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Plastic Waste Recycling Market
The Plastic Waste Recycling Market was estimated around USD 39.4 billion in 2018 and it is projected to reach USD 85.9 billion by the end of 2026, exhibiting a CAGR of 10.5% over the forecast period (2019-2026).
The factors driving the growth of Plastic Waste Recycling Market includes growing demand for biodegradable plastics, strict regulations imposed by Governing bodies on the single-use plastics and rise in the production of light weight components in the Automotive and Electrical & Electronics industry. According to the report published by Bloomberg, the Global Biodegradable Plastic Market is anticipated to reach USD 10 billion by the end of 2030, expanding at a CAGR of 9.7% over the forecast period (2022-2030), which is expected to boost the market growth in the approaching years. Moreover, the rising concerns related to greenhouse gas emissions and climate change, increase in the purchases of personal care products through online platforms and expansion of the construction industry in the developing countries, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, technological innovations in the plastic waste recycling products and rising population growth rates, are further contributing to the market growth.
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However, the growth of Plastic Waste Recycling Market is hindered due to ban on the imports on scrap plastics from China.
The major players operating in the market are UltrePET LLC, Recyclex S.A., Envision Plastics, Seraphim Plastics, KW Plastics Inc., Custom Polymers Inc., CarbonLITE Industries, Boer Group, Kuusakoski Group Oy, and Miller Waste Mills, among others.
Material Type: Segment Analysis
Based on Material Type, the Polyethylene Terephthalate (PET) segment is estimated to capture the largest market share during the forecast period. The Polyethylene Terephthalate (PET) plastics provides higher strength and are easy and efficient to transport, are some of the features augmenting the segment’s growth.
Method: Segment Analysis
Based on Method, the Mechanical segment is projected to hold the highest market share over the forecast period because the wide range of plastics are available for mechanical pressing and mechanical method is cost-effective.
Regional: Segment Analysis
Based on Region, the Asia-Pacific region is anticipated to dominate the market during the forecast period. Government policies regarding the ban on single-use plastics, rapid growth in the Automotive industry, rise in the construction of hospital, colleges, and schools, increasing disposable incomes, growing emphasis on reducing carbon gas emissions and high population growth rates, are some of the important factors propelling the market growth in Asia-Pacific.
Market Segmentation
Global Plastic Waste Recycling Market by Material Type
Polypropylene (PP)
Low-Density Polyethylene (LDPE)
High-Density Polyethylene (HDPE)
Polyvinyl Chloride (PVC)
Polyurethane (PUR)
Polystyrene (PS)
Polyethylene Terephthalate (PET)
Others
Global Plastic Waste Recycling Market by End-Use Application
Packaging
Building & Construction
Textile & Clothing
Automotive
Furniture
Recycled Plastics in Other End-Use Applications
Global Plastic Waste Recycling Market by Method
Mechanical
Chemical
Global Plastic Waste Recycling Market by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
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