A08207 | Pages: NA | May 2022 | 634 Views | | |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Plastic Recycling Market
Request Now !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
Report Metric | Details |
Market size available for years | 2019–2027 |
Base year considered | 2019 |
Forecast period | 2020–2027 |
Forecast unit | Value (USD) |
Segments covered | Material, Recycling Process, Source, Application, and Region |
Regions covered | North America (U.S., Mexico, and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of -Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and the Rest of LAMEA) |
Companies covered | Phoenix Technologies International LLC, Vikoz Enterprises Inc., Terracycle, KW Plastics, DS Smith PLC, PETCO, CarbonLITE Industries, Waste Connections Inc., EnvisisonPlastics, and Custom Polymers Inc. |
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.
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.
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
Segment | Subsegment |
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Recycling Process |
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Key benefits of the report
Questions answered in the global plastic recycling market research report:
Key Market Segments
Segments | Sub-segments |
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By Recycling Process |
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Key Market Players
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