The global plastic recycling market revenue is expected to expand at a lucrative CAGR over the forecast period. Government initiatives towards recycling of plastic bottles and increased awareness among people across the globe is a major factor expected to drive growth.
The global plastic recycling market report has been segmented on the basis of material, recycling process, source, application and region.
On the basis of material, the target market is segmented into PET, PP, PVC and others. PET material is the most recycled plastic packaging material and register significant share in terms of revenue over the forecast period.
On the basis of recycling process, the target market is segmented into mechanical and chemical process.
On the basis of source, the target market is segmented into bottles, films, foams and others. Bottles segment is projected to accounts for significant revenue share, as they are referred as easily collectible source for sorting and collection post-consumer use.
On the basis of application, the target market is segmented into packaging, building & construction, automotive and others. Packaging is predicted as a largest segment of the target market. Packaging industry is one of the fastest growing industry and leads to increasing demand for eco-friendly and recyclable plastic.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. China, the US, Netherlands, Belgium, Japan, Germany and UK are the major importers and exporters of plastic recycling, wherein China is the largest importing and an exporting country for waste plastics. Whereas, North America is estimated to be highest share in terms of revenue over the forecast period, owing to increasing health awareness among consumers in various countries in this region. The market in Asia Pacific is expected to register significant share owing to factors such as rising awareness regarding environment and positive government initiatives.
Key players operating in the global plastic recycling market include PLASgran Ltd., UltrePET, LLC., MBA Polymers, Envision Plastics, RJM International Inc., B&B Plastics, KW Plastics, Veolia, Suez, Schoenberg & Co., Plastipak Holdings, and others.