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Worldwide prevalence of plastic trash is a deeply pressing environmental concern for the world, creating a groundswell of interest in their sorting and collection systems, and adoption of new plastic recycling technologies. An exponential rise in plastic pollutions has proportionally compounded the problem and caused businesses across industries to play an active role in plastic recycling value chain. A huge portion of the trash comes from plastic packaging industry.
Europe is at the forefront of plastic recyclers, with the region accounting for sizable volumes of plastic scrap export to other regions for recycling.
Analysts at TMR project the plastic recycling market to expand at CAGR of 6.8% during 2019 and 2027, and thereby reach a worth of US$60 Bn by the end of 2027.
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Glaring facts and figures about plastic pollution have spurred the concerns of policy makers and industry players around the world, shaping the growth dynamics of the plastic recycling market. A key driver is thus the burgeoning volumes of plastics being discarded.
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On the regional front, Asia Pacific has been a hugely lucrative market in recent years. The dynamics is shaped by family-owned small scale recyclers. Developed regions are increasingly recycling their plastic waste to Asian nations, motivated by relaxed regulations prevalent there. A large part of the demand for plastic scraps comes from China that has robust recycling infrastructure. Growing expertise of businesses in plastic waste management has also spurred revenues in the Asia Pacific plastic recycling market.
Europe has been cynosure of attention for recycling companies. The high recycling rate in Germany is one of the accelerators of growth.
On the other hand, Scandinavian nations have set remarkable example in adopting practical and economical plastic recycling practices.
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The Plastic Recycling Market can be segmented as follows:
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Plastic Compounding Market:- Prominent players operating in the global plastic compounding market are BASF SE, RTP Company, Ravago Group, SABIC, LyondellBasell Industries Holdings B.V., DowDuPont Inc., Mexichem Specialty Compounds Inc. (Mexichem S.A.B. de C.V.), Coperion GmbH, Adell Plastics, Inc, Sojitz Corporation, Polyvisions Inc, Celanese Corporation, Covestro AG, Teknor Apex, Trinseo LLC, Asahi Kasei Corporation, Mitsui Chemicals, Inc., KRATON CORPORATION, Kuraray America, Inc., and KRAIBURG.
Injection Molded Plastics Market: – The global Injection Molded Plastics market is highly fragmented with presence of large numbers of unorganized players especially in Asia Pacific. Some of the major players include BASF SE, DowDupont, LyondellBasell, SABIC, Huntsman International, Exxon Mobil Corporation, Ineous and others.
Linear Low-density Polyethylene Market:- The prominent players in the global linear low density polyethylene market include Saudi Basic Industries Corporation (SABIC), ExxonMobil Corporation, China Petroleum & Chemical Corporation (SINOPEC), Reliance Industries Limited, Westlake, and DowDuPont. The competition in the market is high due to the presence of many players including small sized companies across the globe.
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