Report Code: A05206 | Nov 2023 | Pages: NA | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Recycled Plastic Market
Request Now !Plastic recycling is the process of converting scrap or waste plastic into useful products. Since, most of the plastic is non-biodegradable, recycling is a part of global efforts to reduce the plastic pollution. According to a report by the National Audit Office, the UK produced 11 million tons of plastic waste in 2017 and out of which 7.5 million tones was recycled. According to a data analysis of Plastics Europe, European plastic production, demand, and waste is set to reduce through Plastic-2030 initiative. The aim of Plastics-2030 is to reuse and recycle 60% of the plastic packing.Â
The reuse of plastic waste in a wide range of goods, design, and fabrication is expected to drive the growth of recycled plastic market. Also, growing awareness for energy savings and low cost of used plastic are driving the growth of the market. Goods such as plastic bottles, shoes, construction material, showcase materials, furniture, and pipes, find use in several sectors including construction, packaging, clothing materials, and others. Difficulties in recycling plastic from ink, pigments, and adhesives are anticipated to hamper the growth of the recycled plastic market in upcoming years.Â
Factors such as ban on importing plastic to China for recycling are expected to hamper the market growth. New methods like pyrolysis, heat compression, monomer process of recycling plastic, and others are expected to better opportunities for plastic recycling organizations in the future. Also, the Indian Institute of Petroleum has invented a technology that can convert plastic waste into high grade petrol, diesel, and LPG. Such plants are to be setup in the coming years, which is expected to boost the economy, increasing employment. Hence, it’s the best opportunity for the growth of the recycled plastic market.
The market is segmented on the basis of source, method, application, and region. On the basis of source, it is classified into tubs, trays, rigid, flexible plastics, and bags. Methods of recycling include thermal decomposition, heat compression, distributed recycling, and others. On the basis of application, it is categorized into construction, packing, clothes, landscaping, and others. Region-wise, it is analyzed for North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in the global recycled plastic market are Viridor waste management Ltd., Plasgran Ltd., Centrifore products ltd., Arora fibres Ltd., Kuusakoski recycling ltd., B & B plastics recycling Inc., CarbonLite industries LLC, Custom polymers,Inc., Envision plastics industries LLC, Â and Dart container corporation.Â
Recycled Plastic Market Report Highlights
Aspects | Details |
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By SOURCE |
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By Type |
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By END USE INDUSTRY |
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By Region |
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Key Market Players | KW Plastics, Dart Container Corporation, Custom Polymer, Inc., Centrifore Products Ltd., Kuusakoski Recycling Ltd., Envision Plastics Industries LLC, CarbonLite Industries LLC, B & B Plastics Inc., Plasgran Ltd., Viridor Waste Management Ltd. |
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