Recycled plastic is a process where scrap of waste plastic is recovered and reprocessed into useful products as most plastic things are non-biodegradable. Therefore, in order to reduce wasteful non-biodegradable plastic and protecting the environmental resource from pollution of plastics, such a process is initiated across the globe. The recycling of plastics is supported by various government initiatives across the globe that will anticipate the growth of the market over the forecast years. For instance: the European Union plans announced a tax on plastic bags and packaging in order to curb ocean pollution. The strategy stated that all packaging products should be recyclable by 2030 and must recycle 55% of plastic packaging. Similarly, in the US, The Internal Revenue Service (IRS) gives manufacturers of recycled products, a depreciation credit for recycling. Moreover, several states in the US offer some type of tax incentives or credits, to promote the recycling market. Moreover, the Negative Environmental impact of plastic disposal is expected to drive the growth of the market over the forecast years. As its disposal in land and ocean water may cause adverse effects on the productivity of land and can harm marine organisms. However, stringent competition from virgin plastics and a ban on the import of waste or scrape plastics in China are some major factors that can hamper the market growth over the upcoming years.
The Global Plastic Recycling market is valued approximately USD 39401 Million in 2018 and is anticipated to grow with a growth rate of more than 6.40% over the forecast period 2019-2026 and is estimated to reach USD 64720 Million by 2026.
The regional analysis of the global Plastic Recycling market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. Europe accounts for the largest share in the global plastic recycling market due to the presence of stringent government regulation in the region. Whereas, Asia Pacific is the fastest-growing region in the market due to the rapid growth in pollution and continuous emergence of adverse effects from usage of plastic on environment in the region.
Market players included in this report are Veolia, Suez, KW Plastics, Jayplas, B. Schoenberg & Co, B&B Plastics, Green Line Polymers, Clear Path Recycling, Custom Polymers, and Plastipak Holdings
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type: Polyethylene Terephthalate (PET), Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride, Polystyrene, Polyamide, Others
By Source: Plastic Bottles, Plastic Films, Synthetic Fibers, Rigid Plastics & Foams, Others
By Recycling Method: Thermal decomposition, Heat compression, Distribution recycling, Pyrolysis, Other
By End-use Industries: Packaging, Building & Construction, Textiles, Automotive, Electric & Electronics, Others
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