Recycling plastics refers to a process wherein the waste plastic is transformed into useful products. As majority of the plastic is non-biodegradable, global efforts have been garnered so as to reduce the waste plastic from negatively affecting the environment. Recycling includes sorting of different polymers, shredding, cleaning, and melting it into pellets. These pellets are then used in production of plastic products such as tables or chairs. This helps in reducing the plastic pollution and use of virgin resin. A new research report by IMARC Group, titled “Recycled Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the global recycled plastics market was worth US$ 35.4 Billion in 2018. The report further anticipates the market to cross US$ 50 Billion by 2024, at a projected CAGR of 6.1% over the forecast period.
Production of plastic releases huge amounts of carbon dioxide in the environment, thereby elevating the levels of greenhouse gases present in the air. As recycling of plastic reduces the usage of oil and the volume of discarded wastes, it acts as one of the primary factors influencing the market growth.
Government initiatives undertaken by numerous nations aim to minimise the emission of carbon dioxide and waste generated from non-biodegradable plastics, thereby contributing to the growth of the market.
The rising awareness about environment pollution amongst consumers along with technological advancements and improvements in the systems for the collection represent some of the other major factor propelling the growth of recycled plastic market.
However, there are several factors that act as a hindrance to the market growth. In the process of melting and recycling of the plastic, volatile organic compounds are generated which can harm the plants and animals near the recycling site.
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Insights on Market Segmentation:
Breakup by Plastic Type:
1. Polyethylene Terephthalate (PET)
2. High Density Polyethylene (HDPE)
3. Polypropylene (PP)
4. Low Density Polyethylene (LDPE)
On the basis of type, the market is classified into polyethylene terephthalate (PET), high density polyethylene (HDPE), polypropylene (PP), low density polyethylene (LDPE) and others. Currently, polyethylene terephthalate accounts for the majority of the market share.
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Breakup by Application:
1. Non-Food Contact Packaging
2. Food Contact Packaging
On the basis of application, the market is segregated as non-food contact packaging, food contact packaging, construction, automotive and others. Amongst these, non-food contact packaging exhibits a clear dominance in the recycled plastics market.
Breakup by Raw Material:
1. Plastic Bottles
2. Plastic Films
3. Rigid Plastic and Foam
Based on raw materials, the recycled plastic market is segmented as bottles, rigid plastics and foam, bags and films, carpets and fibres, and others. Currently, bottles are the most popular raw material used for recycling.
Breakup by Region:
1. North America
3. Asia Pacific
4. Latin America
5. Middle East and Africa
On a geographical front, North America enjoys the leading position in the global recycled plastic market, accounting for the largest market share. North America is followed by Europe, Asia Pacific, Latin America, and Middle East and Africa.
The market is fragmented in nature with the presence of numerous small and large manufacturers. Some of the leading players operating in the market are:
Avangard Innovative LP
B. Schoenberg and Co., Inc.
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