Plastic Recycling Market Analysis 2020-2027:

Recycling includes the recycling of waste plastic or scrap material into usable items. Plastic recycling helps to reduce energy use, water pollution, and air pollution, which provides opportunity to minimize emissions of carbon dioxide and waste. In addition, several recycling techniques have proven to be rather costly, energy intensive, and environmentally harmful. Many players, including government agencies, suppliers, and consumers, are increasingly changing their habits of plastic consumption, revising conventional production lines to make products that are easily processable post use, recycling the waste, and developing low amounts of plastic waste.

Market scope and structure analysis

Key drivers of global plastic recycling market

The expected growth in demand for plastics across various industry such as packaging and automotive is expected to produce vast amount of plastic waste. This, in turn, would potentially raise the demand for plastic recycling. Plastic demand across multiple industry verticals and negative environmental effects of plastic waste accelerate growth of the plastic recycling market. Recycling waste material plays a major role in eliminating global warming and its serious impacts. Moreover, increase in awareness toward environmental sustainability among consumers significantly contributes toward the growth of the global market.

Market scenario: opportunities and challenges

Industrial development and rise plastic use and have resulted in high plastic waste production volume, which boost the need for plastic recycling. In addition, development of the plastic packaging industry is expected to increase plastic waste production. Most packaging have a brief life, particularly in the food & beverage industry. This results in considerable plastic trash production, which, in turn, fuels the need for plastic recycling, thereby fueling the market growth. In addition, recycled plastics can be used in consumer goods such as kitchen equipment, home decor, general appliances & devices, fabric hangers, footwear, and personal care goods. This is anticipated to create significant opportunities for the plastic recycling market. However, lack of awareness regarding recycled products restrain the market growth.

COVID-19 scenario analysis

Owing to the outbreak of the COVID-19 pandemic, the global plastic recycling market is expected to witness a slowdown during the next couple of years. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in the output of anything from packaging to automotive industry. Recent decline in construction activities is one of the key factors that is likely to negatively impact the growth of plastic recycling market. Moreover, decline in industrial activities owing to lockdown has consequently affected the demand for plastic. For instance, decline in demand for cold drinks has been witnessed, which has further decreased the adoption of plastics in the beverages sector. This has consequently affected the plastic recycling companies. In addition, companies are dealing with missing sales and disrupted supply chains as production activities are shutdown. 

Key segments covered

Key benefits of the report

• This study presents the analytical depiction of the global plastic recycling industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global plastic recycling market share.
• The current market is quantitatively analyzed from 2019 to 2027 to highlight the global plastic recycling market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the global plastic recycling market research report:

• Which are the leading market players active in the global plastic recycling market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?

 Key Market Segments

 
Key Market Players

• Phoenix Technologies International LLC
• Vikoz Enterprises Inc.
• Terracycle
• KW Plastics
• DS Smith PLC
• PETCO
• CarbonLITE Industries
• Waste Connections Inc.
• EnvisisonPlastics
• Custom Polymers Inc.