Global Plastic Recycling Market Expected To Grow At A CAGR Of 6.6% During The Forecast Period
The latest market report published by Brisk Insights “Plastic Recycling Market: Growth, Future Prospects, and Competitive Analysis, 2019 - 2027” the plastic recycling market was valued at US$ 41.73 Bn in 2018 and expected to grow at a CAGR of 6.6% during the forecast period from 2019 to 2027.
"Rising environment concerns among people worldwide will enhance the demand for Plastic Recycling Market"
Growing adoption of recycled products and increased government initiatives to reduce plastic waste during the forecast period from 2019-2027. Rising environment concerns worldwide for effective waste management and sustainable development anticipated to enhance market growth. Asia Pacific has highest share in the plastic recycling market in 2018.
In 2018, the global plastic recycle volume was 29,438.0 kilotons. The growing use of recycled plastic in the packaging industry and rapid technological advancement in the industry expected to drive the market in years to come. Growing awareness for plastic recycling is another prominent factor in driving market growth over the upcoming years. The rapidly growing use of plastic to make denim clothes projected to enhance the market growth. For instance, in 2012, Levi’s was the first company to introduce denim jeans made from plastic bottles and trays. The rising need for better recycling technologies is anticipated to drive the market growth throughout the forecast period.
The plastic recycling market has the presence of numerous global and regional players. Acquisition, partnerships and collaborations anticipated to be the major strategies followed by the market players to expand their market share and geographic presence.
• In April 2019, MOL Group announced the acquisition of Aurora by signing a sales- purchase agreement. With the acquisition of Aurora, MOL Group will enter into the recycle plastic compounding which expected to develop their petrochemical portfolio.
Key Market Movements:
• Globally, the plastic recycling market is expanding at a CAGR of 6.6% in terms of revenue and 8.8% in terms of volume for the projected period from 2019 to 2027
• In 2018, Asia Pacific has the highest share in the plastic recycling market in terms of value and volume owing to highest share in plastic waste generation and high-volume of plastic waste import in the region. Developing countries of Asia Pacific such as India, Indonesia, China, Malaysia, and others are major contributors to the region’s growth.
• Europe expected to be the fastest-growing region in the plastic recycling market owing to rising government initiatives and enhancement of domestic recycling facilities in the region.
• Based on the material, polyethylene terephthalate (PET) and high-density polyethylene (HDPE) have the largest share in 2018. A rapid surge in the consumption of the aforementioned segments for making packaging materials is the major factor for the dominance of the segments.
• Mergers & acquisitions are expected to be the key strategy by the market players
List of Companies Covered:
• MBA Polymers, Inc.
• MOL Group
• Plasgran Ltd
• Phoenix Technologies International LLC
• Vikoz Enterprises, Inc.
• Plastic Recycling, Inc.
• Terracycle US, Inc.
• KW Plastics
• DS Smith Plc
• Waste Connections, Inc.
• Custom Polymers, Inc.
• CarbonLITE Industries
• Envision Plastics
• Kuusakoski Group Oy
Browse the full report at https://www.briskinsights.com/report/plastic-recycling-market
The Global Plastic Recycling Market is Segmented into:
By Material Type (2017–2027; US$ Bn)
By Source (2017–2027; US$ Bn)
By Application (2017–2027; US$ Bn)
By Geography (2017–2027; US$ Bn)
*Complete segmentation list is on report page