Plastic Recycling Market- Shaping the future of plastics recycling
The global plastic recycling market can be classified based on source, type and region. On the basis of source, the global plastic recycling market is classified into rigid and non-rigid plastics. Depending upon type, the global market is segmented into high-density polyethylene (HDPE), low-density polyethylene (LDPE), polyethylene terephthalate (PET), polypropylene (PP), and others.
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Among the market segments, the demand for recycled HDPE and PET plastics are expected to command a major share in the global market. These types of plastics are majorly utilized for preparing bottles utilized as household chemicals, storage containers, and personal care products. The higher grade of HDPE is utilized for preparing milk bottles, beverage containers, juice cans, and other edible liquid cans.
The global plastic recycling market is expected to garner maximum revenue in the forecast period. Factors such rising concern for the environment has deepened the focus on recycling plastics. Although plastic has large number of applications in healthcare, automotive, defense, and energy industries, the plastics material recycling becomes significant from an environmental opinion as it enables to keep global warming, environmental pollution and ozone layer depletion, under control. Therefore, the increased concern for the environment is anticipated to fuel the recycled plastics market growth in the future.
Based on regions, the global plastic recycling market is divided into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America. The North American region is anticipated to command the maximum market share and would lead the plastic recycling market during the forecast period. Factors such as the easy availability of skilled workforce as well as advanced techniques for recycling PET, HDPE, and PP plastics in the region is expected to fuel the plastic recycling market during the forecast period.
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The Asia-Pacific region is expected to witness the swiftest growth in the plastic recycling market. This region is highly engaged in activities such as parings and transforming the plastic scrap into recycled resins for additional applications. The availability of cheap labor and lenient governmental regulations have resulted in the swift growth of this region.
The major companies that are engaged in plastic recycling include Kuusakoski Oy, Plasgran Ltd., Envisison Plastics, KW plastics, Avangard Innovative, B. Schoenberg & Co, Custom Polymers, Delta Plastics and UltrePET among others.
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