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Plastic recycling incorporates taking any kind of plastic, arranging it into various polymers and afterward chipping it as well as afterward liquefying it down into pellets. Subsequent to this stage, it would then be able to be utilized to make objects of various kinds, for example, tables and plastic chairs.
The worldwide market for recycled plastic is estimated to account for a market valuation of more than US$ 30 Billion by the end of the forecast period. The overall market will be expanding at a CAGR of 4.3% throughout the eight years projection period.
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Based on resin type, the market is categorized into PVC, Polystyrene, polyamides, polypropylene, low-density polyethylene (LDPE), high-density polyethylene (HDPE), polyethylene terephthalate (PET) and others. The high-density polyethylene and polyethylene terephthalate segments are expected to gain a market share of about 2/3rd of the worldwide market for recycled plastic. The high-density polyethylene will be accounting for one-third of the overall market and is projected to gain more share in the coming years, by registering a CAGR of 4.5%. The PET category is projected to reach a market valuation of approximately US$ 10.5 Billion by the end of 2025.
Based on source type, the overall market is segmented into the synthetic fiber, rigid plastic & foam, plastic films, plastic bottles and others. The plastic bottles segment is expected to grow at a 4.8% CAGR during 2017-2025.
Based on application, the overall market is divided into automotive, construction, packaging and others. The packaging industry is projected to register an increase of 4.8% CAGR over the assessment period.
Based on region, the worldwide market is segmented into Europe, Middle East & Africa (MEA), Asia Pacific, Latin America and North America. The APEJ region is predicted to be the most lucrative market among other regions in the recycled plastic market during the estimated period. The utilization of recycled plastic products is strong in the APEJ region mainly in the packaging and construction sectors.
Key Market Player
The major companies operating in the overall market for recycled plastic include