Global Plastic Recycling Market- Material Type, Applications, Growth, Revenue and Driving Factors to 2027
Key Highlights of Global Plastic Recycling Market
·
In a
report published by Transparency Market Research, it is predicted that the
global plastic recycling market would
expand at a stellar pace of 6.8% over the period ranging from 2019 to 2027.
Furthermore, the total value of the global plastic recycling market is expected
to touch US$60 Bn by 2027, rising up from a value
of US$34 Bn in 2018.
·
The
global plastic recycling market is expanding at a sturdy pace in recent times,
majorly due to the growing focus on environmental sustainability. Plastic
recycling has become an obligation for all major industries that intend to
retain their corporate value and social responsibility.
·
Statistics
related to environmental pollution reveal abysmal figures about the amount of
plastic that is discharged in the surrounding on a daily basis. This waste
could originate from industrial, commercial, and residential units, and poses a
severe threat to the environment. Henceforth, the global demand for plastic
recycling is expected to rise at a rapid pace in the years to follow.
Key Drivers of Global Plastic Recycling Market
·
There is
a strong uprising against the rising levels of plastic waste that are
discharged in rivers, lakes, and other water bodies. Environmentalists are
constantly trying to raise their voice in favor of the need for sustainable
growth through management of plastic waste. Furthermore, these entities are
collaborating with global welfare organizations in order to dispel fresh ideas
related to plastic recycling.
·
It is
evident that the quest of key entities to manage plastic waste has gone global.
The underdeveloped countries have also joined the movement for sustainable
development and effective waste management. Thereby, the total volume of
revenues in the global plastic recycling market is poised to increase by leaps
and bounds.
·
Large
amount of crude oil is used as raw material during to manufacture plastics.
Around 8% of the oil produced in the world is utilized to manufacture plastic.
However, recycling of plastics is economical and eco-friendly.
·
Around
1000 kg of recycled plastic saves 685 gallons of oil, nearly 5800 kWh of
electricity, and more than 30 cu. yard of landfill space. Furthermore, the
price of recycled plastics is usually lower than that of its virgin
counterpart. These factors are contributing to the plastic recycling market
growth in the upcoming years.
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Rise in Initiatives for plastic Waste Management to
Boost the Plastic Recycling Market
·
Several
countries have set examples of efficient waste management and recycling. The
Scandinavian nations have led the movement for a waste-free future, and have
succeeded in following pragmatic plastic recycling practices.
·
Therefore,
the global plastic recycling market is set to become a chock-a-block of
opportunities in the years to follow.
·
Promotion
of green standards within manufacturing has played an integral role in the
growth of the global plastic recycling market. Use of waste-free technologies
in the industrial and residential sectors has created new opportunities for
market growth and maturity.
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Availability of Improved Technologies for Plastic
Waste Management
·
The
technological landscape is a densely knit fabric of possibilities, and there is
tremendous scope for improvement therein. The development of nascent
technologies for waste management and recycling has given a thrust to market
growth.
·
Furthermore,
research centers and academic institutes are offering fresh courses and
programs that train individuals towards efficient plastic recycling. Therefore,
the growth of the global plastic recycling market relies on improvements in the
technological framework.
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Europe to Show Promising Growth in the Plastic
Recycling Market
·
Europe
ranks among the highly active plastic recyclers in the world. The region
focuses on recycling PET, which accounted for more than 14% of
the total plastic recycling market in 2018. Germany is a major
plastic recycler in the world with achieving plastic recycling rate of nearly 30%. The
country has banned landfills since 2005.
·
Europe
comprises over 1,000 plastic recyclers with more than 30,000 employees. The
region exported more than 3.5 million tons of plastic scrap to
Asia Pacific for disposal and recycling.
·
In terms
of value and volume, the packaging segment accounted for a major share of the
market, as several recycled plastics, especially rPET, are converted into
bottles and strappings for packaging.
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Fragmented Nature of Global Plastic
Recycling Market
·
Some of
the prominent vendors operating in the global plastic recycling market
are Kuusakoski Oy, KW plastics, and Envisison Plastics.
·
The
global plastic recycling market is largely fragmented, however amongst all
Plasgran Ltd. remains the largest recycler. Most companies such as KW plastics
only process the plastic scrap and supply them to the master batch producer or
compounder.
·
The
global plastic recycling market is largely fragmented, however amongst all
Plasgran Ltd. remains the largest recycler. Most companies such as KW plastics
only process the plastic scrap and supply them to the master batch producer or
compounder.
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