June 11, 2020
As per the report title ‘Global Plastic Recycling Market Size study, by Source (Plastic Bottles, Plastic Films, Synthetic Fibers, Rigid Plastics & Foams and Others), by Type (Polyethylene Terephthalate (PET), Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride, Polystyrene, Polyamide and Others), by recycling method (Thermal decomposition, Heat Compression, Distribution recycling and Pyrolysis), by End-use industries (Packaging, Building & construction, Textiles, automotive, electric & electronics and Others) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global plastic recycling market was worth USD 39401 million in 2018 and is projected to expand with a CAGR of 6.4% over 2019-2026.
Recycled plastic is formed from scraps of waste plastics which is recovered and reprocessed into useful products, thereby reducing waste generated from non-biodegradable plastic and protecting the environment. Rising concerns regarding environment safety caused by improper disposal of plastic along with various government initiatives across the globe are fueling the growth of global plastic recycling market.
For instance, the European Union declared its plans for charging tax on plastic bags and packaging to mitigate ocean pollution. The strategy states all packaging products to be recycled by the year 2030 and mandates recycling of 55% of plastics packaging. In addition, Internal Revenue Service (IRS) of U.S. provides depreciation credits for recycling to manufacturers offering recycled products. In addition, several states in the U.S. offer some incentives or tax credit for recycling. Similar initiatives across the globe are expected to push the industry revenues forward in the coming years.
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On the contrary, stringent competition from virgin plastics and bans on import of waste plastic in China will limit the market growth over the forecast period.
Based on the source, the market is split into plastic films, plastic bottles, synthetic fibers, rigid plastics & foams, and others. Speaking of the type, the market is divided into polyethylene terephthalate, polyethylene, polypropylene, polystyrene, polyvinyl chloride, polyamide and others. Elaborating on the recycling method, the market is categorized into heat compression, thermal decomposition, distribution recycling and pyrolysis. Speaking of the end-use landscape, the industry is split into building & construction, packaging, textiles, electric & electronics, automotive, and others.
As per the regional analysis, global plastic recycling market is divided into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Europe holds majority industry share, attributable to the presence of stringent government regulations in the region.
Asia Pacific plastic recycling market is slated to grow exponentially over the forecast period, owing to the rapid rise in pollution levels and continuous impact on the environment due to extensive plastic use across the region.
Prominent industry players include Plastipak Holdings, Custom Polymers, Clear Path Recycling, Green Line Polymers, B&B Plastics, B. Schoenberg & Co., Jayplas, KW Plastics, Suez, and Veolia.