According to the ChemAnalyst report, "Plastic Recycling Market Analysis: Plant Capacity, Location, Production, Operating Efficiency, Demand & Supply, End-User Industries, Type, Distribution Channel, Regional Demand, 2015-2030", the Plastic Recycling market witnessed a demand of around 53.1 million tonnes globally in 2021, and is projected to grow with a CAGR of 5.51% until 2030 owing to its rising applications in key end-use sectors such as Packaging, Buildings & Construction, Textile, Automotive, Electrical & Electronics, & Others.
The plastic recycling market is expected to grow significantly in the next five to ten years, particularly in response to increased demand from regulators and consumers. By 2030, the expected global capacity will grow to 80 million tonnes. The recycling plastic market is highly fragmented, with many regional players operating. The number of unorganized companies in the market is comparatively very larger than established and registered companies.
The rise in urban population, rapid plastic waste generation, and growing concern about environmental pollution have shifted the focus more on plastic recycling rather than burning and using it as a fuel. In 2021, nearly a quarter of plastic was recycled, while the rest were discarded or incinerated. The method could assist in addressing the issue of plastic waste in the environment by recycling plastic trash back into raw materials that can be utilized to create plastic and other useful products. Chemical technologies are being developed which could transform plastics recycling and reduce the amount going to landfills—but these innovations alone are not enough to accelerate recycling rates.
First, plastic waste is gathered from our residences, places of business, and neighborhood recycling facilities. After that, they are delivered to MRFs or PRFs, which remove plastic from other materials or classify plastic according to kind. To differentiate between various types of plastics, these facilities employ sorting tools like optical sorters. The plastic is then taken to a recycling facility, where it is cleaned, crushed, and further sorted. A new batch of recycled plastic pellets is created by melting and extruding the plastic. For application in new products, these pellets are sold.
The increase in plastic recycling has ramped up the reduction level of CO2 atmospheric emissions around the globe. The continent is expected to generate significant demand for plastic recycling in the coming years. Also, the growing concern for environmental pollution from plastic disposal is expected to spur the need to recycle plastic waste, which eliminates the need to manufacture various plastic-based materials, containers, etc., from scratch, which saves a lot of energy.
Plastic Recycling spans many end-use markets. In the packaging industry, recycled plastics find a wide range of applications in food and non-food containers, personal care products, beverage bottles, film & sheets, household care products, and many others. Some of the significant recycled plastics used in packaging applications are polypropylene (PP), polyethylene (PE), polyethylene terephthalate (PET), and polystyrene (PS).
Different types of plastics, such as Plastic containers, Plastic wraps & Packaging, Plastic Bottles & Caps, Foam Packaging, etc., are made into different items when recycled. Hard Plastics are recycled into different products, such as milk jugs, plastic lumber, picnic tables, plastic lawn furniture, plastic dustbins, and many more. Thins plastics forms plastic lumbers, having applications in making park benches, plastic furniture, and fences. Plastic Bottles are recycled to make many new items. Items like clothing (t-shirts, jackets, sweaters) for making insulated sleeping bags can be used for carpeting and making more plastic bottles. When recycled, plastic bottle caps get converted into car batteries, gardening equipment, storage containers, shopping bags, ropes, yarn, and more. Foam packaging converts to plastic picture frames, insulation, and new foam packaging.
Plastic packaging is the best choice for storing and transporting delicate things like electrical equipment, consumer goods, medical supplies, and chemical products due to its superior shock-absorbing qualities. Furthermore, the features of polyethylene terephthalate, polyethylene, and polystyrenes, such as superior moisture resistance and thermal insulation, aid in preserving perishable products like seafood and fruits and vegetables.
Manufacturers are forced to use recycled plastics for packaging due to consumer preferences for eco-friendly packaging and growing landfill problems. It is anticipated that this will increase regional demand for plastic recycling. Over the projected period, it is anticipated that the COVID-19 pandemic's influence on the packaging industry will remain moderate.
With a large population, Asia Pacific Region has the highest share of the world's plastic recycling demand., having a consumption of more than 55% in the region. China, Japan, Australia, & India are the leading markets in the region, and further growing development projects are driving the market in the Asia Pacific region. The Plastic Recycling market is expected to increase through 2030, fueled by the ongoing concerns of sustainability and to reduce environmental pollution and carbon footprint around the globe supported by government regulations. Europe & North America region holds the second & third largest share of Plastic Recycling in demand.
According to the ChemAnalyst report, "Plastic Recycling Market Analysis: Plant Capacity, Location, Production, Operating Efficiency, Demand & Supply, End-User Industries, Type, Distribution Channel, Regional Demand, 2015-2030", key players in the Plastic Recycling market globally include Masotina S.p.A, I.blu - Gruppo iren, Montello S.p.A., The Alba Group., GT Recycling, STF Group, Jayplas., Indorama Ventures Sustainable Solutions LLC, Viridor Polymer Recycling Limited, NPP "Polyplastic, Hubert Eing Kunststoffverwertung GmbH, Monoworld Recycling Ltd., Metro Plastic, Clean Tech U.K. Ltd, OOO "Fantastik Plastik," and Others.
"Plastic Recycling includes polymers such as PET, PE, PP, PVC, PS & others & are employed in various End-User industries. Hence, its wide range of applications is projected to fuel the Plastic Recycling market growth in the forecast period. Fast-growing industries such as Packaging, Buildings & Construction, Textile, Automotive, Electrical & Electronics, and others utilize the material in their various stages of the process. In addition to the benefits of using recycled plastics aids in lower energy consumption, factors like growing applications of recycled plastics are likely to fuel the demand for plastic recycling in the upcoming years. The market demand is anticipated to be fueled by rising government regulations and policies regulating the usage of single-use plastics in various nations, as well as the increase in investment in the development of new technology leading to improved energy efficiency over the forecast period and offering various openings for manufacturers to expand their existing capacities and fill the demand-supply gap in the future." said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm promoting ChemAnalyst.
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