ALBANY, N.Y., Jan. 4, 2021 /PRNewswire/ -- Transparency Market Research has now published a new research report that offers a detailed information about the global plastic recycling market. The research report tries to offer meaningful and actionable insights about the key segments, prominent growth drivers, restraining factors, geographical outlook, and the current situation of the vendor landscape of the global market.
According to the research report, the global recycling market was initially valued at US$34 Bn in 2018. The research report expects the market to witness a healthy CAGR of 6.8% over the course of the given forecast period ranging from 2019 to 2027. Given the rate of growth, the global plastic recycling market is expected to reach a valuation worth US$60 Bn by the fall of 2027.
Demand for recycled PET and HDPE is increasing due to the low costs of recycled plastics. Plastic recyclers focus on PET and HDPE recycling and re-processing owing to their large demand and wide application in packaging, textiles, and construction industries.
Recyclers also need to focus on competitive pricing, as prices of virgin plastics are decreasing significantly over the last few years.
Recycled plastics can be used in consumer goods. These can be employed in several products such as kitchen tools, home furniture, general gadgets and appliances, cloth hangers, footwear, and personal care products.
The consumer goods industry has been expanding at a significant pace across the globe. This creates significant opportunities for the plastic recycling market
Global Plastic Recycling Market – Prominent Growth Factors
Rise in demand for plastics is projected generate large amounts of plastic trash. This, in turn, is likely to boost the 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.
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.
Global Plastic Recycling Market – Key Restraining Factors
Lack of waste collection and sorting systems across the globe is a key restraining factor for the market growth.
Rising pollution levels and dumping plastic in oceans is also expected to market in coming years of the forecast period.
Global Plastic Recycling Market – Geographical Outlook
Asia Pacific dominated the global plastic recycling market in 2018. The plastic recycling market in Asia Pacific is fragmented; family-owned small scale recyclers primarily operate in the market.
Asia Pacific imports and recycles significant amount of plastic trash due to the lenient government regulations and cheap labor prevalent in the region. China is the major hub for plastic recycling; however, the country recently announced a permanent ban on the import of plastic waste.
Analyze Plastic Recycling Marketgrowth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Global Plastic Recycling Market – Key Players
Some of the notable names in the global plastic recycling market include names such as Kuusakoski Oy, KW plastics, and Envisison Plastics.
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