Plastic Recycling Market | Global Industry Size, Share, Trends, Segments and Regional Analysis By PLASgran, UltrePET, Kuusakoski, AERT, MBA Polymers, Eaton, Mitsubishi and Robert Bosch

Global Plastic Recycling Market Information by Material (Polyethylene Terephthalate (PET), High-Density Polyethylene (HDPE), Polypropylene (PP), Low-Density Polyethylene (LDPE) and Other), by Recycling Process (Mechanical, and Chemical), Application (Packaging, Construction, Automotive, and Other) and by Region - Forecast to 2023

The global plastic recycling market is projected to grow at a CAGR of 6.5% from 2017 to 2023, to reach the market size of USD 53.72 billion by the end of the forecast period.

Eaton, Linamar Corporation, NSK Ltd, Bharat Gears Ltd, Neapco Inc, Mitsubishi Group, Dana Holding Corporation, Robert Bosch GmbH, ZF TRW and GKN plc and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Plastic Recycling Market.

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Plastic Recycling Global Market – Overview

The Global Plastic Recycling Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of Plastic Recycling will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2027, which will be a surplus growth at a moderate CAGR during the projected period (2016 -2027).

The demand for plastics is growing from numerous industries such as packaging, pharmaceutical, beverage, Textile fibre, consumer goods, and construction is expected to propel the growth prospects of the recycled plastics market across the globe.

Plastic has become one of the essential components of our life without which there will be some complications to experience, but it is produced from non-renewable resources such as petroleum. Thus the cost of plastic material depends on the oil prices.

In 2013, the Europe plastic production was 57 million tonnes whereas it was 299 million tonnes globally. Europe market has become stagnant for plastic production.

Manufacturing, transporting and putting off municipal solid wastes like plastic ends up in gas emissions that lure heat within the planet’s atmosphere. These gases are released at every stage of a product’s life cycle, contributing to climate change. If the bottle is incinerated, it releases carbon dioxide as a by-product, which contributes to the increase in the rate of global warming. If the bottle is landfilled, it will slowly decompose and unleash gas, a gas which is twenty one times stronger than carbon dioxide. In addition, materials that are disposed of in landfills have to be replaced by new products manufactured from raw materials, and the extraction of raw materials requires fossil fuel combustion, which releases more carbon dioxide into the atmosphere and reduces a non-renewable resource.

According to the Environmental Protection Agency (EPA), the current Plastic Recycling rate results in an energy savings equivalent to that consumed by 165,000 U.S. households each year. If the national Plastic Recycling rate increased by just 25 percent, we would avoid the greenhouse gas emissions equivalent to 131 million gallons of gasoline.

In Europe, the interest for recycling continues to encourage consumers for cleaner environment, but the main motivation for sustained and successful recycling rates has been government legislation.

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The continuous innovation and demand during the last decade made the PET recycling process and technology to become more dependent on automation which resulted in cleaner production. With the inevitable trend in the growth of PET industry, the regenerated fiber market is moving towards saturation and B-to-B grade recycling systems drawing more attention and popularity. In near future, the B-to-B recycling systems are expected to become market mainstream. Factors such as high valued recovery system, sophisticated technology with low labor input are expected to propel the demand for PET recycling industry. The importance for high quality recycled PET is expected to rise in the years to come.

In Europe, bioplastics consumption is estimated at around 0.1-0.2% of total EU plastics consumption. Bioplastics can potentially be used for a wide range of applications but cannot still replace all types of petroleum-based plastics for all applications, due to factors such as resistance and durability. Another barrier is compatibility with existing equipment and end-of-life management systems. Generally, production costs are considerably higher than petroleum-based plastics.

The main drivers for biodegradable polymers are landfill capacity, pressure from retailers, consumer demand, and legislation based on concern over fossil-fuel dependence and greenhouse gas emissions. However, the extent to which bio plastics can address these issues is a matter of some debate as the environmental qualities of bio plastics have not yet been documented comprehensively. Key considerations are the amount of non-renewable energy used in their manufacturing process and potential land-use implications.

The latest innovations in recycling technologies have made the plastic recycling process easier and more cost effective. The technologies include reliable detectors, sophisticated decision and recognition software that collectively enhance the productivity and accuracy of automatic sorting of plastics. For instance, FT-NIR detectors can run for up to 8,000 hours between faults in the detectors.

The removal of the labels on the heat shrinkable bottles has been a problem in Plastic Recycling. The patent device developed by Boretech has reduced the problem, with the label removing machine used to tear the labels on the surface and then another label blowing device used simultaneously. The density differences aids in complete separation of the bottle and label under the influence of the adjustable wind force. Furthermore, the adjustment of the label removing space can be done freely.

Industry/ Innovation/ Related News:

September, 2017 - Automotive power Management Company Eaton Corp. developed what it says is a cost-effective and lightweight alternative to the aluminum tubing and rubber components used in traditional air conditioning lines for the automotive industry. The Eaton Polymer Air Conditioning Conveyance System (PACCS) is made from a blended thermoplastic material that can withstand high system pressure and offers chemical resistance to oils and refrigerants commonly used in automotive air conditioning systems..

November, 2017– NSK Ltd held a groundbreaking ceremony for Building No. 3 at the Haruna plant on October 17, 2017.The average car has anywhere from 20 to 140 needle bearings. Due to this relatively high number of bearings per vehicle, the growing Chinese auto market, and automatic transmissions with more gear stages than conventional units, global demand for needle bearings is expected to continue to see strong growth.

Plastic Recycling Market – Segmentation

The Global Plastic Recycling Market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by Material : Comprises Polyethylene Terephthalate (PET), High-Density Polyethylene (HDPE), Polypropylene (PP), Low-Density Polyethylene (LDPE) and Other)

Segmentation by Recycling Process : Comprises Mechanical, and Chemical

Segmentation by Application : Comprises Packaging, Construction, Automotive, and Other

Segmentation by Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

Plastic Recycling Market: Regional Analysis

Asia-Pacific dominates the global plastic recycling market followed by Europe. Availability of cheap labor and relatively lenient governmental regulations in this region ultimately increase the demand of plastic recycling. This region is expected to grow at the fastest pace during the forecast period. Europe is another important market that is expected to contribute significantly during the forecast period mainly due to rising awareness regarding environmental protection.

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