Wilmington, Delaware, United States, April 22, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The plastic recycling machine market is estimated to grow at a CAGR of 5.2% during the forecast period from 2023 to 2031.
Economic and environmental advantages of recycling and reusing waste, such as metal and plastic, are fueling the plastic recycling machine market. Key role of several governments in enforcing laws on recycling in order to minimize waste and address growing concerns about the depletion of non-renewable resources is anticipated to augment market growth.
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Extensive use of plastic across industries, especially the packaging industry, necessitates its recycling due to the difficulties in disposing it off. In this scenario, governments across the world are playing a key role in plastic recycling initiatives. This involves using a plastic recycling machine to process scrap plastic into useful products. A plastic recycling machine undertakes operations on different types of waste plastics, such as PVC, PP, and PET.
Rise in awareness about the environmental and economic benefits of recycling waste materials, such as metal and plastic, government regulations on plastic recycling, and consumer awareness about the environmental damage of plastic disposal are creating business opportunities in the plastic recycling machine market. Recycled plastic is predominantly used in the manufacture of drainage pipes and plastic bottles.
Key Findings of Study
Rise in Consumer Awareness and Government Regulations to Protect Environment – Joint initiatives of governments and market stakeholders to increase revenue generation lead to their key contribution in triggering market development. As plastic waste generation is a serious issue in developing countries, it requires measures to be adopted to eliminate its harmful impact on the environment. Thus, increase in awareness about reducing carbon footprints is resulting in industry growth. Furthermore, several government bodies across the world are engaged in curating programs to channelize plastic waste to prevent it from running into landfills or oceans. Hefty investments in technology and R&D by governments to develop innovative solutions for recycling waste are anticipated to boost market value.
Surge in Adoption and Demand for Recycled Plastic – Consistent rise in demand for recycled plastic from various end-use industries, such as automotive and electronics, is anticipated to strengthen the market outlook. With the evolution of machines, they can now produce finished goods, which is a leap from their original capability to produce only plastic byproducts. Recycled plastic is used extensively in the manufacture of carrier bags, drainage pipes, and office accessories. Key advantages of recycled plastic, such as saving energy and fostering sustainability, are driving adoption. This involves significant efforts from governments as well as individuals to boost the scope of the plastic recycling machine market.
Rise in Usage of Baler Press – Based on machine type, the baler press segment accounts for the leading share of the plastic recycling machine market. Baler press offers several critical advantages, including efficient recycling of both biodegradable and non-biodegradable materials with a huge capacity, cost-effectiveness, and successful compression of waste into bales. Moreover, the significance of baler presses being free of additional charges and their demonstrated higher recycling potential compared to other machines in the industry supports growth of the segment.
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Growth Drivers
- Economic and environmental advantages of recycling and reusing waste materials, such as metal and plastic, are driving the plastic recycling machine market
- Stringent laws for recycling of waste in several countries are anticipated to augment the plastic recycling machine market growth
Regional Landscape
Asia Pacific holds the leading share in the plastic recycling machine market. Rapid industrialization and stringent government regulations for waste recycling are driving the plastic recycling machine market in the region. Increase in significance of waste management in countries such as India, China, and Japan is augmenting the market statistics in the region.
Moreover, the region being home to the world’s two most populous countries has led to increased demand for plastics and plastic products such as drainage pipes. Governments in developing countries of the region have been rolling out incentives and subsidies for establishment of new plastic recycling facilities with better technology, thereby creating lucrative opportunities in the plastic recycling machine market.
Competitive Analysis
Major players are engaged in development of new recycling technologies to garner increased market share. They are focusing on product innovation, partnerships, and collaborations to consolidate their position in the plastic recycling machine market.
Prominent companies in the plastic recycling machine market include EREMA Engineering Recycling Maschinen und Anlagen Ges.m.m.b.H, Ko Win Yang Industrial Co. Ltd., Genius Machinery Co. Ltd., Boston Matthews and Starlinger, Polystar Machinery Co. Ltd., Matila Industrial Co. Ltd., Aceretech Machinery Co. Ltd., and Plastics Machinery Group International Ltd.
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The plastic recycling machine market is segmented as follows:
Plastic Recycling Machine Market, by Machine Type
- Baler Press
- Granulator
- Shears
- Grinders
- Extruders
Plastic Recycling Machine Market, by Type
- Single-stage Recycle Machine
- Two-stage Recycle Machine
- Multistage Recycle Machine
Plastic Recycling Machine Market, by Plastic Type
- Polyethylene Terephthalate
- Polyvinyl Chloride
- Polyethylene
- Polypropylene
Plastic Recycling Machine Market, by Distribution Channel
- Direct Sales
- Indirect Sales
Plastic Recycling Machine Market, by Region
- North America
- Europe
- Middle East & Africa
- South America
- Asia Pacific
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