New York, USA, Oct. 20, 2020 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the Plastic Recycling Market is estimated to boost with a significant market size of $54,019.1 million by 2026, from healthy revenue of $32,640.0 million in 2018, with a CAGR of 6.5% in the 2019-2026 forecast period.
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This report elucidates the current scenario and future growth of the market. The report is articulated by experts through analyzing all the important aspects that are impacting the market growth.
Key Insights of the Report
The report covers basic information of the market with its advantages, definitions, and applications.
Vital market segments, limitations, drivers, and investment opportunities, current state of the global and regional market from the perspective of countries, companies, and industries are a part of the research study too.
In-depth view on the foremost market players, present market trends and advances, SWOT analysis, Porter Five Analysis, and business strategies has been presented in the report.
Factors Impacting the Market Growth
The rising government regulations on plastic usages and increase in environmental pollution will surge the global plastic recycling market. Moreover, the rise in awareness about plastic disposal and preference of recycled plastics over the conventional ones will further enhance the market. These all features will promote the market growth in the forecast period.
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However, lack of knowledge about recycled plastic products, the struggle involved in gathering raw materials and plastic waste is expected to hinder the market growth.
On the other hand, investments in R&D activities for creating eco-friendly recycled plastics and bio-degradable plastics will open up opportunities in the market.
Segment Analysis of the Market
The report separates the market into segments based on recycling process, material, and regional analysis.
Based on recycling process, the market is further divided into:
• Mechanical
• Chemical
Here, the mechanical recycling sub-segment is anticipated to harbor a healthy CAGR of 7.6% in the forecast period. Low manufacturing costs of the recycled plastics and conversion of plastics wastes into raw materials without changing the basic structure of the plastic are considered as the main reasons for market inclination.
Based on material, the market is bifurcated into:
• Polyethylene Terephthalate (PET)
• High-Density Polyethylene (HDPE)
• Low-Density Polyethylene (LDPE)
• Polypropylene (PP)
From the above stated sub-segments, the polyethylene terephthalate (PET) will enhance tremendously in the forecast period from a market size of $10,705.9 million in 2018. This is due to simplified recycling procedure, low costs of recycling, less carbon footprint, and safer food packaging. All these aspects are responsible for the market growth in the forecast period.
Regional Analysis
The report has divided the world into different regions which are as follows:
• North America
• Europe
• Asia-Pacific
• LAMEA
From the above stated regions, the North American region is predicted to generate revenue of $16,908.0 million by 2026 due to incorporation of domestics recycling plants.
Key Players and Business Strategies
1. REPLAS
2. Kuusakoski
3. Reprocessed Plastic Inc.
4. Clear Path Recycling
5. PLASgran Ltd
6. Luxus Ltd
7. CarbonLITE Industries
8. KW Plastic Inc.
9. B.SCHOENBERG & CO INC.
10. Envision Plastic Industries LLC
11. Advanced Environmental Recycling Technologies Inc.
12. Custom Polymers
13. Wellman Advanced Materials
14. wTe Corporation
These significant players are adopting both organic and inorganic growth approaches such as joint ventures, mergers and acquisitions, R&D investments and novel product introductions.
The report mentions numerous factors of all the crucial market players that are active in the market. Some features such as financial performance, present strategic plans, product file, developments and SWOT scrutiny are also included in the report. Click Here to Get Absolute Top Companies Development Strategies Summary Report