to increased concerns over environmental degradation, which is further gaining the attention of governments of different countries across Asia-Pacific. As a result, the region is displaying stringent regulations for efficient plastic recycling and, in turn, driving the market.
Moreover, with the burgeoning inclination toward recycling plastic into reusable products, several manufacturers are investing substantially in recycled plastics and infusing the demand for organic packaging materials like PET bottles that require polymers like HDPE (High-density Polyethylene) resins. Hence, it is another crucial aspect augmenting the overall market growth, further states the research report, "Asia-Pacific Plastic Recycling Market, 2021."
Key questions answered in the study
Packaging Sector to Lead the Asia-Pacific Plastic Recycling Market through 2026
The mounting demand for plastics for the packaging of food & beverages, especially ready-to-eat products, is the prime aspect attributing to the dominance of the Packaging sector in the Asia-Pacific Plastic Recycling Market. Several prominent players across Asia-Pacific are actively participating in the market by propelling the demand for recycled plastic for manufacturing goods and reducing plastic waste.
Moreover, different manufacturers within the packaging industry are recycling plastic & producing products like containers & bottles to reduce the manufacturing of virgin plastic from scratch. Hence, during the forecast period, the market is anticipated to observe a significant boom across the packaging application.
Being a Hub of Plastic Recycling, China to Dominate the Plastic Recycling Market across Asia-Pacific through 2026
Geographically, of all countries, China dominated the Plastic Recycling Market in recent years, and the same trend is likely to be followed during 2021-26. It owes to the country being a hub of plastic recycling due to stringent norms associated with environmental protection & waste management.
China displays the lower cost of plastic recycling & the massive availability of plastics, which encourages the adoption of plastic recycling practices and, in turn, fuels the market growth. Moreover, the Chinese government is also taking several initiatives for reducing plastic production and encouraging plastic recycling in the country. For instance:
Hence, based on these aspects, the Plastic Recycling Market in China shall witness significant expansion in the coming years, reveals MarkNtel Advisors in their research report, "Asia-Pacific Plastic Recycling Market Analysis, 2021."
Leading Companies in the Market
According to MarkNtel Advisors, the leading players in the Asia-Pacific Plastic Recycling Market are Alpek Polyester, Centriforce Products Limited, Clean Tech UK Ltd, DS Smith, Euresi Plastics SL, EF PLASTICS UK LIMITED, Far Eastern New Century Corporation (Phoenix Technologies), Foss Performance Materials, Indorama Ventures Public Company Limited, JFC Group, Krones AG, Kuusakoski, Lotte Chemical Corporation, MBA Polymers Inc., Mumford Industries, Petco. Co. za, Pistoni Srl, Placon, PolyClean Technologies, PolyQuest, Reliance Industries Limited, REPRO-PET, Teijin Limited, UltrePET LLC, Verdeco Recycling Inc.