Plastics Recycling Market Size to Reach USD 44540 Million by 2027 at CAGR 5.0% - Valuates Reports
BANGALORE, India, Dec. 15, 2021 /PRNewswire/ -- The Plastics Recycling Market is Segmented by Type (PET, PP, HDPE, LDPE, Others), Application (Packaging & Consumer Goods, Construction, Textile Fiber / Clothing, Landscaping/Street Furniture, Other Uses). The report covers global opportunity analysis and industry forecasts from 2021 to 2027.
In 2020, the global Plastic Recycling market size was USD 31340 Million and it is expected to reach USD 44540 Million by the end of 2027, with a CAGR of 5.0% during the forecast period 2021-2027.
Major Factors Driving The Growth Of The Plastics Recycling Market:
The expansion of this plastics recycling market has been aided by factors such as increased demand for plastics in various end-user sectors and favorable government initiatives aimed at reducing plastic waste.
Plastic manufacturers are primarily focusing on developing new recycling solutions to reduce greenhouse gas emissions and maintain environmental sustainability as public awareness of global warming grows. This in turn is expected to boost the plastics recycling market growth.
The low cost of recycled plastics is driving up demand for recycled PET and HDPE. Because of their high demand and widespread use in the packaging, textiles, and construction industries, plastic recyclers concentrate on PET and HDPE recycling and reprocessing.
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Trends Influencing The Growth Of The Global Plastics Recycling Market:
One of the key drivers of the plastics recycling market expansion is the growing focus on sustainability and environmental protection, which is driving demand for recycled products. This rise will be fueled by the rising demand for recycled plastic from a variety of industries, including packaging, automotive, and construction.
The increased use of recycled plastics in packaging, electrical and electronic equipment, textiles, building and construction, automotive, and other industries is expected to drive the growth of the plastics recycling market. Increased government regulation and laws in many countries addressing the use of single-use plastics, as well as increased investment in developing new technologies that improve energy efficiency, are expected to raise market demand. The market is growing as a result of major pollution caused by the discharge of discarded plastics in seas and the scarcity of landfill locations in many nations.
Because of the rising demand for food-safe packaging materials, the use of recyclable plastics is increasing in the food and beverage industry. These materials can efficiently replace traditional plastics as a barrier between food goods and environmental elements.
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Plastic Recycling Market Share Analysis:
Based on type, High Density Polyethylene (HDPE) is the largest segment, with a share of about 35%. Demand for recycled HDPE is increasing due to the low costs of recycled plastics. Because of their high demand and widespread use in the packaging, textiles, and construction industries, plastic recyclers concentrate on HDPE recycling and reprocessing.
Based on application, Packaging & Consumer Goods are expected to be the most lucrative. With the rise of RTE (ready to eat) and RTS (ready to serve) items, the packaging industry uses a lot of plastics in food and beverage packaging. Furthermore, there is a rising demand in the healthcare industry, which has aided this segment's growth.
Based on region, Asia-Pacific is expected to be the most lucrative. Because of the lax government rules and cheap labor in the region, Asia Pacific imports and recycles a substantial amount of plastic waste. China is a significant center for plastic recycling, but it just announced a permanent ban on plastic garbage imports. China is the largest market, with a share of over 40%, followed by North America and Europe, both having a share of about 35 percent.
Global Plastic Recycling key players include Clear Path Recycling, Clean Tech Incorporated, Longfu Recycling Energy Scientech, etc. Global top three manufacturers hold a share of about 0.8%.
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Major Companies in the Plastic Recycling Industry
- Clear Path Recycling
- Clean Tech Incorporated
- Mohawk Industries Incorporated
- CarbonLite Industries
- Envision Plastics Industries
- Advanced Environmental Recycling Technologies Incorporated
- Evergreen Plastics
- PolyQuest
- Phoenix Technologies
- Verdeco Recycling
- Custom Polymers
- KW Plastics
- Extrupet
- Greentech
- Veolia Polymers
- Hahn Plastics
- PLASgran
- APR2 Plast
- Luxus
- Viridor
- Centriforce
- Visy
- Kyoei Industry
- Wellpine Plastic Industical
- Fuqing Topway Plastics Industrial
- Intco
- Suzhou Jiulong Recy & Tech
- Others
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SIMILAR REPORTS
- In 2020, the global Plastic Bottle Recycling market size was USD 3673 Million and it is expected to reach USD 6105.9 Million by the end of 2027, with a CAGR of 7.5% during 2021-2027.
- in 2020, the global Industrial Plastic Waste Recycling market size was USD 14600 Million and it is expected to reach USD 21660 Million by the end of 2027, with a CAGR of 5.8% during 2021-2027.
- The global PET Bottle Recycling market size is projected to reach USD 5153.3 Million by 2027, from USD 3742.6 Million in 2020, at a CAGR of 4.2% during 2021-2027.
- The global E-waste Recycling and Reuse Services market size is projected to reach USD 32510 Million by 2027, from USD 19020 Million in 2020, at a CAGR of 7.5% during 2021-2027.
- In 2020, the global Ultra-high Molecular Weight Polyethylene (UHMWPE) market size was USD 667.7 Million and it is expected to reach USD 1115.1 Million by the end of 2027, with a Compound Annual Growth Rate (CAGR) of 7.6% during 2021-2027.
- In 2020, the global Polypropylene market size was USD 78600 Million and it is expected to reach USD 90910 Million by the end of 2027, with a CAGR of 2.1% during 2021-2027.
- In 2020, the global Polyethylene Terephthalate Glycol (PETG) market size was USD 753 Million and it is expected to reach USD 906.8 Million by the end of 2027, with a CAGR of 3.0% during 2021-2027.
- In 2020, the global Polyethylene Naphthalate (PEN) market size was USD 619.1 Million and it is expected to reach USD 707.2 Million by the end of 2027, with a CAGR of 1.9% during 2021-2027.
- In 2020, the global Polyethylene Terephthalate (PET) Resin market size was USD 101480 Million and it is expected to reach USD 132790 Million by the end of 2027, with a CAGR of 3.9% during 2021-2027.
- In 2020, the global Bio-based Polyethylene market size was USD 871 Million and it is expected to reach USD 2927.8 Million by the end of 2027, with a CAGR of 19.0% during 2021-2027.
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