Plastic recycling refers to the process of reusing and recovering plastic waste into functional and useful products. In this process, plastic materials undergo various steps, such as collecting, sorting, washing, shredding, classifying, and extruding, before being recycled. Nowadays, recycled plastics are increasingly being preferred by end users as they reduce the waste generated and disposed of at landfill sites while minimizing greenhouse gas emissions.
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The global recycled plastics market is primarily driven by the growing awareness regarding the harmful and toxic effects of plastic waste on both the environment and human health. Due to rapid industrialization and growing population, plastic is extensively used in the construction, food packaging and automotive industries. Consequently, governments of several nations are implementing policies and regulations to control waste production and support plastic wastes recycle, which has encouraged end users to gradually shift toward recycled plastics. They are also facilitating systematic waste treatment by promoting sustainable plastic disposal solutions.
Moreover, various organizations are shifting from virgin to recycled plastics to reduce their carbon footprints. Furthermore, technological innovations, such as the adoption of artificial intelligence (AI) for sorting plastic waste, are positively impacting the market growth.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The competitive landscape of the market has been examined in the report.
Avangard Innovative, Veolia Environnement S.A. (VEOEY), Suez Recycling & Recovery Holdings, KW Plastics, B. Schoenberg & Co. Inc., Delta Plastics, CarbonLITE Industries, and UltrPET LLC.
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- Based on the type, the market has been divided into high-density polyethylene (HDPE), polyethylene terephthalate (PET), polypropylene (PP), low-density polyethylene (LDPE) and others. Among these, polyethylene terephthalate (PET) is the most popular type of recycled plastic.
- On the basis of the raw material, the market has been classified into plastic bottles, fibers, plastic films, rigid plastic and foam, and others. Plastic bottles currently account for the majority of the total market share.
- The market has been segregated based on the application into construction, non-food contact packaging, automotive, food contact packaging and others. Currently, recycled plastics are mostly used for non-food contact packaging.
- Region-wise, North America represents the leading market. Other regions include Latin America, Europe, Asia Pacific, and Middle East and Africa.
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