Global Plastic Recycling Market to witness a CAGR of 6.5% during 2018-2024
NEW YORK, Sept. 17, 2018 (GLOBE NEWSWIRE) -- The global plastic recycling market was valued at USD 36.7 billion in 2017 and is expected to reach USD 57.1 billion by 2024, at a CAGR of 6.5% over the forecast period. The growth can be primarily attributed to the increasing awareness regarding the environmental impact of plastics and numerous government regulations to encourage the use of recycled plastics. Also, there has been a considerable increase in the use of recycled plastic across various end use industries which is expected to fuel the market demand.
Furthermore, high-end research and development has fostered significant progression in the superior recycling technologies over time. Chemical recycling mechanisms have been developed that allow compatibility of mixed plastic wastes to eliminate the need of sorting. These also require lower amount of energy and extends recycling technology to conventionally non recyclable technologies. Moreover, novel materials have gradually entered the market that can be easily recycled in the future.
PET segment is expected to account for the major share of the market owing to its wide use in plastic bottles
On account of growing use of PET for making bottles for use in personal care products, storage containers, juice cans and more, has led to significant growth in the segment. The PET segment held the maximum share of the global market in 2017 and the trend is likely to continue over the forecast period. PET is the most recycled plastic all over the world, as it prevents the growth of mold, bacteria and fungi. Several inherent benefits offered by recycled PET have expanded its use in cosmetics, pharmaceuticals, food and beverage packaging and electronics.
Plastic Recycling Market - Regional insight
Asia Pacific dominated the global market in 2017 and is projected to maintain its dominance over the next seven years. The growth can be majorly attributed to the rapid industrialization along with the growing manufacturing sector across the region. Growing demand from major markets such as China, India and Japan has fostered the market growth. Additionally, rise in living standards, primarily due to increasing disposable income has increased the demand for recycled plastics across various industries. North America and Europe are also set to witness steady growth over the forecast period due to stringent regulations regarding the use of plastics.
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Key findings from the report:
-- The global plastic recycling market is likely to reach USD 57.1 billion by 2024 -- Bottles segment is likely to hold the major share of the global market in 2017, witnessing significant growth from 2018 to 2024 -- PET segment held the major share of the market in 2017 due to various inherent properties and their widespread use across several end use industries -- Packaging segment was the largest end use industry in 2017 and is likely maintain its dominance over the forecast period -- Some of the key companies operating in the industry include SUEZ; KW Plastics; Kuusakoski; Veolia; Green Line Polymers; B & B Plastics Inc.; CABKA Group; B.Schoenberg & Co., Inc.; MBA Polymers; PETCO; Plasgran Ltd.; K K Asia (HK) Ltd.; Custom Polymers Inc.; REPLAS; Envision Plastics; Plastipak Holdings, Inc.; Jayplas; CarbonLite Industries; Ultra Poly Corporation; and Wellpine Plastic Industrial Co., Ltd.; among others -- As of November 2017, SUEZ entered into a joint venture agreement with LyondellBasell in order to focus on the production of high-quality recycled plastics in Europe. The agreement is set to provide the European market with virgin like secondary raw material
The report segments plastic recycling market on the basis of source, material type, process, end-use, and region.
-- Bottles -- Fibers -- Foams -- Films -- Others
By Material Type
-- PET -- PP -- PE -- PVC -- PS -- HDPE -- LDPE -- Others
-- Mechanical recycling -- Chemical recycling -- Heat compression
-- Packaging -- Building & Construction -- Automotive -- Textile -- Others
-- North America -- Europe -- Asia-Pacific -- Central & South America (CSA) -- Middle East & Africa (MEA)
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