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The demand for plastic is fairly high despite concerns regarding the environment, however since plastic can be repurposed, plastic recycling as taken off as a cost-effective method for reusing plastic in various applications. Recycled plastic can be used for nearly any purpose and has a number of end-use applications. Urbanization, industrial growth, and advancement of technology have been key factors in the proliferation of the global plastic recycling market size. Moreover, plastic packaging is in high demand in a burgeoning global packaging sector.
Segmentation
The global plastic recycling market size has been segmented based on application, material, and recycling process.
By material, the global plastic recycling market size has been segmented into polyethylene terephthalate (PET), high-density polyethylene (HDPE), low-density polyethylene (LDPE), polypropylene (PP), and others. The polyethylene terephthalate (PET) segment is currently dominating the market due to increasing demand for recycled PET across diverse industry verticals.
Regional Analysis
By region, the global plastic recycling market size has been segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
APAC held the largest market share of 46.84% in 2017 and is estimated to expand at a CAGR of 7.55% over the forecast period. APAC market growth can be attributed to rapid economic growth, fast-track urbanization, booming population, and rising concerns related to plastic recycling.
The Americas and Europe both are important revenue pockets which are anticipated to expand substantially. Growing concerns related to environmental degradation and stringent regulatory norms drive the market in these regions.
The MEA market is likely to exhibit slow but steady growth. Efforts are being made to increase the adoption of plastic recycling practices and related technologies. Majority of the plastic waste is being dumped in the landfill and around 10% of the plastic waste in the region is recycled.
Competitive Landscape
KW Plastics, Inc., CarbonLITE Industries, Miller Waste Mills, Inc., Seraphim Plastics, Plastic Recycling Inc., Custom Polymers, Inc., Kishco Pvt. Ltd., Envision Plastics, Knebel Textilrecycling GmbH, MBA Polymers Inc.
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