Pune, March 12, 2021 (GLOBE NEWSWIRE) -- Plastic Recycling – A Key Source of Circular Economy
Plastic is a threat to the environment, but it’s the largest source of a circular economy if recycled. Advanced recycling has a crucial role to play in the current recycling techniques as it can capture value from plastic waste streams that have traditionally been ignored or discarded. Advanced recycling allows the increased production of more sustainable materials and uses the planet’s resources wisely while reducing the use of conventional approaches such as landfills and combustion.
Government plays a major role in helping to create a new circular economy where plastic never becomes waste. Various public and private institutions come together and educate citizens about the importance of plastic recycling and the segregation of plastic. City civic bodies and other profit/non-profit organizations implement a program to create awareness among the resident.
They continue to increase their collaborations with upstream suppliers and downstream customers to bring new initiatives that can take them one step further to achieving environmental safety. Also, governments of countries across the world increasingly channel funding into the development of recycling technology, reducing plastic packaging, and increasing reusable packaging.
Several research projects are undertaken to find ways to fight challenges brought about by mass consumer plastic uses. Resultantly, the plastic recycling market has become a flourishing space and witnesses a continual rise. According to Market Research Future (MRFR), the global plastic recycling market is expected to expand at approximately 5.82% CAGR during the assessment period (2019 to 2028).
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The COVID-19 presented unprecedented challenges to the plastics recycling industry. Industry players faced problems ranging from collecting plastic wastes and attracting workers from quarantines to delivering end products. The market experienced whipsaw pricing and unexpected outages that disrupted the demand-supply dynamics. However, the market is rapidly getting back to normal post the lockdown mandates getting relaxed.
Today, where people are yet to come with terms of coronavirus, environmental safety awareness has reached the core. People are opting for a healthy and sustainable lifestyle. This, as a result, is expected to increase the plastic recycling market opportunities. Initiatives from various public and private organizations worldwide to prioritize the collection, segregation, and recycling of discarded plastics would foster market growth.
Overview
The plastic recycling market outlook appears promising mainly due to the rapidly spreading awareness for environmental safety. Moreover, key plastic recycling market trends ensuring the market rise include concerns regarding depleting natural resources and stringent government regulations and environmental protection guidelines.
Plastic manufacturing companies are increasingly using recycled plastics to reduce environmental pollution. Therefore, plastic recycling technology is projected to offer significant opportunities for the market players as well as for the economy.
Industry Trends
Government invites other entities and waste producers, such as plastic material producers or packaging users, to join with advanced and mechanical recyclers through innovative supply chains. Emerging regions predominantly present untapped opportunities for plastic recycling. Rapidly developing countries with favorable government policies offer significant opportunities to international players.
Industry players strive to increase their capacities with improved cost efficiency and a leaner organization supported by new possibilities offered by digitalization. The introduction of Circular Economy Action Plans substantiates the plastic recycling market revenue.
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Despite significant growth prospects, the market witnesses major setbacks such as stringent government regulations and safety issues related to plastic waste disposal. Also, the lack of awareness of plastic recycling benefits could restrain the ongoing market growth, negatively impacting the circular economy.
Segmentation
The plastic recycling market analysis is segmented into material, recycling process, application, and regions. The material segment is sub-segmented into polyethylene terephthalate (PET), high-density polyethylene (HDPE), low-density polyethylene (LDPE), polypropylene (PP), and others. Among these, the polyethylene terephthalate (PET) segment holds the largest market share owing to widely used applications such as packaging, electronics, construction, and others.
The recycling process segment is sub-segmented into mechanical and chemical. Of these, the mechanical segment holds the largest market share owing to its high recyclability.
The application segment is sub-segmented into packaging, construction, textile, automotive, and others. Among these, the packaging segment holds the largest market share owing to increasing uses of plastic packaging due to its extended shelf life that delivers protection against light, oxygen, and bacteria.
Regional Segmentation
The Asia Pacific region has consistently been dominating the global plastic recycling market. Factors such as various policies & regulations to support environmental protection and waste management drive the market growth. Moreover, increasing plastics use due to the growing population and economic growth in the region drive the plastic recycling industry.
Besides, the availability of low-cost recycling processes and increasing environmental regulations in countries such as China, Japan, Southeast Asian countries, and India foster the plastic recycling market size. China is a hub of plastic waste, receiving tons of wastages across the world; hence, regarded as the leader among scrap consumers. The APAC plastic recycling market is estimated to maintain its market position throughout the forecast period.
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North America holds the second-best position in terms of the plastic recycling market value. Factors such as the R&D programs and initiatives and large amounts of plastics collected and recycled in the region push the market growth. The US holds the largest share in the regional market. The North American plastic recycling market is expected to grow at the fastest CAGR during the forecast period.
Europe is a promising market for plastic recycling. The growth of the regional market is majorly supported by the European Union initiatives to achieve a high plastic recycling rate to reduce water pollution. In Europe, Germany holds the key market share and is expected to grow at the fastest rate during the forecast period.
Competitive Analysis
The plastic recycling market is experiencing implementations of several strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product launches. Many major players are actively participating in plastic recycling development projects. Mature industry players are making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on Mar.01, 2021, BP Plc (the UK) and SABIC (Saudi Arabia) announced their collaboration to advance plastic recycling. Under this new agreement, two companies would work together to drive a circular economy in the petrochemical activities at the Gelsenkirchen (Germany) chemical complex.
In another instance, on Feb.26, 2021, Agilyx Corporation, a plastic recycling company, announced its partnership with ExxonMobil Chemical Company, launching a joint venture (JV) focused on increasing the recyclability of waste plastics and scaling up the supply of qualified plastic waste for the recycling industry.
Key players involved in the market are Custom Polymers, Inc. (US), Envision Plastics (US), Plastic Recycling Inc. (US), KW Plastics, Inc. (US), UltrePET, LLC (US), Seraphim Plastics (US), CarbonLITE Industries (US), Kuusakoski Group Oy (Finland), MBA Polymers Inc. (US), and Green-O-Tech India (India), among others.
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