The “Plastic Recycling Market” 2023-2032 Research Report provides both qualitative and quantitative insights into global market growth factors, limitations, opportunities, and challenges. It offers comprehensive market data on key players and revenue forecasts. The report includes revenue growth statistics for various regional and country-level markets, along with insights into competition and detailed company analyses for the projected period. The Plastic Recycling Market Report covers growth drivers, current market share, adoption of various types, technologies, applications, and regional trends up to 2032.
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According To Report ocean, Global Plastic Recycling Market is prognosticated to scale new heights in the upcoming years owing to the rising cost of production as a result of increasing petroleum price. The growth of the market is likely to be dictated by government regulations favoring the recycling of plastic waste. Rising awareness about the pollution caused by plastics and the energy-saving benefits in the manufacturing of recycled plastics over virgin plastics are the major factors driving the growth of the global market for plastic recycling over the forecast period. Moreover, the negative environmental impact of plastics disposal drives the global recycled plastics market. The production of plastics has increased manifold over the past few decades which have led to the generation of a huge amount of waste resulting in environmental concerns.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Exports on the global market are predicted to increase by 3.9% annually on average, from 784.3 billion dollars in 2021 to 955.19 billion dollars in 2030. Since 2009, the worldwide supply has been growing at a 9.5% yearly rate. With US$ 169.32 billion in exports in 2021, Ireland came out on top, followed by the United States in second place, China in fourth, and India in third.
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The European Revenue is anticipated to increase from US$ 1,802,413 million in 2021 to US$ 1,933,429 million by 2026, a 1.5% yearly increase. The European market has been expanding at a 3.1% yearly rate. In terms of revenue in Europe in 2021, Germany came out on top with US$ 339,074 million, followed by positions 2, 3, and 4 for the United Kingdom, France, and Ireland.
In addition, the necessity for a standard recycling technology for plastic in order to manage waste efficiently is also anticipated to catalyze the expansion of the market over the next couple of years. Also, continuous research activities are being undertaken globally, with the aim to find an effective method of the recycling process. Moreover, the ban imposed on landfills has also been introduced in several developed countries is anticipated to drive the market over the forecast period. On top of these factors, alternative waste management options for recycling landfill or incineration are relatively cheap in many countries.
Polyethylene Terephthalate (PET) is the most Lucrative material Type in the Global Plastic Recycling Market over the anticipated period
Based on material, the global plastic recycling market has been segmented Polyethylene Terephthalate(PET), Polypropylene(PP), High Density Polyethylene(HDPE), Low Density Polyethylene(LDPE), Polystyrene(PS), Polyvinyl Chloride(PVC), Others. The Polyethylene Terephthalate (PET) has a maximum share in the global market and is expected to grow at a robust rate over the course of the forecast period. Owing to the rising global consumption of recycling PET and HDPE plastic products, these segments are likely to retain dominance in the overall market. The large market size of PET is due to its easy recyclability and ease of collection in the form of PET bottles. This material is also relatively cheaper, which further contributes in making PET the largest segment by type.
Packaging Industry is offering huge growth Opportunities in the Global Plastic Recycling Market over the anticipated period
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Based on end-use industry, packaging segment was estimated to be the largest segment of the recycled plastics market over the forecast period followed by the construction segment. The packaging industry which is the largest user of virgin plastics is also the largest user of recycled plastics. Due to the increasing population and the subsequent need for more consumer goods drives the demand for plastics from this industry. Moreover, the increasing consciousness regarding the environmental benefits provided by recycled plastics has been the major factor contributing to the growing use of recycled plastics in this industry. In addition, the factors such as increase in consumption of plastic, and rise in need to dispose of the generated plastic waste in eco-friendly and responsible manner are augmenting the plastic recycling market globally.
Asia Pacific is expected to dominates Global Plastic Recycling Market over the anticipated period
Asia Pacific region accounted for the largest market share of the global plastic recycling market and is expected to dominate over the forecast period. The region’s flourishing manufacturing sector, ample availability of labor, competitive cost base, and increasing consumer demand are expected to drive the industrialization in the region which eventually propel the demand for recycled plastics in the region as they provide a cost advantage over virgin plastics. Moreover, due to the lack of stringent government regulations and lenient landfill laws in the region, regions like Europe and North America export plastic scrap to Asia for recycling. However, the plastic recycling market in Europe is projected to expand at a rapid pace during the forecast period.
Global Plastic Recycling Market: Competitive Landscape
The major players operating in the global plastic recycling market includes CarbonLITE Industries, Seraphim Plastics, MBA Polymers Inc., Kuusakoski Group Oy, Envision Plastics, Custom Polymers, Inc., Plastic Recycling Inc., UltrePET LLC, KW Plastics, Inc., Green O Tech India, Kishco Pvt. Ltd., Boer Group, Miller Waste Mills, Inc., Recycling Textile sro, and Knebel Textilrecycling GmbH. Moreover, the key players are focusing towards provision of greater quality products to retain customer loyalty, since low switching costs and product differentiation have reduced supplier power.
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Key Development in the Market
In November, 2017, SUEZ and LyondellBasell (US) signed a joint venture agreement focusing on the production of high-quality circular polymers. The company produces PP and HDPE recycled plastics
In July 2017, Suez started a joint venture with Kempenaars Recycling (Netherlands). The new company is known as SK Polymers and is finding a better way to recycle hard plastics.
In November 2016, Plastipak Packaging acquired the business assets of Evolve Polymers (UK), one of Europe’s leading plastics recyclers from Aurelius Equity Opportunities.
The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of Global plastic recycling Market size & forecast. The report promises to provide state-of-the-art technology of plastic recycling and industry insights which help decision makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.
Reasons to Buy This Report:
(A) This research is an invaluable resource for top-level executives, policymakers, industry professionals, sales managers, and market stakeholders. It empowers them to make informed decisions and develop effective strategies.
(B) The report provides a comprehensive analysis of PLASTIC RECYCLING market revenues at global, regional, and country levels, offering projections up to 2032. This data allows companies to assess market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the PLASTIC RECYCLING market based on types, applications, technologies, and end-uses. This segmentation facilitates strategic planning and resource allocation based on the expected growth rates of each segment.
(D) Investors benefit from an analysis of the PLASTIC RECYCLING market, gaining insights into market scope, positioning, key drivers, challenges, growth opportunities, and potential threats. This information aids in making well-informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge equips businesses with a better understanding of the competitive landscape, enabling them to strategize effectively.
(F) The study aids in evaluating PLASTIC RECYCLING market predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
Key Questions Market Research and Analysis Report
What is the current market size, both in terms of value and volume?
What is the historical growth rate of the market, and what are the projected growth rates for the future?
Who are the major players in the market, and what is their market share?
What are the market trends and dynamics influencing the industry?
What are the key drivers of market growth?
What are the challenges and barriers faced by market participants?
What are the emerging opportunities in the market?
What is the competitive landscape of the market?
What are the consumer preferences, behaviors, and buying patterns within the market?
What is the market segmentation, and how are different market segments performing?
What are the pricing trends and strategies in the market?
What are the distribution channels and their effectiveness in reaching the target audience?
What are the regulatory and legal factors impacting the market?
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