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Plastic recycling is the process of recovering scrap or waste plastic and reprocessing the material into useful products. The plastic material is non-biodegradable moreover, recycling is a process used to reduce plastic wastage as it is harmful for the environment. Recycled plastic is mostly used in packaging, construction and automotive products.
The global market is estimated and forecasted in terms of volume (KT) revenue (USD million) generated by the recycled plastic market. Rising concern of people on the negative impact of plastic waste & disposal and rapid industrialization which leads to increasing plastic waste is expected to drive the global recycled plastic market over the forecast period. The market growth is driven by growing prospects for recycled plastic and growing environmental concerns which creates land pollution. Moreover, stringent government policies with respect waste plastic treatment coupled with growing awareness regarding energy saving are anticipated to further boost the market growth. However, excessive cost associated with the recycling process and increasing demand for virgin plastic are the major factors hindering the growth of this market.
The global recycle plastic market is segmented into resin type, source, end user industry and geography.
Based on resin type, the recycled plastic market is categorised into polyethylene terephthalate, polyethylene, polypropylene, polyvinyl chloride, polystyrene and others. The polyethylene terephthalate segment held the largest market share in terms of value in 2017. The largest share of polyethylene terephthalate in the market is primarily attributed to availability at less cost as compared to other resins and ease of recyclability.
Based on source, the recycled plastic market is bifurcated into, plastic bottles, plastic films, rigid plastic & foam, synthetic fibre and others. In 2017, the plastic bottle segment leads the recycled bottle segment and is anticipated to register for highest CAGR during the projected period. The largest market share is primarily attributed to increasing use and demand of plastic bottles in various end user industry including industrial, pharmaceutical and food & beverage and increasing production of plastic bottles globally.
The report analyses the global recycled plastic market based on end user industry into automotive, textile, building & construction, electrical & electronics, packaging and others. The packaging segment dominated the global recycled plastic market in 2017. The packaging segment is the largest consumer of recycled plastic. Likewise, recycled PET and HDPE is increasingly used in primary packaging by retailers and branded manufacturers for bottles and trays which further robust the growth of the packaging segment in the global recycle market.
The global recycled plastic market is studied across key regions including North America, Europe, Asia Pacific and Rest of the World. Rest of the world includes Latin America and Middle East & Africa. Asia Pacific is expected to remain the largest market and witness the highest growth over the forecast period, owing to rapid development in the industrial sectors, increasing consumer demand and flourishing manufacturing sector in developed and developing countries which includes China, Japan and India. Moreover, the rising concern for waste management and increasing government expenditure will further boost the market growth in the region.
Key players of the global recycled plastic market include B. Schoenberg & Co., Inc, REPLAS, Clear Path Recycling, Wellman Advanced Materials, Reprocessed Plastic, Inc, PLASgran Ltd, CUSTOM POLYMERS, CarbonLITE Industries, Luxus, Butler-MacDonald, KW Plastic, Inc, Envision Plastic Industries LLC, Kuusakoski, Shanghai PRET, etc. Strategies such as new product development, agreements and mergers are adopted by key market players to strengthen their market shares in the global recycled plastic market.
The plastic consumption in developed and developing countries has grown tremendous over the past few years. Scarce petroleum resources are used for producing an enormous variety of plastics for an even wider variety of products. Globally, there is a growing move towards reuse and reprocessing of plastics for economic, as well as environmental reasons. Plastic recycling is one of the most important actions currently available to reduce these impacts and represents one of the most dynamic areas in the plastics industry today. Additionally, recycling provides opportunities to reduce oil usage, carbon dioxide emissions and the quantities of waste requiring disposal.
The global recycle plastic market is segmented into, resin type, source, end user industry and geography. Based on resin type, the recycled plastic market is categorised into polyethylene terephthalate, polyethylene, polypropylene, polyvinyl chloride, polystyrene and others. Based on source, the recycled plastic market is bifurcated into, plastic bottles, plastic films, rigid plastic & foam, synthetic fibre and others. The report analyses the global recycled plastic market based on end user industry into automotive, textile, building & construction, electrical & electronics, packaging and others The global recycled plastic market is studied across key regions including North America, Europe, Asia Pacific and Rest of the World. Rest of the world includes Latin America and Middle East & Africa. Asia Pacific is expected to remain the largest market and witness the highest growth over the forecast period, owing to rapid development in the industrial sectors, increasing consumer demand and flourishing manufacturing sector in developed and developing countries which includes China, Japan and India. Moreover, the rising concern for waste management and increasing government expenditure will further boost the market growth in the region. Key players of the global recycled plastic market include B. Schoenberg & Co., Inc, REPLAS, Clear Path Recycling, Wellman Advanced Materials, Reprocessed Plastic, Inc, PLASgran Ltd, CUSTOM POLYMERS, CarbonLITE Industries, Luxus, Butler-MacDonald, KW Plastic, Inc, Envision Plastic Industries LLC, Kuusakoski, Shanghai PRET, etc.
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