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

Plastic recycling is a process of recovering waste or scrap plastic and recycling it into valuable products.
Market Overview
According to the The publisher ' research report, "Global Plastic Recycling Market Analysis, 2021," the market is likely to grow at a CAGR of around 7% during (2021-26). The market growth attributes to growing environmental & wildlife concerns due to rising plastic pollution, increasing awareness among the public regarding plastic recycling, and surging plastic consumption among industries, such as automotive, electronics, etc. Moreover, the introduction of various plastic management policies, burgeoning demand for recycled plastic over virgin plastic, and a boost in R&D activities to find an efficient & effective process of recycling plastic are factors further placing a lucrative opportunity for the growth of the plastics recycling market in the forecast period.

Impact of COVID-19

The COVID-19 pandemic has surged the need for plastic recycling due to the astronomical growth in the demand for plastic for various packaging products. The lockdown imposition across the region has restricted the movement, which further resulted in burgeoning online purchasing of electrical & electronics, grocery, personal care products, and protective equipment, such as gloves and face masks. Therefore, applications of plastic for different types of packaging have also increased at a robust rate.

Market Segmentation

Polyethylene Terephthalate (PET) Accounted for the Largest Market Share
Based on Type, Polyethylene Terephthalate acquired the majority market share in the Global Plastic Recycling Market in the previous few years. The demand for PET plastic, being highly recyclable, is astronomically burgeoning, thereby propelling the applications of PET among various industries, such as textile, automotive, and bottles & containers.
Besides, PET is easy to recycle, thus saves a significant amount of energy & costs and reduces environmental impacts. Hence, it is likely to fuel the growth of the Plastic Recycling market in the forecast period, reveals The publisher in their research report, "Global Plastic Recycling Market Analysis, 2021."
Packaging Segment Registers Rapid Growth
Based on the Application, the Packaging segment registers rapid growth in Global Plastic Recycling. Some crucial factors contributing to the market growth include the robust growth in ready-to-eat & ready-to-serve food products, rising demand for packaging material in the growing e-commerce industry, and increasing application in building & construction products, consumer goods, electrical & electronics, etc.

Regional Landscape

Asia-Pacific Attain Highest CAGR
Asia-Pacific is likely to grow at a CAGR of 8% in the Global Plastic Recycling Market during 2021-26. India and China acquired the highest market share in the Asia-Pacific region due to favorable initiatives to boost the demand for recycled plastics, the strong presence of various electronic product manufacturers, and the increasing inclination of consumers toward packed & processed food.
The extensive investment by the government in the construction industry, surging demand for PPE kits due to the Covid-19 outbreak, and escalating advancements in recycling technologies are factors aiding positive influence to the growth of the plastics recycling market in the forecast period.

Market Driver

Plastic waste generation is growing at a sturdy rate due to a boost in the urban population, which has increased consumption & application of plastic among various industries. The rising customer awareness toward plastic recycling and growing inclination for environmental-friendly products has augmented the demand for recycled plastics from industrial buyers and large brand owners such as IKEA, P&G, and LEGO.

Competitive Landscape

According to The publisher , the major leading players in the global Plastic Recycling market are Veolia, Suez, KW Plastics, Jayplas, B. Schoenberg & Co., B&B Plastics, Green Line Polymers, Clear Path Recycling, Custom Polymers, and Plastipak Holdings, etc.

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 Global Plastic Recycling Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Plastic Recycling Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in Global Plastic Recycling Market based on a competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the Global Plastic Recycling Market study?