DUBLIN–(BUSINESS WIRE)–The “Global plastic recycling market size, trends and growth opportunities, by source, by type, by recycling method, by application, by region and forecast to 2027.” report has been added to from ResearchAndMarkets.com offer.
Global Plastic Recycling Market was valued at USD 44,130.00 Million in 2021, estimated at USD 56,200.00 Million in 2027, growing at a CAGR of 3.54% from 2021 to 2027.
Plastic recycling is defined as the process of recovering various types of plastic materials for reuse in new products. In most cases, an object made of recycled plastic can no longer be recycled. Plastic goes through five phases before being recycled, such as sorting, washing, shredding, shredding and extrusion.
Plastic recycling is mainly achieved by two processes such as thermal compression and monomerization. This process contributes to the conservation of non-renewable fossil fuels, the reduction of energy consumption in the creation of new plastics, the reduction of solid waste going to landfill and the reduction of greenhouse gas emissions such as than carbon dioxide in the atmosphere.
Market factors
The demand for recycled plastics is growing in various industries, including packaging, food and beverage, and consumer goods. In the food and beverage industry, the consumption of recyclable polymers is increasing due to the high demand for food-grade packaging materials. These materials can effectively replace conventional plastics as a barrier between food products and environmental factors, which ultimately increases the growth of the global plastic recycling market over the forecast period.
Besides food and beverage packaging, recycled plastics are used in the packaging of products such as toys, fashion accessories and sports equipment, which helps to increase the sustainability of the product. Additionally, these plastics have found increased demand in the packaging of products such as surfactants, soaps, shampoos and other personal care due to their non-reactive nature.
Market constraints
Virgin plastics are used in several applications, including food packaging to produce automotive components. They have a significant advantage over their recycled alternatives in terms of quality. Although regulatory groups have drawn up mandates to increase the use of PCR plastics in packaging products, manufacturers are skeptical of their use due to the risk of impurities.
Furthermore, the import ban on certain waste plastics in China and irregular collection of waste plastics for reprocessing are some of the factors hampering the growth of the global plastic recycling market globally.
Key players
Veolia, Suez, KW Plastics, Jayplas, B. Schoenberg & Co., B&B Plastics, Green Line Polymers, Clear Path Recycling, Custom Polymers, Plastipak Holdings, etc.
Market Taxonomy
By origin
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plastic bottles
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Plastic films
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Synthetic fibers
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Rigid plastics and foams
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Others (auto parts, electrical appliances, furniture and others)
By type
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Polyethylene terephthalate (PET)
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Polyethylene (PE) – LPDE & HDPE
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Polypropylene (PP)
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Polyvinyl chloride (PVC)
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Polystyrene (PS)
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Polyamide (PA)
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Others (Polycarbonate, Acrylonitrile-butadiene Styrene and other plastics under SPI)
By recycling method
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Thermal decomposition
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Thermal compression
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Distributed recycling
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Pyrolysis
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Others
By app
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Packaging (bottles, containers, bags and films, strapping, others)
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Building and construction (rugs and carpets, wood, pipes, furniture, others)
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textiles
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Automotive (Batteries, Others)
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Electrical and Electronic
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Others (Agriculture, Aeronautics and other industries)
By region
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North America
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Latin America
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Europe
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Asia Pacific
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Middle East and Africa
Key questions addressed by the report
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What are the key opportunities in the global plastic recycling market?
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What will be the growth rate from 2021 to 2027?
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Which segment/region will experience the highest growth?
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What are the factors that will impact/driving the market?
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What is the competitive landscape in the industry?
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What is the role of key players in the value chain?
For more information on this report, visit https://www.researchandmarkets.com/r/df2e81