Global Plastic Recycling Market Information by Material (Polyethylene Terephthalate (PET), High-Density Polyethylene (HDPE), Polypropylene (PP), Low-Density Polyethylene (LDPE) and Other), by Recycling Process (Mechanical, and Chemical), Application (Packaging, Construction, Automotive, and Other) and by Region - Forecast to 2023
Plastic recycling means reprocessing the scrap or waste plastic material into useful products. Plastic is inexpensive, lightweight and durable materials, which can readily be moulded into a variety of products with a wide range of applications. The growing demand for plastics from various industries including construction, food and beverage, and pharmaceutical is expected to propel the growth of the recycled plastics market. Rising consciousness for environmental protection among consumers is also adding to the market growth. However, the lack of awareness for recycled plastic products is the restraint that may hamper the growth of global plastic recycling market.
The global plastic recycling marketis projected to grow at a CAGR of 6.5% from 2017 to 2023, to reach the market size of USD 53.72 billion by the end of the forecast period.
Regional Analysis of Global Plastic Recycling Market:
Asia-Pacific dominates the global plastic recycling market followed by Europe. Availability of cheap labor and relatively lenient governmental regulations in this region ultimately increase the demand of plastic recycling. This region is expected to grow at the fastest pace during the forecast period. Europe is another important market that is expected to contribute significantly during the forecast period mainly due to rising awareness regarding environmental protection.
The key players of global plastic recycling market are PLASgran Ltd. (U.K.), UltrePET, LLC. (U.S.), Kuusakoski Oy (Finland), Envision Plastics (U.S.),KW Plastics, Inc.U.S.), Custom Polymers, Inc. (U.S.), Advanced Environmental Recycling Technologies, Inc. (U.S.), MBA Polymers UK Ltd. (U.K.), CarbonLITE Industries (U.S.), and Green-O-Tech India (India).
The report for Global Plastic Recycling Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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