Plastic Recycling Market to Rising Thrust on Environment Protection Stokes Growth to Grow at 6.8% during 2018-2026
Plastic has become a major environmental concern and with rising awareness the demand for recycling plastic is catching pace. In the past few years, several companies have entered the global plastic recycling market. Though vastly spread, the global plastic recycling market is highly fragmented due to the presence of several unorganized and small players in underdeveloped countries.
Eyeing potential for growth, several global brands are looking to enter fast-developing regions of the global plastic recycling market. As a result, many leading brands are exploring opportunities to procure smaller companies to enter these regions. Some of the prominent brands in the global plastic recycling market are KW plastics, Kuusakoski Oy, Envisison Plastics, and Plasgran Ltd.
With the global plastic recycling market buzzing with business, Transparency Market Research has come out with a report that lays down all pertinent details for existing and upcoming players. According to the TMR analysts, global plastic recycling market was valued at US$34.8 bn in 2017, and is predicted to grow at a strong CAGR of 6.8% during the forecast period.
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When it comes to segments, the demand from the application segment will steer growth during the forecast period, point out TMR analysts. It is augured that companies in the packaging sector will account for the largest consumption in the coming years. On the other hand, Asia Pacific will emerge as the leading geographical segment in the global plastic recycling market.
The global plastic recycling market is segmented based on:
Material
- Polyethylene Terephthalate (PET)
- Polypropylene (PP)
- High Density Polyethylene (HDPE)
- Low Density Polyethylene (LDPE)
- Polystyrene (PS)
- Polyvinyl Chloride (PVC)
- ABS
- Nylon
- Polycarbonate
Application
- Packaging
- Automotive
- Construction
- Textile
- Industrial
- Consumer Goods