Published on : Feb 27, 2017
Albany, New York, February 27, 2017: The global plastic recycling market has been rapidly increasing over the past few years due to the increasing awareness about emission of carbon. Market Research Hub (MRH) has just posted a new research report into its massive database titled as “Global Plastic Recycling Market” – Forecast 2016–2024. This report analyzes the global plastic recycling market, which was valued at $31.5 billion in 2015 and is likely to touch the digit of $56.8 billion by 2024. The global market is witnessed to grow at a CAGR of 6.9% over the forecast period of 2016 – 2024.
The preliminary phase of the report starts with defining the procedures of plastic recycling, by executed chemically or mechanically to recover plastic waste from discarded items for the production of reusable plastic. Plastic is a non-biogradable waste and the recycling of plastic is global effort to reduce plastic in the waste stream. The global market of plastic recycling is estimated to increase in coming years due to the strict view of developed regions and countries to sanction the use of plastics and decrease the dumping of plastic scraps in landfills. The present condition of overflowing landfills has also prompted an urgent requirement for recycling the plastic instead of generating new material.
On the basis of Geography, the global market is segmented into following regions - Europe, the Middle East and Africa (MEA), Asia Pacific, North America and Latin America (LATAM). Of these regions, Asia Pacific (APAC) is estimated to lead in the global market of plastic recycling throughout the forecast period.
The global plastic recycling market has been divided into the following parts.
On the basis of – Material Analysis
- PP – ketchup bottles
- PET - Transparent bottles, with a rigid moulded spot in the center of the base
- PVC - Transparent bottles, with a seam running across the base
- HDPE - Opaque bottles
- PS and
- Others (Nylon, ABS, Polycarbonate etc.)
These types of plastics are primarily used for making bottles for household chemicals, personal care products and storage containers. Higher grade of HDPE plastic is also used for making juice bottles and cans, beverage containers, milk bottles and other edible liquid cans.
On the basis of – Application Analysis
- Food Contact
- Non-food Contact
- Construction and
- Others (consumer goods and industrial etc.)
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Final phase of the report analyses the major companies for global plastic recycling market and profiled companies are; ARORA FIBRES Limited, B&B Plastics Inc., Kuusakoski Oy, Envisison Plastics, MBA Polymers UK Ltd., KW Plastics and PLASgran Ltd.
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