Plastic recycling market is anticipated to grow at a CAGR of 8.8% during the forecast period. Plastic has become one of the major troubles for the environment, and with the rise in consumer awareness, the need for recycling plastic is gaining momentum. The increasing call for artificial textiles will be one of the significant trends in the recycled plastics industry. The growing concern about sustainable as well as green packaging solutions has escalated mainly with the progress in customer awareness about health and the environment which has generated new opportunities for the recycled plastics market.
Also, most of the governments in developed and emerging economies and regulatory bodies are putting a ban on the use of single-use plastics, such as retail shopping bags, strows, and others which is playing a major role in boosting the growth of the plastic recycling market. Further, increased foreign investment in this industry is also driving the global plastic market. However, rising environmental concern associated with the disposal of plastics is hampering the market growth. In addition, struggle in the gathering of plastic wastes and raw materials is also projected to limit the market growth.
Demand for other certain types of plastic-intensive is also expanding these days in various applications, such as respirators and ventilators as well as personal protective equipment (PPE) for healthcare workers, such as masks, gowns, and goggles. As a result of all these factors, the growth is getting hampered in plastic recycling-based solutions.
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Plastic Recycling Market Segmentation
By Product Type
- Polyethylene (PE)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polyethylene Terephthalate (PET)
- Polystyrene
- Others
By Application
- Packaging
- Construction
- Electricals & Electronics
- Automotive
- Medical Device
- Others
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Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- Addonn Polycomponds Pvt. Ltd.
- Advanced Environmental Recycling Technologies Inc.
- Schoenberg & Co.
- Bingo Industries, Ltd.
- Clean Tech Inc.
- Covanta Energy Corp.
- Custom Polymers, Inc.
- DS Smith Plc
- Eastman Chemical Co.
- Envision Plastics Industries LLC
- Fresh Pak Corp.
- Gravita India, Ltd.
- Kuusakoski Group Oy
- KW Plastics
- MBA Polymers Inc.
- Mohawk Industries, Inc.
- Phoenix Technologies International LLC
- Plastipak Packaging, Inc.
- RJM International, Inc.
- Stericycle, Inc.
- Terracycle US, Inc.
- Ultra Poly Corp.
- Vikoz Enterprises, Inc.
- Waste Connections Inc.
- Waste Management, Inc.
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