Asia-Pacific Plastic Recycling Market Research Report: Forecast (2021-2026)

The rapidly growing environmental waste is raising concerns about several health disorders and other environment-related issues. Hence, it is crucial to recycle plastic and avoid emissions. Recycling is a practice of converting scrap material into usable substances that can help reduce waste from the environment. Several benefits come along in the process of recycling. Be it the eminent use of energy, reduced landfills, or the decreasing carbon emissions in the environment, various substances, such as textile, plastic, automotive, electronics, and more, can be recycled.

According to the publisher ' research report, "APAC Plastic Recycling Market Analysis, 2021," the market is likely to grow at around 6.4% CAGR during the forecast period, i.e., 2021-26, primarily due to the rapidly rising plastic emissions. India, China, Japan, and Indonesia are prime countries likely to contribute to great market opportunities for the Plastic Recycling Market in the forecast period.

Impact of COVID-19

The Covid-19 pandemic tremendously reduced the market growth & economy. The outbreak gave multiple unusual challenges to all businesses and production firms. The plastic recycling business faced problems in accumulating plastic scraps & workforce due to the lockdown. It also put the industry at stake due to the lack of collection of raw materials and delayed product deliveries. The unforeseen interruptions further caused hindrance in the demand and supply chain dynamics.
However, with the relaxation in restrictions, the market is reviving and shall witness astronomical growth in the forecast years. Moreover, various government initiatives & policies are emerging to set up manufacturing units across regions, thereby enabling the plastic recycling market to have a strong potential in the forecast period.

Market Segmentation

Polyethylene Terephthalate (PET) Accounted for the Largest Market Share
Based on the type, the market classifies into five major and other segments. Out of all, Polyethylene Terephthalate (PET) has the largest share in the market. The collection of plastic bottles, food & beverage packaging, textiles, and automobiles, etc., leads to the burgeoning demand of the plastic recycling market in the region, states The publisher in their research report, “APAC Plastic Recycling Market Analysis, 2021.”
Textile Segment likely to witness a Significant Hike during the Forecast Years
Based on the End-User Industries, the Textile segment shall observe a significant hike in the APAC Plastic Recycling Market due to the rapidly increasing demand for producing textiles through recycled plastics in countries like India & China owing to the growing environmental concerns. Hence, based on this factor, the Textile segment shall attain a substantial growth rate in the years to come.

Country Landscape

China Holds the Largest Plastic Recycling Market Share
Over the forecast period between 2021-26, China shall attain the fastest growth rate with the largest share in the APAC Plastic Recycling Market due to the increasing plastic usage in various end-user industries. Further, being the hub of plastic waste in the region, China has the maximum availability of raw materials and low-cost recycling processes, which is a crucial factor in progressing the production of PET. Hence, China is likely to contribute to the APAC Plastic Recycling Market growth in the forecast period, states The publisher in their research report, “APAC Plastic Recycling Market Analysis, 2021.”

Market Driver

Environmental protection is one of the prime drivers of the APAC Plastic Recycling Market. The rising environmental concerns have exponentially increased the need to conserve the surroundings and create a plastic-free environment for better living, thereby propelling the overall market growth.

Competitive Landscape

According to The publisher , the leading players in the APAC Plastic Recycling Market are Foss Performance Materials, Indorama Ventures Public Company Limited, JFC Group, Krones AG, Kuusakoski, Alpek Polyester, Centriforce Products Limited, Clean Tech UK Ltd, DS Smith, Euresi Plastics SL, EF PLASTICS UK LIMITED, Far Eastern New Century Corporation (Phoenix Technologies), Lotte Chemical Corporation, MBA Polymers Inc., Mumford Industries, Petco. Co. za, Pistoni Srl, Placon, PolyClean Technologies, PolyQuest, Reliance Industries Limited, REPRO-PET, Teijin Limited, UltrePET LLC, Verdeco Recycling Inc.

Key Questions Answered in the Market Research Report:

1. What are the overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of the APAC Plastic Recycling Market?
2. What is the country-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the APAC Plastic Recycling Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the APAC Plastic Recycling Market based on a competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the APAC Plastic Recycling Market study?