Plastic Recycling Machine Market to Expand at a Healthy CAGR Of 5.4% from 2021 to 2031
The global plastic recycling machine market is broadly affected by several factors – recycled plastic can be used in consumer goods; electrical & electronics sector is witnessing increased usage of recycled plastic; reduced greenhouse gas emissions; and extensive availability in various price ranges globally, all of which are propelling the global plastic recycling machine market.
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Plastic Recycling Machine Market: Dynamics
In terms of product type, the plastic recycling machine market is bifurcated into single stage, two stage, and multi stage. The demand for two stage is more, globally. Based on capacity, the market has been divided into up to 100 kg/hr., 100 kg/hr. to 300 kg/hr., 300 kg/hr. to 500 kg/hr., and above 500 kg/hr. Plastic recycling machines, which are between 100 kg/hr. to 300 kg/hr are widely used and have the highest market share globally.
Based on machine type, the market has been divided into automatic and semi-automatic. Plastic recycling machines, which are semi-automatic are widely available in the market. In terms of price, the market has been classified into low, medium, and high. Medium range price products are mostly preferred.
Based on end-user, the market has been bifurcated into post-industry and post-consumer-recycling. The CAGR for post-consumer-recycling is higher than post-industry. In terms of distribution channel, the market has been split into direct sales and indirect sales. Manufacturers prefer selling through direct sales. Based on technology, the market has been segmented into shredders, extrusion, grinder, mixer, sorting, washing, and others.
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Shredders are highly sold in the market. Based on plastic type, the market has been segregated into single use plastic and multi use plastic. Multi-use plastic is mostly preferred by consumers. Based on category, the market has been bifurcated into rigid and flexible. Flexible type of plastic recycling machines have a higher preference.
Plastic Recycling Machine Market: Prominent Regions
In 2020, North America and Asia Pacific together contributed more than 60% of revenue share in the global plastic recycling machine market. Various industries are shifting their manufacturing facilities to the Asia Pacific region. The market in Asia Pacific is expected to grow at the fastest CAGR of 6.8% during the forecast period. The market in Europe and North America is expected to grow moderately, due to the increasing demand for plastic recycling machines in the upcoming years.
Economic development in the Asia Pacific region, along with increasing importance of waste management in India, China, and Japan is driving the market in the Asia Pacific region. The market in North America registered substantial growth on account of rising awareness about restraining carbon footprints resulting from growing overall waste.
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Plastic Recycling Machine Market: Key Players
Key players operating in the global plastic recycling machine market are Aceretech Machinery Co., Ltd, EREMA Engineering Recycling Maschinen und Anlagen Ges.m.b.H, Genius Machinery Co., Ltd., Ko Win Yang Industrial Co., Ltd, Matila Industrial Co., Ltd, Next Generation Recyclingmaschinen GmbH, Plastics Machinery Group International Ltd., Polystar Machinery Co., Ltd., Boston Matthews, and Starlinger.
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