New York, USA, Aug. 09, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global plastic recycling market is estimated to gather a revenue of $54,019.1 million and grow at 6.5% CAGR over the forecast period from 2019-2026. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2019-2026. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: Rising plastic pollution across the world and governments’ strict regulations on recycling plastic products and reducing plastic usage are the prime factors anticipated to drive the growth of the global plastic recycling market during the analysis timeframe. In addition, surging utilization of recycled plastic products in the end-use industries like packaging, automotive, electronics, and others is also expected to boost the market growth by 2026.
Opportunities: Continuous R&D activities to produce biodegradable and eco-friendly recycled plastics to minimize the environmental effect is the major factor predicted to create ample growth opportunities for the global plastic recycling market during the forecast years. Additionally, the growing use of recycled plastic in the textile industry for fabric manufacturing is also projected to offer abundant market growth opportunities by 2026.
Restraints: Lack of knowledge on recycled plastics is, however, a major impeding factor that can negatively affect the market growth.
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Segments of the Market
The report has divided the plastic recycling market into multiple segments based on recycling process, material, and regional analysis.
Recycling Process: Chemical Recycling Sub-segment to Have a Significant Market Share
The chemical recycling sub-segment is estimated to hold a dominant market share of $25,659.1 million during the forecast period. This immense growth rate is attributed to the easy conversion of plastic waste into individual monomers by using specific chemicals. These monomers are then used in packaging, clothing, carpet, etc. which is anticipated to bolster the sub-segment’s growth by 2026.
Material: Polyethylene Terephthalate (PET) Sub-segment to be Highly Lucrative
The polyethylene terephthalate (PET) material sub-segment of the global plastic recycling market is expected to hold a dominant market share during the forecast period since PET plastic products are easy to recycle and the cost of recycling process is also low as compared to that of other materials. Moreover, PET-based plastic products have other benefits like low carbon footprint, lightweight, and are considered safe for food product packaging. These factors are predicted to propel the sub-segment’s growth by 2026.
Region: Market in the North America Region to be Highly Progressive
The plastic recycling market in the North America region is projected to witness better growth opportunities during the 2019-2026 analysis timeframe due to growing government initiatives for the implementation of domestic plastic recycling plants. Moreover, some prominent consumer products providers like PepsiCo, Coca-Cola, Walmart, etc. use recycled plastic for products packaging which is estimated to further uplift the market growth in the North America region by 2026.
Key Market Players
Some key plastic recycling market players include
- Custom Polymers
- B.SCHOENBERG & CO., INC.
- Kuusakoski
- Clear Path Recycling
- CarbonLITE Industries
- KW Plastic, Inc.
- REPLAS
- Advanced Environmental Recycling Technologies, Inc.
- PLASgran Ltd
- Wellman Advanced Materials
- Luxus Ltd
- wTe Corporation
- Reprocessed Plastic, Inc.
- Envision Plastic Industries LLC
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in July 2022, Versalis S.p.A., a renowned chemical company owned by an Italian oil supermajor Eni, announced its collaboration with Forever Plast, a European leader in the recycling of post-consumer plastics, to expand its product portfolio from recycled raw materials and strengthen its footprint in the European region. The strategic collaboration will also result in the implementation of a new plastics recycling facility at Porto Maghera.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Plastic Recycling Market:
- Plastic Recycling: A Step Forward to a Pollution Free World
- Plastic Recycling: A Concise Guide of Recycling Process and Types
- Innovations by Leading Manufacturers to Pave the Way for Growth in the Plastic Recycling Market
