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Rise in Waste Pollution Driving Plastic Recycling Market Significantly
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On segmenting by industry, the market is classified into household and personal care, food and beverages, construction, automotive, and others. The category of food and beverage sector contributed 26,484.0 kilotons of plastic for recycling in 2018. The industry's contribution to the plastic recycling marketis projectedto reach 42,845.7 kilotons by 2024, exhibiting a CAGR of 8.7% during the forecast period. The industry uses a wide range of plastics, such as polyethylene (PE),polyethylene terephthalate (PET), low-density polyethylene (LDPE), and high-density polyethylene (HDPS), forpackaging and storage. The disposal of these plastics contributes the feedstock to recyclers, thereby leading to the dominating category share.
The global plastic recycling market is highly fragmented, with low-capacity players across several countries. They are moderately active, considering capacity expansions, mergers, and acquisitions. Recently, the industry has witnessed increasing investments in R&D activities. The analysis predicts a high potential in the industry, for possible development in recycling technologies, and these measures will offer lucrative opportunities for industrygrowth. Some important players operating in the market are Astron Plastics, Biffa PLC, Delta Plastics,Cleanaway Waste Management Limited, and Clean Tech Incorporated.
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Competitive Landscape of Plastic Recycling Market
The global plastic recycling market is highly fragmented in nature, and MBA Polymers Inc., Phoenix Technologies International LLC, Vikoz Enterprises Inc., Terracycle, KW Plastics, DS Smith PLC, PETCO, CarbonLITE Industries, Waste Connections Inc., and Custom Polymers Inc. are some of the players engaged in plastic recycling.
The players are fairly active, considering the number of capacity expansions, mergers and acquisitions, and other developments taking place in the market. For instance, in June 2019, Suez SA announced plans to build a plastic recycling plant near Bangkok, Thailand. The proposed plant is expected to process around 30,000 tons of locally collected post-consumer low-density polyethylene (LDPE) and linear low-density polyethylene (LLDPE) film waste per year.
Some other important players operating in the plastic recycling market are Astron Plastics, Biffa PLC, Clean Tech Incorporated, Cleanaway Waste Management Limited, Delta Plastics, Enviroplast Inc., and Hirsch Kunststoff GmbH.
Plastic Recycling Market Segmentation
Market Segmentation by Source
Packaging
Bottles
Films
Others
Sheets
Pipes
Wires and Cables
Molded Products
Others
Market Segmentation by Type
Polyethylene Terephthalate (PET)
Polyethylene (PE)
Polypropylene (PP)
Polyvinyl Chloride (PVC)
Polystyrene (PS)
Others
Market Segmentation by Industry
Household and Personal Care
Food and Beverage
Construction
Automotive
Others
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About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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