Plastic Recycling Market to be worth $ 77.8 Billion by 2031, TMR Study

Wilmington, Delaware, United States, Nov. 16, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The plastic recycling industry analysis by Transparency Market Research (TMR) reveals that the global plastic recycling market is projected to gain a value of US$ 77.8 Bn by the end of 2031. Besides, the TMR assessment notes that the market for plastic recycling is expected to advance at a CAGR of 7.0% during the forecast period, from 2022 to 2031.

The governments of several developed nations in Europe have banned the plastic waste dumping into landfills so as to minimize the pollution levels. Thus, many nations in Europe have shown significant progress in diverting waste from landfill and plastic bottles to recycling across past few years for nearly all waste streams, specifically for household and alike waste. Such factors are leading to revenue-generation opportunities for plastic recycling companies, notes a research report by TMR.

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Plastic Recycling Market: Key Findings

• With surge in the understanding about increase in the pollution levels among governments from across the globe, these has been a surge in initiatives by governments and private organizations in order to develop extensive programs that focus on channeling plastic waste into collection streams, thereby stopping the trash being dropped into oceans. The main motive of such programs is promoting the recycling of plastic bags order to lessen the hazards due to landfills. Increase in such initiatives is bolstering the market, states a TMR report.
• Growing understanding among people is leading to increase in their inclination toward recycling bottles as well as other plastic products so as to decrease the volume of plastic waste, notes a TMR study that delivers key insights on the target market for plastic recycling. Such factors are fueling the business opportunities in the market. The use of drop-off recycling, curbside recycling, deposit/refund centers, and buy-back centers is being increasing in the recent years in order to funnel in the large amount of trash for recycling, states a TMR review report.
• The adoption of high-density polyethylene (HDPE) is being increasing as it is the most frequently recycled plastic. Moreover, the FDA has approved it as safe for food contact and is being reused safely worldwide. While it is stronger than polyethylene terephthalate (PET), there is no risk of leaching of HDPE into liquids and foods. Hence, its use is being increasing in order to manufacture products including yogurt tubs, milk jugs, body wash bottles, cleaning product containers, and toys. This aside, the recycled HDPE finds application in the manufacturing of plastic lumber, pens, picnic tables, bottles, and plastic fencing. Hence, rise in the HDPE use in residential and packaging applications is expected to lead to the expansion of the HDPE material segment of the global market at a CAGR of 7.7% during the forecast period.
  

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Plastic Recycling Market: Growth Boosters

• Rise in the focus of governments of several nations on execution of regulations about landfill restrictions is projected to boost the global plastic recycling market size during the forecast period
• Surge in the understanding among people pertaining to the importance of environmental protection is expected to drive profitable prospects in future of plastic recycling industry

Plastic Recycling Market: Key Players

Some of the key players profiled in the report are:

• Berry Global Inc.
• Kuusakoski
• Plastipak Holdings, Inc.
• B&B Plastics Inc.
• CarbonLite Industries LLC
• WM Recycle America, LLC
• Dart Container Corporation
• Custom Polymers, Inc.
• Novolex
• Fresh-Pak Corporation
• MBA Polymers Inc.
• KW Plastics
• Wellpine Plastic Industrial Co., Ltd.
  

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Plastic Recycling Market Segmentation

• Material
  • PET
  • PP
  • HDPE
  • LDPE
  • PS
  • PVC
  • Others
• Application
  • Packaging
    • Food Contact
    • Non-food Contact
  • Automotive
  • Construction
  • Textiles
  • Others

Regions Covered

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
  

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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