Future Holds High Potential for Plastic Recycling Units

The recycled plastic market will reach USD 124,314.1 million, advancing at a rate of 8.5%, by 2030 as per a report by P&S Intelligence.

The growth of the industry is mainly credited to the increasing focus on reducing the volumes of plastic waste; rising awareness of energy savings; and government policies and initiatives to increase the use of recycled products.

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The revenue generated from recycled plastics from packaging materials will grow with more than 8% rate in the years to come. This is credited to the ease of recycling packaging material of wraps, pouches, films, and bottles; and the increasing demand for recycled products.

Additionally, government policies and initiatives to reduce the volume of non-recyclable waste by adopting recyclable materials in the packaging industry will boost the growth of the recycled plastic market in the future.

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The volumes of plastics used in the food and beverage industry for storage and transportation in the form of bins, trays, disposables, bottles, and packaging films are accountable for producing a large volume of plastic waste.

In addition, the generation of high-volume of waste puts pressure on the manufacturers of food and beverage to extend producer responsibility agreements, develop circular economic operation models, and adopt the recycling process in their supply chains. These factors have created an easier recycling process.

APAC held the largest revenue share, 52.3%, in recent years. Due to the availability of domestic waste and high-volume imports of plastic waste, and low costs of labor, APAC has a high capacity for the production of recycled plastics.

These factors have helped in the development of low-to-high recycling facilities in India, Vietnam, Malaysia, Thailand, Indonesia, and China.

On the other hand, the Europe will grow at the highest CAGR, of more than 10%, in the years to come. This can be ascribed to the targets for environmental sustainability by adopting recycled products across the packaging supply chain, initiatives for resurging local manufacturing by the government, and the development of domestic facilities for recycling waste.

Advanced technologies for plastic recycling are boosting the industry by assisting in keeping more plastics in use and out of the environment. The plastic industry is growing constantly and constantly finding innovative ideas for recycled plastics.

Key players in the industry are involved in mergers and acquisitions and expanding their facilities to gain a competitive edge in the industry.

For example, in May 2021, a plastic recycling service provider, Mura Technology, based in the U.K., created the world's first commercial-scale recycling plant using chemical recycling and generates profit.

The research offers market size of the global recycled plastic market for the period 2017-2030.

Market Segmentation by Source
• Packaging Materials
o Bottles
o Films
o 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

Market Segmentation by Region
• North America Plastic Recycling Market
o By source
o By type
o By industry
o By country - U.S. and Canada
• Europe Plastic Recycling Market
o By source
o By type
o By industry
o By country - Germany, U.K., Italy, France, Spain, and Rest of Europe

• Asia-Pacific (APAC) Plastic Recycling Market
o By source
o By type
o By industry
o By country - China, Japan, India, and Rest of APAC

• Latin America (LATAM) Plastic Recycling Market
o By source
o By type
o By industry
o By country - Brazil, Mexico, Argentina, and Rest of LATAM

• Middle East and Africa (MEA) Plastic Recycling Market
o By source
o By type
o By industry
o By country - Turkey, Nigeria, Egypt, and Rest of MEA

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