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Plastic recycling is a process of recovering waste or scrap plastic and recycling it into a useful product.
Market Overview
According to the MarkNtel Advisors’ research report, “Global Plastic Recycling Market Analysis, 2021”, the market is expected to grow at a CAGR of around 7% during (2021-26). The growth of the market is attributed to growing environmental and wildlife concern due to rising plastic pollution, increasing awareness among the public regarding plastic recycling, and an upsurge in plastic consumption among industries such as automotive, electronics. Coupled with, the introduction of various plastic management policies, burgeoning demand for recycled plastic over virgin plastic and a boost in R&D activities to find an efficient and effective process of recycling plastic are the factors placing a lucrative opportunity for the growth of the plastics recycling market in the forecast period.
Impact of COVID-19
The COVID-19 pandemic has surged the need for plastic recycling due to the astronomical growth in the demand for plastic for various packaging products. The lockdown imposition across the region has restricted the movement which further resulted in burgeoning activities of online purchasing of electrical & electronics, grocery, personal care products, as well as protective equipment such as gloves and faces masks. Thereby, the application of plastic for a different type of packaging has also increased at a robust rate.
Market Segmentation
Polyethylene Terephthalate (PET) Accounted for the Largest Market Share
Based on Type, Polyethylene Terephthalate acquired the majority market share in the Global Plastic Recycling Market in 2019. The demand for PET plastic is burgeoning at an astronomical rate as it is highly recyclable due to which the application of PET propelling among various industries such as textile, automotive, as well in bottles and container. Besides this, it is easy to recycle thus save a significant amount of energy, low in cost and also reduces environmental impact. Thus, this is projected to fuel the growth of the Plastic Recycling market in the forecast period as revealed by the MarkNtel Advisors’ research report “Global Plastic Recycling Market Analysis, 2021”.
Packaging Segment Registers Rapid Growth
Based on Application, the Packaging segment registers rapid growth in Global Plastic Recycling. The robust growth in the ready-to-eat and ready-to-serve food product, boost in the demand for packaging material due to rising growth in the e-commerce industry and increasing application in building & construction products, consumer goods, and electrical & electronics. Hence, these are the factors strongly contributing to the market growth.
Regional Landscape
Asia-Pacific Attain Highest CAGR
Asia-Pacific is anticipated to grow at a CAGR of 8% in the Global Plastic Recycling Market during (2021-26). India and China acquired the highest market share in the Asia-Pacific region. This is due to the introduction of a favourable initiative to boost the demand for recycled plastics, the strong presence of various electronic product manufacturers and increasing consumer inclination toward packed & processed food. The extensive investment by the government in the construction industry, upsurge in the demand for PPE kits due to the Covid-19 outbreak and escalating advancement in recycling technologies are the factors aiding positive influence to the growth of the plastics recycling market in the forthcoming timeline.
Market Driver
Plastic waste generation is growing at a sturdy rate due to a boost in the urban population which has increased consumption and application of plastic among various industries. The rising customer awareness toward plastic recycling and growing inclination for environmentally-friendly products has augmented the demand for recycled plastics from industrial buyers and large brand owners such as IKEA, P&G and LEGO.
Competitive Landscape
According to MarkNtel Advisors, the major 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, and Plastipak Holdings etc.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics
Frequently Asked Questions:
Q. What is the historical year, base year and forecast year considered in the research report on Global Plastic Recycling Market?
A. The historical data has been provided since 2016, while the base year is 2020 and the data is forecast up-to 2026.
Q. What are the units or denomination for measuring market value in the report?
A. The market size/industry size or the market value is measured in terms of USD Million.
Q. What would be the growth rate or CAGR of Global Plastic Recycling Market during 2021-26?
A. The Global Plastic Recycling Market is forecasted to grow at a CAGR of 7% during 2021-26.
Q. Who are the key competitors or players operating in Global Plastic Recycling Market?
A. Veolia, Suez, KW Plastics, Jayplas, B. Schoenberg & Co., B&B Plastics, Green Line Polymers, Clear Path Recycling, Custom Polymers, and Plastipak Holdings and others are few of the leading players in the Global Plastic Recycling Market.
Q. Which types segment would emerge as an opportunity area for players in Global Plastic Recycling Market?
A. PET is expected to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which region would emerge as an opportunity area for players in Global Plastic Recycling Market?
A. Asia-Pacific continue to grow at a CAGR of 8% during 2021-26, presenting immense opportunities for market players of Global Plastic Recycling Market.
