JERSEY CITY, N.J., March 28, 2023 /PRNewswire/ -- InsightAce
Analytic Pvt. Ltd. announces the release of a market assessment
report on the "Global Plastic Recycling Market Size, Share
& Trends Analysis Report By Material (PET, PP, HDPE, LDPE, PS,
PVC), Application (Packaging, Automotive, Construction, Textiles) -
Market Outlook And Industry Analysis 2031"
The global plastic recycling market is estimated to reach
over USD 77.19 billion by
2031, exhibiting a CAGR of 7.17% during the forecast
period 2023-2031.
The demand for the worldwide plastic recycling market is
projected to rise as a result of rising awareness of the advantages
of energy conservation and the growing need to lessen carbon
emissions. In addition to the benefits of using recycled plastics,
the expanding applications of recycled plastics in the packaging,
electrical & electronics, textile, and construction, car, and
other industries helps to reduce energy consumption.
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The market demand is anticipated to be fueled by rising
government regulations and policies regulating the usage of
single-use plastics in various nations as well as the increase in
investment in the development of new technology leading to improved
fuel efficiency.
The increased use of internet purchases increased the need for
diverse packaging materials for goods including nursing grooming,
electronics, and equipment for personal defense, among other
things. As a result, the need for recycled plastics increased
during this time period. Throughout the course of the forecast
period, the market is anticipated to increase due to rising plastic
use in the production of lightweight components used in a broad
range of industries, including mechatronics, industrial equipment,
and automobiles.
Recent Developments:
- In May 2021-Plastipak Packaging announced that it would
establish a new PET recycling factory in Spain. Beginning in the summer of 2022, this
new facility will assist Plastipak achieve its commitment to
corporate social responsibility.
- In January 2020-Nestlé made a sizable investment to help with
the transition from virgin polymers to food-grade plastic. Also,
the business strives to advance cutting-edge environmentally
friendly packaging options.
List of Prominent Players in the Plastic recycling
Market:
- Kuusakoski
- Berry Global Inc.
- B&B Plastic Inc.
- Plastipak Holdings, Inc.
- WM Recycle America, LLC
- Carbonlite Industries LLC
- Custom Polymers, Inc.
- Dart Container Corporation
- Novolex
- KW Plastics
- MBA Polymers Inc.
- Wellpine Plastic Industrial Co., Ltd
Plastic Recycling Market Report Scope
Report
Attribute
|
Specifications
|
Market size value in
2022
|
USD 42.06 Bn
|
Revenue forecast in
2031
|
USD 77.19 Bn
|
Growth rate
CAGR
|
CAGR of 7.17% from 2023
to 2031
|
Quantitative
units
|
Representation of
revenue in US$ Billion, Volume (KT), and CAGR from 2023 to
2031
|
Historic
Year
|
2019 to 2022
|
Forecast
Year
|
2023-2031
|
Report
coverage
|
The forecast of
revenue, the position of the company, the competitive market
statistics, growth prospects, and trends
|
Segments
covered
|
Material And
Application
|
Regional
scope
|
North America; Europe;
Asia Pacific; Latin America; Middle East & Africa
|
Country
scope
|
U.S.; Canada; U.K.;
Germany; China; India; Japan; Brazil; Mexico; The
UK; France; Italy; Spain; China; Japan;
India; South Korea; Southeast Asia; South Korea; Southeast
Asia
|
Market Dynamics:
Drivers:
The market is expanding due to the negative effects on the
environment of disposing of plastic waste, which result from the
use of traditional plastics, which pollute the oceans and the land.
As a result, the government has taken measures to minimize the
amount of plastic that is disposed of into the environment, which
is having an effect on the demand for plastics.
The market size is anticipated to be driven by this factor. The
market size is expected to increase due to the increased use of
recycled plastics in a variety of industrial sectors, such as
package design, communications device components, and automotive
interior parts.
Challenges:
Lack of knowledge about the value of recyclable materials in
reducing the need for virgin plastics, combined with the high cost
of recycled goods since collecting plastic garbage is a challenging
process, are impeding the expansion of the plastic recycling
industry. A further obstacle to the market's expansion is the
establishment of a bank for plastic trash or the prohibition of the
export of raw polymers from China.
Regional Trends:
The North America plastic
recycling market is expected to register major market share in
terms of revenue and projected to grow at a high CAGR in the near
future. because there is a developing need for non-residential
infrastructure projects including institutions, colleges, and
colleges. This will increase demand for numerous construction
materials, including flooring, soundproofing, fences, carpets, and
roofing tiles.
The implementation of many rules to encourage the use of
recyclable paper and the increase in demand for packed and packaged
foods are the main drivers anticipated to support market expansion.
Besides, Europe had a substantial
share in the market. due to developed economy and growing adoption
of the product. This is due to the adoption of new strategies by
the major players in the plastic recycling market. Moreover, the
presence of key market players and increasing collaboration among
major players for market penetration in the region provides the
opportunity for growth of the global plastic recycling market.
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Segmentation of Plastic Recycling Market-
By Material
- PET
- PP
- HDPE
- LDPE
- PS
- PVC
- Others
By Application
- Packaging
-
- Food Contact
- Non-food Contact
- Automotive
- Construction
- Textiles
- Others
By Region-
North America-
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and
Africa
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Read Related Reports:
Biodegradable Plastics Market
Thermoformed Plastics Market
Molded Plastic Market
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