The Global Plastic Recycling Market is projected to grow at around 7% CAGR during 2021-26, says MarkNtel Advisors in their recent research report. It owes to the burgeoning global focus on sustainability and the soaring support from the governments worldwide for addressing numerous environmental concerns that, as a result, are promoting the adoption of plastic recycling practices.
There is an increasing prevalence of plastic recycling, especially across packaging, building & constriction, automotive industries, etc. Besides, advantages like turning waste plastic from single-use into new & renewable items are also creating lucrative growth opportunities for the leading market players. Moreover, with the mounting focus on reducing landfills & garbage dumps to decrease pollution & waste from the environment, the adoption of plastic recycling is rapidly surging globally.
Since plastic recycling requires less energy & financial investments to produce new materials, leading players are increasingly seeking new ways to sustain themselves in the market. Furthermore, due to the versatility & unique features of plastics, such as flexibility, durability, & strength, recycling plastic recycling practices are gaining significant traction across several verticals in different applications, further states the research report, "Global Plastic Recycling Market Analysis, 2021."
Packaging Sector to Contribute Notably to the Plastic Recycling Market through 2026
Based on the Application, the Packaging industry is anticipated to display the fastest market growth during the forecast period. Since the industry is one of the largest consumers of plastic, recycling plastic enables it to save big on energy & resources and reduce Green House Gas (GHG) emissions.
Moreover, recycling plastic also minimizes freshwater pollution substantially. Turning products like milk jugs, containers, etc., into multi-use creations is contributing significantly to reducing environmental contamination and driving the market across the Packaging sector.
On the other hand, the Automotive sector is another prominent area promoting plastic recycling to reduce emissions & conserve natural resources.
With Massive Plastic Waste Generation, Asia-Pacific to Dominate the Market during 2021-26
On the geographical front, among all regions, Asia-Pacific is anticipated to dominate the Plastic Recycling Market during 2021-26. It owes principally to the massive amount of plastic waste generated across the region entwined with the increasing number of plastic recycling initiatives by several regional countries to address the growing concerns associated with environmental degradation.
According to the UN, plastic waste generation in Asia-Pacific is expected to reach 140 million tons by 2030. Developed economies like Japan & Singapore have acquired high plastic recycling rates in the formal sector with supportive institutional mechanisms & by using different methods for the extraction or conversion of useful resources.
Moreover, the presence of several bottled water manufacturers & their intent to recycle plastic in the region is another crucial aspect augmenting the demand for plastic recycling practices across Asia-Pacific, reveals MarkNtel Advisors in their research report, "Global Plastic Recycling Market Analysis, 2021."
According to MarkNtel Advisors, the leading players in the Global Plastic Recycling Market are Veolia, Suez, KW Plastics, Jayplas, B. Schoenberg & Co., B&B Plastics, Green Line Polymers, Clear Path Recycling, Custom Polymers, Plastipak Holdings.
Key Questions Answered in the Study