Plastic Recycling Market Scope
The world is facing a big issue related to the recycling of plastic. Most of the plastic recycled techniques either are expensive or complex. Thus, key players continuously investing in research and development activities to find an effective solution. Rising environmental concern and growing awareness of energy saving across the globe is fueling the growth of the market. Additionally, implementation of advanced techniques for recycling plastic by key players and high demand for plastic for packaging applications have been supplementing the market to grow. However, difficulty in the collection of waste plastic and high cost of recycled plastic are the reason that hampering the growth of the market. Moreover, government initiative and incentives for recycling plastic are giving strength to key players to grow and stay in the competitive market.
According to AMA, the Global Plastic Recycling market is expected to see growth rate of 7.2% and may see market size of USD65.57 Billion by 2027.
The Vendors having a strong hold in the market are Kuusakoski, B & B Plastics Recycling Inc, CarbonLite Industries LLC, Custom Polymers Inc, Dart Container Corporation. Research Analyst at AMA estimates that United States, Asian and Europeanc Vendors will contribute to the maximum growth of Global Plastic Recycling market throughout the predicted period.
Kuusakoski (Finland), B & B Plastics Recycling Inc (United States), CarbonLite Industries LLC (United States), Custom Polymers Inc (Hong Kong), Dart Container Corporation (United States), Fresh-Pak Corporation (United States), Novolex (United States), KW Plastics Recycling Division (United States), MBA Polymers UK Ltd. (United Kingdom) and PLASgran Ltd. (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Plastipak Holdings, Inc. (United States), WM Recycle America LLC (United States) and Wellpine Company Limited (Hong Kong).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Plastic Recycling market , by Application (Packaging, Construction, Automotive, Textile, Consumer Goods, Industrial and Others) and Region with country level break-up.
On the basis of geography, the market of Plastic Recycling has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In December 2018, the Coca Cola has announced a new investment in enhanced recycling as part of the ‘world without waste’ vision. The company has planned to enhance recycling technique to convert recycled plastic into food-grade PET.
Market Trend
- Rising Environmental Concern across the Globe
- Growing Awareness towards Energy Saving
Market Drivers
- High Availability of Waste Plastic i.e. Raw Material for Plastic Recycling
- Implementation of Advanced Techniques for Recycling Plastic
- High Demand for Plastic for Packaging Application
Opportunities
- Highly Involved in Research and Development Activities
- Government Initiative and Incentives for Recycling Plastic
Restraints
- Difficulty in the Collection of Waste Plastic to be Recycled
Challenges
- Ban on Imports of Scrap or Waste Plastics Particularly in China
- High Cost of Recycled Plastic
Key Target Audience
Plastic Recycling Companies, Raw Material Supplier, Private Research Organization, Government Association and Others