PUBLISHER: ChemAnalyst | PRODUCT CODE: 999460
PUBLISHER: ChemAnalyst | PRODUCT CODE: 999460
Global Plastic Recycling market stood at 162.5 Million Tonnes in 2020 and is forecast to reach 263.08 Million Tonnes by 2030, growing at a healthy CAGR of 4.49% until 2030.
Global demand for recycle plastics market is projected to grow at a healthy CAGR as it finds application in packaging, automotive, building & construction, electrical and electronics industry, among others. Increasing usage of plastics due to their lightweight nature, durability, and other favorable properties led to high demand for plastics thereby adversely affecting the environment. Growing awareness about the benefits of energy-saving and the growing need to reduce the carbon footprint is likely to play a positive role to increase the demand for the global plastic recycling market. Recycled plastic can be processed into polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS), etc. Plastics can be recycled by using methods such as landfill, thermal, mechanical, and chemical methods.
Growing application of recycled plastics in packaging, electrical & electronics, textile, building& construction, automotive, and other industries in addition to the advantages of using recycled plastics aids in lower energy consumption.
Increasing government regulation and policies regarding the use of single-use plastics in various countries as well as the surge in investment to develop new technology resulting in higher energy efficiency is expected to foster the market demand.
The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Leading authorities around the globe imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. The rise in adoption for online shopping surged the demand for various packaging materials for products belonging to personal care, electronic devices, personal protection equipment, among others, thereby the demand for recycle plastics accelerated during the covid period.
North America followed closely by Asia-pacific is expected to be the largest generators and recyclers of plastic waste. These two regions hold almost 76 percent of the global plastic recycling market and are expected to maintain their dominance during the forecast period as well. The introduction of several regulations to promote the use of recycled plastic and the rise in demand for packed and packaged food are the contributing factors expected to strengthen the market growth.
Global demand of recycle plastics is projected to grow at a healthy CAGR due to its application in packaging, automotive, building & construction, electrical and electronics etc. Increasing usage of plastics due to its lightweight, durable, and inexpensive properties has generated huge waste causing damage to the environment. Growing awareness on energy savings and need to reduce the carbon footprint is likely to play positive role in increasing demand of global plastic recycling market. Recycled plastic can be processed into polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS) etc. Plastics can be recycled by landfill, thermal, mechanical, and chemical methods.
Growing application of recycled plastics in packaging, electrical & electronics, textile, building& construction, automotive and other industries coupled with benefits of energy saving by use of recycled plastics is set to increase the demand during the forecast period.
Increasing government regulation and policies regarding the use of single-use plastics in various countries as well as increasing investment on developing new technologies on plastic recycle by companies to increase the energy savings will certainly increase the demand of global plastic recycle market.
In 2020, the spread of COVID-19 in major global economies caused disruption in overall import and export of plastic waste. This had an impact on demand of recycled plastic. Asia Pacific and North America have emerged to be the largest generators and recyclers of plastic waste. These two regions hold almost 76 percent of the global plastic recycling market and are expected to maintain its dominance during the forecast period as well.
Years considered for this report:
Historical Period: 2015-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2030
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Major players for Plastic Recycling globally include Agilyx Corporation, BASF SE, Braskem, British Petroleum, B&B Plastics, Licella Holdings, OMV Reoil, Polycycle Private Limited, Recycling Technologies, Sapporo Plastic Recycle kk, Jayplas, Veolia etc.
To extract data for global Plastic Recycling market, primary research surveys were conducted with Plastic Recycling manufacturers, suppliers, distributors, wholesalers and end users. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various end user segments and projected a positive outlook for Global Plastic Recycling market over the coming years.
ChemAnalyst calculated Plastic Recycling demand globally by analyzing the historical data and demand forecast which was carried out considering imported Plastic Recycling, styrene prices, monomers used for production of Plastic Recycling. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Plastic Recycling manufacturers, customers, and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
In this report, global Plastic Recycling market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
With the given market data, Chemanalyst offers customizations according to a company's specific needs.
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