Advance Recycling Technology: Improving Plastic Scrap Recycling
According to Goldstein Research, “Rising initiatives for environmental protection and reducing plastic waste such as bas to plastics are increasing the need for the production of reusable plastic. Moreover, the cost-effectiveness of recycling plastics is triggering the growth of the recycled plastic market. Rising cost of conventional plastics and enhancement in recycling technologies along with better quality of recycled plastic is anticipated to fuel the growth of the global recycled plastic market in the near future.”
Global recycled plastic market is segmented on the basis of resin type, by a source of plastics and by the end user. Among all the resin type, demand for HDPE and PET plastics mainly for making bottles for chemicals, juice cans, storage containers, milk bottles and personal care products are contributing to the dominance of PET and HDPE in recycled plastics market. HDPE accounted for 33.0% share of global recycled plastics market in 2016.
Global recycled plastic market is projected to reach USD 48.16 billion by the end of 2024. Europe recycled plastic market is expected to witness notable growth during the forecast period. Countries such as Germany, Belgium, France, Sweden and Italy together contribute 13% in global import of plastic scrap. Strict government laws related to the plastic use and countries taking initiatives to ban plastic is anticipated to boost the recycled plastic market in Europe region.
The major contribution of developing countries in the plastic recycling market
Recycled plastics are used for various applications for industrial purpose. PET and HDPE are major manufactured recycled plastics among all other resin types. Moreover, shifting of emerging economies for recycled plastic production mainly China, India, and other South-Asian countries are creating regional demand for manufacturing and reprocessing of plastics. Rising prominence on sustainable plastic products along with improving technologies for sorting and processing of a variety of plastic materials are contributing to the growth of plastic recycling market.
Global Recycled Plastic Market 2024
The report contains a detailed overview of the global recycled plastic market in terms of market segmentation by resin type, by a source of plastic and by the end user. Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global recycled plastic market cycled also provides competitive outlook of some of the major players of global recycled plastic market which includes profiling of companies such as CarbonLite Industries, Avangard Innovative, Schoenberg & Co. Inc., Custom Polymers Inc., Delta Plastics, UltrePET, Advanced Environmental Recycling Technologies, PolyPrime, ORBIS, Marmax Products, Worldwide Recycler Services, Kuusakoski Oy, Plasgran Ltd., Envisison Plastics, KW plastics, Mohawk Industries Incorporated, Greentech, Hahn Plastics, OOTONE PLASTIC, Ripro Corporation, APR2 Plast, Recycling Technologies, Enval, Sadako Technologies, Da Fon Environmental Techology, Jiangsu Zhongsheng, Shandong Power Plastic and Fuqing Topway Plastics Industrial. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global recycled plastic market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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