ALBANY, New York, January 30, 2017 /PRNewswire/ --

Transparency Market Research has published a new report titled "Plastic Recycling Market for Packaging, Automotive, Construction, Textile, and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024." According to the report, the global plastic recycling market was valued at US$ 31.5 Bn in 2015 and is projected to reach US$ 56.8 Bn by 2024, expanding at a CAGR of 6.9% between 2016 and 2024.

Plastic recycling is a mechanical and/or chemical process of recovering plastic waste or scrap discarded during the production of plastic products (pre-consumer plastic waste) or after the use of these products by consumers (post-consumer plastic waste). Plastic recycling is not only economical but also helps decrease carbon emission. It is also environment friendly than production of virgin polymers, moreover, recycling plastics can save up to 85% of energy required to manufacture same amount of virgin plastics

Rising awareness regarding environmental protection, bans on dumping recyclable plastic waste in landfills, and modification in product designs to make the plastic products more recyclable are fueling the plastic recycling market in developed countries, especially in Europe. Thus Europe has some of the highest plastic recycling rates in the world. On the contrary, recyclers in Asia Pacific recycle plastic for financial support and as a source of income. The region has high number of informal recyclers which stay anonymous and default taxes. North America is a leading consumer of plastics in the world, however, the recycling rates of then region are significantly low due to high dependence on Asia for plastic waste disposal. Europe has the highest rate of PET recycling, PET recycling accounts for more than 38% of the plastic recycling market in Europe.

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In terms of volume and value, packaging application held the major share of the plastic recycling market in 2015. It was followed by construction segment which was a prominent application, products such as plastic lumber, street furniture, roof and floor tiles, playground equipment, windows and doors etc. are largely used in construction segment. The rising plastic consumption, especially for packaging application, coupled with necessity to dispose of the generated plastic waste in an eco-friendly and responsible ways is fueling the plastic recycling market. PET is amongst the most recycled plastics in the world, most countries have dedicated programs and facilities for collecting PET bottles, most major companies also recycle PET beverage bottles to again manufacture beverage bottles.

In terms of volume and value, Asia Pacific accounted for significant share of the plastic recycling market in 2015 and is anticipated to lead the plastic recycling market during the forecast period. However Europe is anticipated to exhibit a significant growth rate by 2024 due to various environment protection laws and initiatives. North America is a significant consumer of plastics however it has relatively poor market share for plastic recycling.

Major companies operating in the plastic recycling market include Arora Fibres Limited, Kuusakoski Oy, B & B Plastics Inc., Envision Plastics, PLASgran Ltd., KW plastics etc.

The report provides comprehensive view of the plastic recycling market in terms of volume and revenue. It includes current demand analysis and forecast for material and application segments in North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Furthermore, the report offers detailed country-wise analysis of the plastic recycling market in the regions mentioned above.

The plastic recycling market has been divided into the following segments.

Plastic Recycling Market - Source Analysis 

• Rigid Plastics
• Non-rigid Plastics

Plastic Recycling Market - Material Analysis 

• PET
• PP
• HDPE
• LDPE
• PS
• PVC
• Others (ABS, Nylon, Polycarbonate etc.)

Plastic Recycling Market - Application Analysis 

• Packaging
  • Food Contact
  • Non-food Contact
• Automotive
• Construction
• Textile
• Others (industrial, consumer goods etc.)

Plastic Recycling Market - Regional Analysis 

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • Italy
  • U.K.
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America

Browse Other Related Market Research Reports:

• Recycled Plastic & Plastic Waste to Oil Market: http://www.transparencymarketresearch.com/recycled-plastics-plastic-waste-oil-market.html
• Battery Recycling Market: http://www.transparencymarketresearch.com/battery-recycling-market.html

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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SOURCE Transparency Market Research