Plastic Recycling Market Lucrative USD 60.2Bn by 2031: Reduce Waste, Create New Products | Most Leading Companies - Plastipak industries Inc., CarbonLITE Industries, HUD Group, Plastima, Iavglobal Co., LTD

Global Plastic Recycling Market reached USD 28.3 billion in 2022 and is expected to reach USD 60.2 billion by 2031, growing with a CAGR of 8.9% during the forecast period 2024-2031

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Plastic recycling is the process of recovering waste and reprocessing the material into useful products, preventing it from ending up in landfills or polluting the environment. This process typically involves several stages: collection, sorting by type, cleaning, shredding, melting, and then forming into new products like pellets, fibers, or other useful materials. The goal is to reduce plastic pollution, conserve natural resources, and decrease energy consumption compared to producing new plastics from virgin materials.

List of the Key Players in the Plastic Recycling Market:

Plastipak industries Inc., CarbonLITE Industries, HUD Group, Plastima, Iavglobal Co., LTD., Nam Phong Industry, KW Plastics, Custom Polymers, MBA Polymers Inc. and Wellpine Plastic Industrial Co.,Ltd.

Industry Development:

In July 2023, NOVA Chemicals Corporation kicked off a major sustainability project, starting work on its first mechanical recycling plant in Connersville, Indiana. This new facility will turn post-consumer plastic films into SYNDIGO recycled polyethylene (rPE) on a commercial scale.

Also in July 2023, British Columbia took a big leap in addressing hard-to-recycle single-use plastics. They implemented the Single-Use and Plastic Waste Prevention regulation, targeting items like shopping bags, disposable food accessories, oxo-degradable plastics, and specific food service packaging made from polystyrene foam, PVC, PVDC, and compostable or biodegradable plastics.

Looking back to April 2023, Honeywell teamed up with Biotrend Energy to construct an advanced waste recycling plant in Turkey. This plant will use Honeywell's UOP UpCycle technology to convert mixed waste plastics into recycled polymer feedstock (RPF), pushing forward a circular economy for plastics.

Research Process:

Both primary and secondary data sources have been used in the global Plastic Recycling Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Segment Covered in the Plastic Recycling Market:

By Material: Polyethylene (PE), Polypropylene (PP), Polystyrene (PS), Polyethylene Terephthalate (PET)

By Application: Packaging, Automotive, Construction, Others

Regional Analysis for Plastic Recycling Market:

The regional analysis of the Plastic Recycling Market covers key regions including North America, Europe, Asia Pacific Middle East and Africa and South America. The North America with a focus on the U.S., Canada, and Mexico; Europe, highlighting major countries like the U.K., Germany, France, and Italy, along with other nations in the region; Asia-Pacific, covering India, China, Japan, South Korea, and Australia, among others; South America, with emphasis on Colombia, Brazil, and Argentina; and the Middle East & Africa, which includes Saudi Arabia, the U.A.E., South Africa, and other countries. This comprehensive regional breakdown helps identify unique market trends and growth opportunities specific to each area.

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.

➡ Top-down and bottom-up approach for regional analysis

➡ Porter's five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players.

➡ By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Market

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People Also Ask:

➠ What is the global sales, production, consumption, import, and export value of the Plastic Recycling market?

➠ Who are the leading manufacturers in the global Plastic Recycling industry? What is their operational status in terms of capacity, production, sales, pricing, costs, gross margin, and revenue?

➠ What opportunities and challenges do vendors in the global Plastic Recycling industry face?

➠ Which applications, end-users, or product types are expected to see growth? What is the market share for each type and application?

➠ What are the key factors and limitations affecting the growth of the Plastic Recycling market?

➠ What are the various sales, marketing, and distribution channels in the global industry?

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