Plastic Recycling Market Technology, Future Trends and Opportunities 2027| Plasgran Ltd., Envision Plastics, Kuusakoski Oy, KW Plastics, Terracycle, etc

The worldwide focus on environmental pollution and growing awareness about sustainable development of the environment is projected to propel the need for plastic recycling, thereby augmenting the growth of this market. Plastic recycling has become a commitment for all significant ventures that plan to hold their corporate worth and social obligation.

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Packaging Sector Holding Largest Share Owing to High Use of Plastic across Commodities

In terms of categorization by material, the packaging sector is holding the largest share on account of the heavy use of plastic waste generated out of the packaging sector. The quality of plastic used for packaging is cheap and therefore has no long-lasting features. The short lifecycle of these plastics being used in the packaging industry is a strong factor augmenting pollution levels worldwide.

According to a report by Transparency Market Research, the global plastic recycling market is likely to rise at a CAGR of 6.8% and rise from USD 34 billion earned in 2018 and reach USD 60 billion by the end of 2027.

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Some of the prominent players of the global plastic recycling market include Plasgran Ltd., Envision Plastics, Kuusakoski Oy, KW Plastics, Terracycle, Phoenix Technologies International LLC, MBA Polymers Inc., DS Smith Plc., CarbonLITE Industries, Waste Connections Inc., PETCO, and others.

Rising Emphasis on Environment Protection and Conservation Propelling Growth of Market

Plastic recycling has become a commitment for all significant businesses that expect to hold their corporate worth and social obligation. There is a solid uprising against the rising degrees of plastic waste that are released in streams, lakes, and other water bodies. Tree huggers are continually attempting to speak loudly for the requirement for practical development through the administration of plastic waste. Besides, these substances are working together with worldwide government assistance associations to dissipate new thoughts identified with plastic recycling.

Recycling plastic waste is an intricate issue to which no genuine arrangement has demonstrated to be compelling and earth dependable. Many recycling strategies have truth be told demonstrated to be fairly costly, energy wasteful, and as destructive to the climate, if not more, as plastic itself. The worldwide populace proceeds with its remarkable ascent and financial and modern exercises flourish at a significantly quicker rate. This has made the issue of recycling plastic waste, which represents a huge part of all-out squander produced on a regular premise from a few sources, is turning out to be progressively serious.

Geographically, the global market for plastic recycling market was dominated by the Asia Pacific in the year 2018 on account of the presence of high populated nations and large amounts of waste generated from them. This propels the need to recycle and reuse plastic, thereby creating lucrative growth opportunities for market players.

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Besides this, the increasing awareness and rising support from national governments of emerging economies towards environment protection and conservation are further projected to help this region continue to dominate the market in the coming years as well. On the other side, the market in Europe is projected to witness significant growth in the coming years. This is accountable to the implementation of stringent recycling regulations on industries and manufacturing units and the increasing importance of environmental protection.

Lucrative Opportunities for Players in Global Plastic Recycling Market

Demand for recycled PET and HDPE is increasing due to the low costs of recycled plastics. Plastic recyclers focus on PET and HDPE recycling and re-processing owing to their large demand and wide application in packaging, textiles, and construction industries.

Recyclers also need to focus on competitive pricing, as prices of virgin plastics are decreasing significantly over the last few years.

Recycled plastics can be used in consumer goods. These can be employed in several products such as kitchen tools, home furniture, general gadgets and appliances, cloth hangers, footwear, and personal care products.

The consumer goods industry has been expanding at a significant pace across the globe. This creates significant opportunities for the plastic recycling market

What are Key Challenges for Global Plastic Recycling Market?

Several countries do not have an established waste collection and sorting system for solid waste. 10% of the total waste produced in Africa is channeled into the collection system.

The remaining 90% of the waste lies unaccounted for and usually ends up in oceans and river streams.

Moreover, more than 8 million tons of plastic waste is estimated to end up in oceans. This is anticipated to hamper the recycling market, as collection and sorting of plastic waste is the first and crucial step in plastic recycling.

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