The global plastic recycling market was valued at US$ 34.80 Bn in 2017 and is anticipated to expand at a CAGR of 6.8% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Plastic Recycling Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ The global plastic recycling market is driven by the rise in demand for recycled plastic in the packaging industry. Asia Pacific accounts for major share of the global plastic recycling market.

Ban on Landfills in Developed Countries to Boost Market

Plastic recycling is a mechanical and/or chemical process of recovering plastic waste or scrap discarded during the production of plastic products (pre-consumer plastic waste) or after the use of these products by consumers (post-consumer plastic waste). Plastic recycling is not only economical, but also helps decrease carbon emission. Developed countries, especially those in Europe, have imposed landfill bans on plastic waste in order to recover and recycle plastic waste. In 2016, 10 countries in the European Union banned the dumping of plastic waste in landfills. These countries recorded significant rise in the plastic recycling rate after the imposition of the ban. The European Committee of the Regions (CoR) expects the ban on plastic dumping in landfills to be imposed across the EU by 2020.

Rise in Awareness about Environmental Protection to Offer Attractive Growth Opportunities

Governments and several private organizations are developing extensive programs to channel plastic wastes into collection streams in order to prevent trash from seeping into oceans. These organizations are also promoting recycling to protect the environment from landfill hazards. Techniques such as curbside recycling and drop-off recycling; and buy-back and deposit/refund centers are helping organizations collect the maximum amount of trash for recycling. Plastic banks exchange plastic trash for other products, cash, or services to prevent littering.

Request to view Sample Report:
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=9049



Packaging Industry to Offer Attractive Growth Opportunities

In terms of volume and value, the packaging application segment held major share of the plastic recycling market in 2017. It was followed by the construction segment; products such as plastic lumber, street furniture, roof and floor tiles, playground equipment, and windows and doors are largely used in the construction segment. Increase in consumption of plastic, especially in the packaging application, and rise in need to dispose of the generated plastic waste in eco-friendly and responsible manner are augmenting the plastic recycling market. PET is one of the highly recycled plastics in the world. Most countries have developed dedicated programs and facilities to collect PET bottles. Most major companies also recycle PET beverage bottles to manufacture beverage bottles. Packaging is carried out for physical protection, barrier protection, containment, and marketing of goods. Plastic packaging is usually carried out in two forms: rigid packaging and flexible packaging. Rigid packaging usually includes containers, rigid bottles, and boxes, while flexible packaging comprises plastics wraps, carrier bags, sachets, packets, and covers. Packaging is also a major end-user industry of recycled plastics.

Volatility in Prices of Virgin Plastics to Hamper Plastic Recycling Market

Changes in prices of oil and gas directly affect the cost of plastic manufacturing. The recent decline in oil and gas prices adversely affected the cost of raw materials used for the production of virgin plastic. This, in turn, significantly hampered the prices of virgin polymer across the globe. Thus, demand for recycled plastic decreased sharply, as the prices of virgin plastic were low. However, prices of virgin plastic are estimated to increase during the forecast period. This, in turn, is anticipated to boost the demand for recycled plastic.

About Us

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

Contact Us

Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email:[email protected]
Website: http://www.transparencymarketresearch.com