Plastic Recycling Industry| COVID-19 Impact, Overview, Opportunities, Trends and Market Analysis By 2023

Plastic Recycling Industry Overview

Governments, all over the globe, are taking initiatives to support plastic recycling. The UK Plastic Pact aims at eliminating one billion single use plastic products by 2020. It is also noted that China is now emphasizing on domestic plastic recycling.

Key Players

MRFR’s list of players that are functioning in the Plastic Recycling Industry includes;

Seraphim Plastics (US)

CarbonLITE Industries (US)

UltrePET, LLC (US)

Envision Plastics (US)

MBA Polymers Inc. (US)

Plastic Recycling Inc. (US)

Custom Polymers, Inc. (US)

KW Plastics, Inc. (US)

Segmental Outline

The global Plastic Recycling Industry is studied in segments to get a comprehensive understanding of it. The market is assessed by recycling process, material, and application. The material-based segments are; High-Density Polyethylene (HDPE), Polyethylene Terephthalate (PET), Polypropylene (PP), Low-Density Polyethylene (LDPE), and others. The Polyethylene terephthalate (PET) segment can exhibit rapid expansion due to features of PET. The thermoplastic PET has high-strength fibers, hence used extensively as a packaging material. The adoption of PET in the food and beverage sector is high. These factors are noted to cause high revenue generation for the global Plastic Recycling Industry as PET can recycled easily. 

Regional Outlook

The need for recycling plastics is surging across different regions. Hence, the global Plastic Recycling Industry is expected to witness a rise in its valuation by the end of the forecast years. In Asia Pacific, the progress of the packaging industry is mostly driven by plastic applications. The large-scale application of plastics is observed to hurt the environment. Plastics are non-degradable and can lead to fatal health issues. Hence, the upscaling need for plastic recycling is expected to generate revenue of USD 16,952.4 million by 2028. The APAC Plastic Recycling Industry is likely to thrive at about 6.58% CAGR in the review period. MRFR findings reveal, the Americas Plastic Recycling Industry is expected to expands at 5.02% CAGR across the forecast period. In 2018, the Americas market was recorded at USD 5,937.5 million.  The growing initiatives taken by governments in the region are likely to cause the escalation in the regional market valuation to USD 9,619.7 million by 2028. The market in the MEA region is expected to also experience improvement in its health in years to come.

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