Global Plastic Recycling Market is segmented By Material (Polyethylene (PE), Polypropylene (PP), Polystyrene (PS), Polyethylene Terephthalate (PET)), By Application (Packaging, Automotive, Construction, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Plastic Recycling Market expected to grow at a CAGR during the forecast period.
- Plastic recycling means reprocessing the scrap or waste plastic material into useful products.
- Plastic is an inexpensive, lightweight, and durable material, which can readily be molded into a variety of products with a wide range of applications. Moreover, The global plastic recycling market has been gaining steady momentum over the past few years due to the growing awareness about carbon emissions and the need to reduce them. These are other factors expected to drive the growth of the global plastic recycling market.
- However, the lack of awareness of recycled plastic products is the restraint that may hamper the growth.
Market Growth Observations
- By material, the global plastic recycling market is segmented into Polyethylene (PE), Polypropylene (PP), Polyethylene Terephthalate (PET), Polystyrene (PS), and others.
- Due to the growing demand for recycled Polypropylene (PP) plastics, the respective segments are expected to retain dominance in the global market.
- These types of plastics are predominantly used for various industries including the automotive sector, individual devices like living hinges, and textiles. These are some of the factors propelling market growth.
Plastic Recycling Market – Application-based Analysis
- By application, the global plastic recycling market is segmented into, Packaging, Automotive, Construction, and Others. Among all, The growing demand for plastics from various industries including construction, Packaging, and pharmaceutical is expected to propel the growth of the recycled plastics market.
- Rising consciousness for environmental protection among consumers is also adding to the market growth.
- By region, the global plastic recycling market is segmented into North America, Europe, Asia Pacific, and the Middle East, and Africa.
- Among all regions, Asia-Pacific dominates the global plastic recycling market, owing to the availability of cheap labor and relatively lenient governmental regulations in this region ultimately increase the demand for plastic recycling. This region is expected to grow at the fastest pace during the forecast period.
- Also, Europe is another important market that is expected to contribute significantly during the forecast period mainly due to rising awareness regarding environmental protection.
Plastic Recycling Companies
- Established companies dominate the Global Plastic Recycling Market. Some of the major companies operating in the worldwide plastic recycling market are PLASTIPAK INDUSTRIES INC., CarbonLITE Industries, HUD Group, Plasma, IA GLOBALCo., LTD., NAM PHONG INDUSTRY, KW Plastics, CUSTOM POLYMERS, MBA Polymers Inc., and WELLPINE PLASTIC INDUSTRIAL CO., LTD. are prominent players of the global plastic recycling market.
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