About Waste Plastic Recycling
As the name suggests, Waste Plastic Recycling is the process in which the plastic that has been wasted is recycled or reprocessed so that they can make some useful products from them. It is seen that in Earth's ocean every year, 8 million metric tons of waste plastic enters, hence it becomes necessary to recycle the waste plastic. For instance, countries such as Japan and many more are taking initiatives towards recycling waste plastic. According to the Containers and Packaging Recycling Association, based in Tokyo, the total recycling rate of japan was 77.5 percent in which the recycled material was about 158,000 tons that became new products. Moreover, they said that more than half of the collected bottles were turned into textiles and only 2.5 percent were recycled into brand new plastic bottles.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Competition among existing players is due to the Waste Plastic Recycling market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Waste Plastic Recycling Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that United Kingdom, United States Manufacturers will contribute the maximum growth to Global Waste Plastic Recycling market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Evergreen Plastics (Australia), PolyQuest (United States), Verdeco Recycling (United States), Custom Polymers (United States), KW plastics (United States), Extrupet (South Africa), Greentech (United States), Veolia Polymers (The Netherlands), Hahn Plastics (United Kingdom) and PLASgran (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are APR2 Plast (France), Luxus (United Kingdom), Viridor (United Kingdom) and Centriforce (United Kingdom).
Segmentation Overview
AMA Research has segmented the market of Global Waste Plastic Recycling market by Type (Polyethylene Terephthalate (PET), Polypropylene (PP), High Density Polyethylene (HDPE), Low Density Polyethylene (LDPE), Polystyrene (PS), Polyvinyl Chloride (PVC), ABS, Nylon and Polycarbonate), Application (Packaging & Consumer Goods, Construction, Textile fiber / clothing, Landscaping/Street furniture and Other Uses) and Region.
On the basis of geography, the market of Waste 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).
Influencing Trend:
Acceptance of Making New Useful Products from Waste Plastic Materials
Market Growth Drivers:
Rising Awareness Related to the Hazards of Plastic Coupled With the Demand for Recycling Plastic is Catching Pace, Increasing Campaigns towards Keeping Environment Safe and Sound and Rising Populations and Swelling Use of Plastic Products for Daily Necessities
Challenges:
Use of Paper Bags Can be Challenging for the Growth of Using Plastics
Restraints:
Stringent Rules and Regulation Made by the Government towards Banning the Plastic
Opportunities:
Observing Potential for Growth in this Market Several Global Brands are Looking to Enter Fast-Developing Regions and Adoption of Laws that Progressively aim Towards Zero Plastic Waste Generation Which in Turn are Recommending Consumers and Industries to Use Recyclable Plastics
Market Leaders and their expansionary development strategies
In November 2023, Borealis announced the signing of an agreement to acquire a 100 % stake in Integra Plastics AD, an advanced mechanical recycling player based in Bulgaria.
In July 2019, BASF is partnering with Jaguar Land Rover, Storopack, Südpack, and Schneider Electric and is also contributing in the ChemCycling project, at the end of 2018, the company used its first pilot volumes of pyrolysis oil derived from plastic waste as a feedstock in its own production. At a press conference in advance of K 2019, the world’s largest trade show for the plastics and rubber industry, four partners have showcased the first prototypes that were created during the pilot phase of the project.
Key Target Audience
Key Stakeholders, Raw material suppliers, Distributors/traders/wholesalers/suppliers, Regulatory bodies, including government agencies and NGO, Commercial research & development (R&D) institutions, Importers and exporters, Government organizations, research organizations, and consulting firms, Trade associations and industry bodies and End-use industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.