According to Market Research Future (MRFR), the global plastic recycling market is expected to reach USD 2.45 billion at 5.82% CAGR from 2017 to 2028 (forecast period). The study addresses and examines the effect of the outbreak of COVID-19 on the global plastic recycling market, including possible opportunities and threats, drivers, and risks.
Plastic recycling is a process of recovering various classes of plastic material to be reused in other items, such as their original form. Items made from recycled plastic will typically not be recycled again. Before recycling, plastics undergo four separate phases – sorting, washing, shredding, and extruding. It is passed through these stages to ensure that it can be used for the production of different types of products. Plastic recycling is primarily carried out by two processes – heat compression and monomerization.
Plastic recycling helps save non-renewable fossil fuels, decreases the energy use used in the manufacture of new plastics, minimizes solid waste to landfill sites, and reduces emissions of gases such as carbon dioxide into the atmosphere. This exercise is primarily performed in the packaging, construction, textile, automotive, and other industries.
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The global market for plastic recycling is expected to see significant growth in the forecast period. Factors such as increasing the use of plastic in the packaging sector, government support for recycling plastic, and the environmental effects of plastic disposal are driving the market. However, lack of awareness of recycling is likely to hinder the market.
The global plastic recycling market is segmented on the basis of material, recycling process, application, and region.
By material, the global plastic recycling market is segmented into polyethylene terephthalate (PET), high-density polyethylene (HDPE), low-density polyethylene (LDPE), polypropylene (PP), and others.
By recycling process, the global plastic recycling market is segmented into mechanical and chemical.
By application, the global plastic recycling market is segmented into packaging, construction, textiles, automotive, and others.
Companies in the plastic recycling market are spread across the world. The plastic recycling market report provides major information about regional markets of North America, Europe, Asia-Pacific (APAC), and the rest of the world. The North American plastic recycling market has many companies across the United States, Canada, and Mexico. Europe has companies in the plastic recycling market across Germany, France, Spain, Italy, and the United Kingdom. A detailed analysis of the plastic recycling market across India, China, and Japan in the Asia-Pacific region is also presented in the report. The plastic recycling market of the Middle East, Africa, and other regions has also been studied by analysts. The regional analysis of the plastic recycling market can be found in the market research report.
The plastic recycling market is supported by rapid economic development, increasing population, and various policies and regulations. The population growth around the world and increasing demand of plastic recycling market based services and products also support the market growth. However, the plastic recycling market growth can be affected due to lack of support from the government and unorganized plastic sector in some regions. The report covers all such details which will help companies in the plastic recycling market to strengthen their business plan and improve their product portfolio. The plastic recycling market research report also provides company profiles of major companies. The company profiles of many organizations operating in the plastic recycling market report highlights crucial details like company size, revenue growth, and details of mergers and acquisitions taking place in the plastic recycling market. New companies and established businesses can plan their strategies based on this data provided in the plastic recycling market research report.
The industry giants in the global plastic recycling market are Envision Plastics (US), Custom Polymers, Inc. (US), KW Plastics, Inc. (US), Plastic Recycling Inc. (US), UltrePET, LLC (US), Green-O-Tech India (India), CarbonLITE Industries (US), MBA Polymers Inc. (US), Seraphim Plastics (US), and Kuusakoski Group Oy (Finland).
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Chemical provider LyondellBasell and the French multinational environmental services supplier Suez jointly purchased, for an undisclosed sum, Tivaco, a plastics recycling firm headquartered in Blandain, Belgium. The enterprise will become part of the company’s current 50/50 plastics recycling joint venture, Premium Circular Polymers (QCP). With this deal, QCP will expand its recycled materials processing capacity to about 55,000 tons a year.
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