DUBLIN--(BUSINESS WIRE)--The "Plastic Recycling - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Plastic Recycling Market to Reach $47.3 Billion by 2026
Global market for Plastic Recycling estimated at US$33 Billion in the year 2020, is projected to reach a revised size of US$47.3 Billion by 2026, growing at a CAGR of 6.1% over the analysis period.
PET, one of the segments analyzed in the report, is projected to grow at a 6.9% CAGR to reach US$15.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the HDPE segment is readjusted to a revised 5.9% CAGR for the next 7-year period. This segment currently accounts for a 19.6% share of the global Plastic Recycling market.
The process of recovering different classes of plastic materials that can be reused in other forms is known as plastic recycling. Growth in the global market is being driven by ongoing efforts toward environmental sustainability, prompting industries to focus on plastic recycling.
The increasing focus on plastic recycling is also attributed to its increasing use in various industrial applications like product packaging, electronic components and automotive interiors. Some of the textile makers are also using recycled plastic for material production. Another prominent factor boosting the market is availability of advanced plastic waste management technologies.
Growing government support in countries such as India, China, Southeast Asia, Brazil and European nations to promote the use of recyclable plastic products augurs well for the market. In this regard, several countries have announced legislations to restrict single-use plastics to reduce their environmental impact. For instance, China has banned the use of non-recyclable plastic in metropolitan cities in 2020 that is expected to be expanded throughout the country by 2022.
The U.S. Market is Estimated at $3.1 Billion in 2021, While China is Forecast to Reach $17.6 Billion by 2026
The Plastic Recycling market in the U.S. is estimated at US$3.1 Billion in the year 2021. The country currently accounts for a 8.9% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$17.6 Billion in the year 2026 trailing a CAGR of 6.7% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.7% and 4.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.3% CAGR while Rest of European market (as defined in the study) will reach US$18.8 Billion by the end of the analysis period. Asia-Pacific and China account for a substantial share of the global plastic recycling market.
Presence of many bottled water manufacturers makes the region the largest consumer of recycled plastic. However, the ban on import of scrap and waste plastics by China is impacting the market. The US is another major regional market for plastic recycling due to the large volumes of plastic waste being generated. In Europe, the recycled plastic market is driven by the rising use of plastic in packaging, automotive and construction industries and the adoption of regulations to restrict plastic pollution.
LDPE Segment to Reach $7.3 Billion by 2026
Recycled LDPE is used in applications such as floorings, wall panels, furniture, bubble wraps for packaging and garbage cans. In the global LDPE segment, USA, Canada, Japan, China and Europe will drive the 5.1% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$3.6 Billion in the year 2020 will reach a projected size of US$5.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.
Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.1 Billion by the year 2026, while Latin America will expand at a 5.3% CAGR through the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- COVID-19 Causes Significant Disruption to Plastic Recycling
- Collection Rate of Recyclable Plastic Decreases in 2020
- Pandemic Set to Exacerbate Ocean Plastic Pollution Issue
- Traditional Waste Management Practices Find Favor Amidst the Crisis
- COVID-19 Brings About Significant Changes to Plastic Usage Trends
- Despite Challenges Presented by COVID-19, Plastic Recycling to be Back in Business
- An Introduction to Plastic Recycling
- Plastic Recycling Methods
- Plastic Recycling by Type
- Global Market Prospects & Outlook
- Concerns and Awareness on Pollution Levels Fuel Growth for Plastic Recycling Market
- PET: The Major Category in Plastics Recycling Market
- Packaging Emerges as a High Growth End-Use Segment
- Developing Regions to Spearhead Growth in Plastics Recycling Market
- Competition
- World Brands
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 98 Featured)
- Advanced Drainage Systems, Inc.
- B & B Plastics Recycling, Inc.
- B. Schoenberg & Co., Inc.
- Carbonlite, Inc.
- Clear Path Recycling, LLC
- Custom Polymers, Inc.
- Envisison Plastics
- Green-O-Tech India
- Jayplas
- Kuusakoski Oy
- KW Plastics
- MBA Polymers, Inc.
- NAM Polymers Inc.
- Norwich PlasticsA
- PARC Corporation
- Plasgran Ltd.
- Plastic Recycling Inc.
- Plastipak Holdings, Inc.
- Seraphim Plastics LLC
- Suez
- UltrePET, LLC
- United Plastic Recycling
- Veolia Environnement S.A.
3. MARKET TRENDS & DRIVERS
- Increase in Plastic Production Volumes Contribute to Plastic Waste, Drives Need for Recycling
- Rising Concerns over Environmental Implications of Plastics Waste Disposal Turns Focus onto Plastics Recycling
- Growing Awareness about Energy Savings and Energy Recovery Attributes to Support Plastics Recycling Efforts
- Government Regulations & Efforts to Promote Use of Recycled Plastic Products Drives Market Growth
- As Packaging Industry Becomes the Largest Producer of Plastic Waste, Recycling Becomes an Inevitable Option
- Global Packaged Food Sales in US$ Trillion: 2015, 2017, 2019, 2021 & 2023
- Automotive Industry: A Major Market for Recycled Plastics Faces Challenging Times Amidst the COVID-19 Pandemic
- Production in Million Units for 2008-2022
- Despite the COVID-19 Impact, Long-term Outlook for Plastic Recycling in Construction Industry Remains Promising
- Recycled Plastics Continue to Hold Significance for the Textile Industry
- With China Banning Imports of Scrap or Waste Plastics, Market Confronts Tough Times
- Advent of Innovative Systems Streamline Plastics Recycling Process
- Ongoing Technological Advancements in Plastic Recycling Market: A Brief Overview
- Plastic Recycling Market Faces Stiff Challenge as Manufacturers Incline Towards Virgin Plastics
- Oil Prices Impact Plastic Recycling Market
- The Pandemic and Fall in Oil Prices Adversely Impacts Global Plastic Recycling Industry in 2020
- Complications of Recycling Plastic: A Brief Review
- Difficulties in Raw Material Collection Affects Plastics Recycling Market
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/a8lh5s
