In the year 2021, one of the leading market players, Plastipak holdings has increased their investment in the new manufacturing plant which is located in Toledo, Spain. Furthermore, 170 billion pounds of polypropylene plastic is produced every year and reclaimed for recycling and reuse. In addition, with continuously increasing population, rising frequency of natural disasters along with COVID-19 pandemic, and territorial conflicts and wars have created economic recession globally. The presence of cheap labor and major industrial areas across the countries like China are considered as the major drivers of plastic recycling market growth across the region. All rights reserved. What is the estimated valuation for the plastic recycling market? You will be added to our mailing list. The growing population and industrialization across the globe combined with the exponential rise in the economic condition and the increasing industrial activities are generating enormous amounts of plastic waste and are contributing to the growth of the plastic recycling market growth. It describes the impact of the COVID-19 pandemic, and it features a value chain analysis as well as a Porters analysis. Mechanical pressing is the method that is intensively utilized in the plastic recycling industry. This section covers topics such as the amount of plastic annually collected and recycled from these sources. Increase requirements for efficient and better recycling technologies and advancements in the sorting segment that would potentially reduce the manual intervention, especially removing the plastic waste from the water sources and other areas are extremely difficult and require manual collection which consumes more time. Bottles acquire a large share in the plastic market, are most recycled products, and used in various industries for making containers for medicines, carbonated drinks, shampoos, and others. Who are the key players of the plastic recycling market? This will also result in creating15,000 new jobs and a half-billion-dollar annual payroll. A., MTM Plastics GmbH, Plasgran Ltd., Plastipak Holdings, Inc., Recycled Plastics UK, RJM International Inc., Seraphim Plastics, Shakti Plastics Industries, Suez, Teijin Limited, Ultra Poly Corporation , UltrePET, LLC, Veolia, Custom Polymers, Inc., Envision Plastics , Plastic Recycling Inc., KW Plastics, Inc., UltrePET, LLC , Seraphim Plastics , MBA Polymers Inc. , Green-O-Tech India, Increased the demands for the manufacturers, Change in reprocessing and recycling techniques. The global market for recycled plastics is expected to grow from $28.7 billion in 2022 to $37.3 billion by 2027 with a compound annual growth rate (CAGR) of 5.3% for the period of 2022-2027. When possible, it offers a prediction regarding the probable growth rate over the next five years. The building & construction segment is expected to grow at a steady rate during the forecast period. Polyethylene is the most commonly used material used for making plastic products and easiest plastic to recycle. Feedstock recycling products are more akin to the raw materials used to produce plastics (e.g., petroleum, natural gas). They have since then worked together to drive the petrochemical complex activities. Plastic Recycling Market is projected to be worth USD 67.32 billion by 2030. For example, installation of a robotic arm coupled with Artificial Intelligence (AI) sorting technology in waste management facilities can identify and sort different types of materials to their corresponding bins irrespective of their condition including irregularity, dirty, and damage. Germany accounted for largest revenue share for plastic waste recycling in the regional market followed by Italy, Spain, the UK, and France. However, on the other hand, the pandemic and the intensive usage of medical supplies and pharmaceutical products have led to the huge generation of plastics across the globe which has propelled the government and non-governmental organizations to indulge in plastic recycling activities. | October 2020 For instance, one of the leading market players, Agilyx Corporation has decided to join hands with Exxon Mobile chemical company in the year 2021 and together they have been focusing on recyclability and supplying the wastage to the recycling industries. It is less expensive to produce from recycled polyethylene than from virgin plastic and by using recycled polyethylene, companies can lower their costs and contribute to improve the environment. Established companies are engaged in various research & development activities and initiatives to develop and deploy new and more efficient technologies in the plastics recycling market. Tell us more. Market values and volumes have specific measurements, as described below: BCC Publishing Staff comprises expert analysts who are skilled in conducting primary research, secondary research and data analysis and have decades of combined experience covering a wide range of industries, including healthcare, advanced materials and emerging technologies. Rising initiatives from governments of countries in this region, such as the Chinese government, have already banned use of non-recycled plastics in its several metropolitan cities contributing to revenue growth of the market. The polypropylene segment is expected to register a steady growth rate during the forecast period. In addition, rising investments in Research & Development (R&D) activities is also driving growth of the market. Such initiatives are expected to drive revenue growth of the market. Emergen Research has segmented the global plastics recycling market based on product type, source, end-use, and region: The global plastics recycling market revenue is expected to register a CAGR of 6.57% during the forecast period. Transportation and reaching out to the processing plants have become difficult for the key market players and have imposed a significant decline for the overall growth of the plastic recycling industry. Summarizing the sources and end uses for recycled materials that are available. Several countries have a poor collection and sorting systems and therefore the plastic recycling activities were extremely minimal in those countries. Such reports increase the awareness regarding the environmental impact created by plastic waste and thereby increase the overall growth of the plastic recycling industry. The depletion of natural resources due to the intensive usage and dumping of plastics in the ocean are creating huge stress in the overall environment. The intensive usage of automotive industries and industrialization across the region are impacting the overall growth of the plastic recycling industry across the Asia-pacific region. Company profiles of the industry including JK Plastics Pty. Below we have mentioned a few technical terms which we will be used multiple times in the report. Report ID: ER_001051 This is due to the increasing number of small industries in the market and their significant operation. The existing combined addressable market opportunities for plastics and petrochemicals in the U.S. and Canada, which could be met in part by recovering waste plastics, totals USD 120 billion per year. The polyethylene segment accounted for largest revenue share in 2021. Reports are discounted or included with certain, All reports provided in PDF format. The global market for electric vehicle battery reuse and recycling is estimated to grow from $1.4 billion in 2021 to $8.4 billion by 2026, at a compound annual growth rate (CAGR) of 43.1% during the forecast period of 2021-2026. What is the regional analysis of the plastic recycling market? The manufacturing plant is anticipated to produce kiloton of food-grade pellets annually.In December 2017, the Asian market was at boom as one of the management and post-consumer plastic production plants in India has utilized electronic and automotive plastic waste to produce post-consumer plastic.In June 2017, Kuusakoski Group and Roskn Roll Oy and It-Uudenmaan Jtehuolto Oy collaborated and opened a joint venture Revanssi Oyto manage comprehensive waste in southern Finland.In June 2017, Kuusakoski Group formed a joint venture with Roskn Roll Oy and It-Uudenmaan Jtehuolto Oy, with a 51% share in the company called Revanssi Oy to offer comprehensive waste management services in southern Finland. This new technology can reduce need for fossil fuels in production of virgin plastics and will enable recycling cycles. For example, on 2 March 2022, UK Research and Innovations (UKRI) Smart Sustainable Plastic Packaging (SSPP) Challenge, announced USD 32 million funding for 18 collaborative projects that supports the UK Plastics Pact and have potential to alter the UKs relationship and management of plastic packaging. Seraphim Plastics (US), and Kuusakoski Group Oy (Finland), and MBA Polymers Inc. (US) are some reputed names in the plastic recycling market. Login to access this report free. Already a member? With the aid of government regulations and protection guidelines, plastic recycling is expanding across the globe. Need a custom data table, graph or complete report? Impact of COVID-19 on the Plastics Recycling Industry. North America plastic recycling market growth can spur due to high utility of PET. The polyethylene segment revenue is projected to increase at a rapid growth rate during the forecast period, The bottle segment revenue is expected to register a rapid growth rate during the forecast period, The building and construction segment revenue is expected to increase at a steady rate during the forecast period, The North America market is expected to account for a robust revenue CAGR during the forecast period, Major Companies and Competitive Landscape, Product Type Outlook (Revenue, USD Billion; 20192030), Source Outlook (Revenue, USD Billion; 20192030), End-Use Outlook (Revenue, USD Billion; 20192030), Regional Outlook (Revenue, USD Billion; 20192030), Start typing & press "Enter" or "ESC" to close, Published Date: Jun 2022 | The U.S. is recycling less than one tenth of its plastic waste and Europe about one third, but now all these countries will have more plastic that they can no longer export, hence plastic situation is getting worse. At what CAGR can the plastic recycling market expand? Based on product type, the global plastics recycling market is segmented into polyethylene terephthalate, polyethylene, polystyrene, polyvinyl chloride, polypropylene, and others. The Asia Pacific market is expected to register a significantly rapid revenue growth rate owing to growing environmental concerns. Some of the end-users and consumers show a higher preference for virgin plastics over recycled plastics for the better quality and cheaper price. Moreover, the presence of leading market players and their innovation in the industry in recent years are considered as the major drivers of the plastic recycling industry. Presently, this technology is under development, but if successful it can be used to power heavy tanker vehicles. Plastic Recycling Market is projected to be worth USD 67.32 billion by 2030, registering a CAGR of 7.19% during the forecast period (2022 to 2030), the market was valued at USD 38.51 billion in 2021. Polyethylene segment was the leading segment in terms of revenue share in 2021. For instance, plastic innovation challenge by Department of Energy will accelerate innovations in the plastic industry and reduceplastic waste in oceans and landfills. It accounts for approximately 20% of the worlds plastics and is used to make trays, tubs, and pots for food applications. Complete the form below and we'll send you a private, secure link to download the Report Sample as a PDF. This manufacturing plant is primarily expanded to manufacture recycled PET, especially r-PET pellets that are derived from PET flake. 2022 Marketysers Global Consulting LLP. What is the plastic recycling market growth driver? | Format: Electronic (PDF) | Publish Type: Publish | Number of Pages: 250, 14671 110 Avenue, Surrey, British Columbia,V3R2A9, Revenue in USD Billion and CAGR in % from 2022 to 2030. For instance, Recycling Technologies by breaking down plastic has created an advanced material Plaxx, by using a thermal cracking process. BCC Research provides objective, unbiased measurement and assessment of market opportunities with detailed market research reports. As the recycling process is difficult and involves significant procedures incurs manufacturing costs that affect the selling price of the recycled plastics. Market revenue growth is also driven by increasing technological advancements in sustainable technologies and development of innovative methods of plastic recycling and segregation. Moreover, most of the plastic recycling plants have solutions that are highly inefficient in utilizing the fuel and are costlier than virgin plastics. Join our mailing list for the latest report releases and upcoming event notifications. Based on end-use, the global plastics recycling market is segmented into building & construction, automotive, packaging, textile, electrical & electronics, and others. The Overview section describes the manufacture of plastics, the major types of plastics used and how plastics are disposed of after use, and it provides a summary of recycling methods. Especially the inclination towards the ready-to-eat food systems and fast food systems in the developed regions are generating a higher amount of plastic wastage. Nylon can be depolymerized to caprolactam. Biodegradable Polymers: Global Markets and Technologies, Global Electric Vehicle Battery Reuse and Recycling Market, Full Report: Plastics Recycling: Global Markets, Chapter- 3: Overview of Plastics Recycling, Chapter- 5: Global Market Analysis by Type of Resin, Chapter- 6: Global Market Analysis by Collection Location, Chapter- 7: Global Market Analysis by Source, Chapter- 8: Global Market Analysis by Industry, Chapter- 9: Global Market Analysis by Region, An up-to-date review and analysis of the global market revenue for recycled plastics and related technologies, Analyses of the global market trends, with data from 2020 and 2021, estimates for 2022, and projections of compound annual growth rates (CAGRs) through 2027, Evaluation and forecast the global plastic recycling market size in value and volumetric terms, and corresponding market share analysis by resin type, collecting location, source of waste, end-use, and geographic region, Latest information on major market dynamics (DROs), technology advancements, industry structure, government regulations, and other macroeconomic factors affecting the overall plastics industry, Highlights of emerging technology trends, opportunities and gaps estimating current and future demand for recycled plastics, and impact of COVID-19 on the progress of this market, Identification of companies best positioned to meet the demand for recycled plastics owing to their proprietary technologies, mergers and acquisitions, joint ventures and other strategic alliances, Insight into recent industry structure, current competitive scenario, R&D activities, new product development, and company value share analysis based on their segmental revenues, Profile descriptions of the leading industry players, includingIndorama Ventures, LyondellBasell, Teijin, JK Plastics, ACI Plastics and Phoenix Technologies LP. Recycled waste products include bottles, vehicles, carpet, and electronics. Emergen Research is a brand of Marketysers Global Consulting LLP. Based on source, the global plastics recycling market is segmented into bottles, films, foams, fibers, and others. The plastic recycling market value was atUSD 38.51 billion in 2021 and it is expected to surpass the market value of over USD 67.32 billion by 2030, registering a CAGR of 7.19% during the forecast period (2022 to 2030). For example, on 02 November 2021, Honeywell launched UpCycle Process Technology, which expands different types of recyclable plastics and produces feedstock with a lower carbon footprint. Ltd., PET Recycling Company (PETCO), LyondellBasell, Geo-Tech Polymers, Phoenix Technologies International, LLC and MBA Polymers Inc. Coverage of history and current state of plastic recycling market, Insight into the government regulations and targets of the Plastic Recycling industry, Analyses of the company profiles of the industry. Currently, the Asia-pacific region is dominating the plastic recycling industry since 2018. The estimated growth rate is primarily driven by the excessive generation of plastic waste across the globe. Most recycled polyethylene terephthalate (PET) comes from PET bottles, and the main end market for recycled PET bottle resin is fibers. Market volumes by end use or application are measured at the levels of both the amount of plastic available for recycling and the amount of plastic that is recycled. KW Plastics and KW Plastics Recycling Division. The Market Dynamics chapter lays special emphasis on the drivers, restraints, and opportunities. For example, Altais Nova, based in Spain, is developing a magnetic additive, which makes identification and separation of packaging at recycling stage easier. The COVID 19 pandemic has created severe economic shock across the manufacturing and industrial units and has made them struggle to combat the economic loss. According to United Nations report published in October 2021, pollution from plastics will be doubled by end of 2030, which is creating serious threat to all ecosystems across the globe. Report ID: ER_001051, Published Date: Jun 2022 | Especially, the food and beverage industry and pharmaceutical industry, due to the increasing demand across the globe has increased their production activities and has been found to generate a huge amount of plastic wastage in recent years. All value figures noted are in constant 2020 U.S. dollars. Advancements in micro-emulsion technology is driving revenue growth of the market. Number of refugees and homeless individuals is increasing across the globe and there is an urgent need for an affordable housing solution. HANGZHOU TAIFOR CHEMICAL TEXTILE FIBER CO. LTD. SHANDONG YONGPING RENEWABLE TIOMIN RESOURCES INC. TRANSCONTINENTAL RECYCLING MONTRAL/ENVIROPLAST INC. Comprehensive overview of the global markets for plastics recycling within the industry, Analyses of the global market trends, with data corresponding to market size for 2019, estimates for 2020, and projections of compound annual growth rates (CAGRs) through 2025, Assessment of market potential for recycled plastics, revenue forecast in dollar value terms and market volumes on the basis of resin type, source of waste, end use, application sector and geographical region, Country specific data and analysis of China, India, Vietnam, Indonesia, Japan, South Korea, Germany, Italy, France, U.K., Spain, U.S., Canada, Mexico, Brazil, Australia and South Africa, Latest information on major market drivers, opportunities and challenges, industry chain structure, regulatory and environmental updates, macroeconomic trends, and technological advancements that are affecting the overall marketplace, Identification of companies best-positioned to meet the global plastics recycling market demand owing to their proprietary technologies, mergers and acquisitions, joint ventures and other strategic alliances, Competitive landscape of the leading companies encompassing their successful marketing strategies, key contribution, and recent developments, Company profiles of market leading participants, including CarbonLITE, Kunststoffrecycling Ges.m.b.H, LyondellBasell, MBA Polymers Inc., MTM Plastics GmbH, Montello S.p.A., Teijin, Recycled Plastics UK and Shakti Plastics Industries, An overview of the global markets for plastic recycling, Analyses of global market trends, with data from 2017, 2018, and projections of compound annual growth rates (CAGRs) through 2023, Discussion on the history and current state ofplastic recycling market, and future trends, Insight into the government regulationsand targets of the plastic recycling industry.
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