Hong Kong, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Accordingly, the Plastic Recycling Market Report analyzes the Chemicals & Materials sector and discusses the market definition, classifications, applications, interactions, and overall industry trends. Making smarter decisions, maximizing income, and boosting business profits are all possible with the help of this market research report. A thorough understanding of the competitive environment, the product offerings of the rivals, their business models, and the foreseeable future is crucial in today's highly competitive world. This business research report on the Plastic Recycling Market also incorporates historical data, present market trends, market environment, technological innovation, emerging technologies, and technical advancement in the connected industry.
Plastic Recycling Market by Product (Polyethylene (PE), Polyethylene Terephthalate (PET), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Others), by Source (Plastic Bottles, Plastic Films, Polymer Foam, Others), by Application (Building and Construction, Packaging, Electrical and Electronics, Textiles, Automotive, Others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America). The global Plastic Recycling market size was estimated at USD 67.3 billion in 2023 and is projected to reach USD 114.5 billion in 2030 at a CAGR of 7.9% during the forecast period 2023-2030.
The prominent players in the Plastic Recycling market are Berry Global Group Inc, biffa, Clean Harbors, Covetsro AG, Custom Polymers Inc., Envision Plastics, Jayplas, Joe plastics, Kuusakoski Group, KW plastics, Montello S.p.A, MTM Plastics GmbH, Plasgran Ltd., Plastic Recycling Inc., Plastipak Holdings Inc., Recycled Plastics UK, RJM International Inc., Seraphim Plastics, Shakti Plastics Industries, Shell international b.v., Teijin Limited, Ultra Poly Corporation, Veolia, Waste Connections and others.
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The first is the growing understanding of the damaging effects of plastic trash on the environment, such as ocean pollution and harm to wildlife. Due to this, there is now a higher need for plastic recycling as a way to cut down on plastic waste and its negative environmental effects. The second issue is the increased demand for sustainable and environmentally friendly products among businesses and consumers. This has caused many businesses to employ more recycled plastic in their products, which has raised the demand for the material even more. For many years, there has been significant concern about the damaging effects of plastic waste on the environment. As a result, there is now more attention being paid to plastic recycling as a potential solution. Consumers and businesses are actively looking for sustainable solutions as they become more aware of their environmental impact. Recycled plastic now has a market, and it is used in a variety of items, from packaging to furniture.
The highlighted section discusses the growing need for recycled materials in a variety of industries, such as food and beverage and consumer items. The need for food-safe packaging materials is growing, which is pushing the usage of recyclable polymers in this sector of the economy. Recycling polymers can effectively replace traditional plastics as a barrier between food and environmental factors, enhancing the market for these products. Because of features such as durability, strength, and resistance to moisture and chemicals, recycled polyethylene terephthalate is a popular material in water and beverage packaging bottles.
Recent Developments:
It was announced by WM Recycle America, LLC in September 2022 that it would purchase Avangard Innovative's U.S. Operations. The business will be called Natura PCR. It is expected to scale up and enhance its recycling capability in five years, producing 400 billion pounds of post-cutomer resin (PCR) every year.
Plastipak Holdings, Inc., a pioneer in the design, manufacture, and recycling of plastic containers, made a large investment in January 2022 to boost the capacity of PET recycling at its production facility in Bascharage, Luxembourg. The project is expected to increase manufacturing capacity yearly.
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Scope of the Plastic Recycling Market Report:
The Plastic Recycling Market is segmented into various segments such as source, plastic type, process, type, end-user, and region:
Based on source, the plastic recycling market is segmented into:
Bottles
Films
Foams
Fibers
Others
Based on the plastic type, the plastic recycling market is segmented into:
Polyethylene Terephthalate
Polyethylene
Polypropylene
Polyvinyl Chloride
Polystyrene
Others
Based on the process, the plastic recycling market is segmented into:
Mechanical
Chemical
Based on type, the plastic recycling market is segmented into:
Post-Consumer Recyclate
Industrial Recyclate
Based on end-user, the plastic recycling market is segmented into:
Packaging
Building & Construction
Textiles
Automotive
Electrical & Electronics
Others
Based on region, the plastic recycling market is segmented into:
Asia Pacific
North America
Europe
South America
Middle East & Africa
North America to Dominate the Market
Asia-Pacific region had the highest sales or revenue in the plastic recycling industry compared to other regions such as North America, Europe, and the Middle East.
This has significantly increased awareness and demand for sustainable waste management practices, including plastic recycling in the Asia-Pacific region. Moreover, the demand for recycled plastic is boosting in this region, due to the growth of the consumer goods and packaging industries.
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The global environmental problem of plastic waste is one that the plastic recycling market is crucial in tackling. This market contributes to lessening the load on landfills, preserving valuable resources, and minimizing the damaging effects of plastic pollution on ecosystems by turning discarded plastic goods into useable materials. The Plastic Recycling Market, which promotes the effective use of plastics and spurs innovation in waste management techniques, is a critical contributor to a more circular and responsible economy as societies increasingly embrace sustainability.
Reasons to Purchase:
In order to determine the best strategies and decisions based on changes in sales or revenue in terms of volume and value, distribution chain analysis, market trends, and other aspects, you should better understand the market.
Learn about the trends and the variables that play a role in the shifting market conditions by gaining authentic and granular data access for the plastic recycling market.
Utilizing both qualitative and quantitative data, researchers can identify a variety of future trends, from industry leaders' and market visionaries', before identifying the key areas where competitors will need to be strong in the future.
by displaying the growth patterns for the past and next years, a detailed study of the market's shifting tendencies is provided.
FAQs:
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According to this wide-ranging Plastic Recycling Market report, the global market is anticipated to witness a relatively higher growth rate during the forecast period. The key research methodology here by DELVENS research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Under market segmentation, research and analysis is done based on application, vertical, deployment model, end user, and geography. The Plastic Recycling Market report puts light on many aspects related to Chemicals & Materials industry and market. The quality of Plastic Recycling Market research report is at par which gains customer confidence and trust.
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