The Global Plastic Waste Recycling Market is primarily driven by the rising demand for decomposable plastic material, increasing number of plastic recycling programs and numerous plastic collection schemes running across different countries. In addition, the execution of plastic waste directive policies and norms by the governments is encouraging to reuse and systemically recycle non-biodegradable constituents, thereby boosting the demand of the Global Plastic Waste Recycling Market during the forecast period. With increasing awareness, plastic manufacturers are largely focusing on developing new recycling concepts to truncate greenhouse gas emissions and maintain environmental sustainability. Furthermore, continuous technological innovation has led to faster energy conversion, thus enhancing the production of valuable low pollutants such as monomers or petrochemical feedstocks. These innovations will further drive the demand of the Global Plastic Waste Recycling Market over the coming years.
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Polyethylene Terephthalate (PET) segment is projected to capture the highest market share during the forecast period owing to its remarkable properties such as high adaptability towards transformational technologies and cost-efficient recycling process, high mechanical strength, increased flexibility, and good dimensional stability. In addition to this, Polyethylene Terephthalate (PET) finds extensive usage in various industries ranging from packaging, textiles, films to moulded parts for automotive and electronics.
Packaging segment is anticipated to dominate the market during the forecast period due to the massive usage of plastic materials in food & beverages and healthcare industries. Moreover, the consumer goods sector is driving the packaging segment owing to the increase in the consumption of processed and ready-to-eat food items offered by multiple retail shops and online stores.
Mechanical segment is expected to grow at the highest CAGR during the forecast period due to its several advantages such as lower price, easy availability and the wide range of equipment available for mechanical pressing.
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Asia-Pacific region is expected to grow at the highest CAGR during the forecast period due to the increasing consumption of plastics in largely populated countries such as China and India, high import of plastics and disposal laws pertaining to the disposal of waste. Moreover, Rest of the world is projected to grow at the second-highest CAGR during the forecast period due to the increasing recycling process of different plastic materials followed by cheap labor.
Major key players in the Plastic Waste Recycling market include Seraphim Plastics, KW Plastics Inc., Custom Polymers Inc., Miller Waste Mills, Kuusakoski Group Oy, UltrePET LLC, Recyclex S.A., Envision Plastics, CarbonLITE Industries, Boer Group among others.
The Global Plastic Waste Recycling Market has been segmented based on Material type, End-Use Application, Method and Region. Based on Material Type, the market is segmented into polypropylene (PP), Low-Density Polyethylene (LDPE), High-Density Polyethylene (HDPE), Polyvinyl Chloride (PVC), Polyurethane (PUR), Polystyrene (PS), Polyethylene Terephthalate (PET) and Others. Based on End-Use Application, the market is segmented into Packaging, Building & Construction, Textile & Clothing, Automotive, Furniture and Recycled Plastics in Other End-Use Applications. Based on Method, the market is segmented into Mechanical and Chemical.
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