The global plastic recycling market is expected to gain significant momentum in the forecast period 2020-2027. The mechanical recycling sub-segment is set to gain the highest market share. The polyethylene terephthalate (PET) material sub-segment is predicted to dominate the market. The Asia Pacific region is expected to further add to the market growth.

New York, USA, July 26, 2021 (GLOBE NEWSWIRE) -- The latest report published by Research Dive states that the global plastic recycling market is predicted to witness a rise in revenue from $32,640.0 million in 2018 to over $54,019.1 million by 2026 at a stable CAGR of 6.5% from 2019-2026.

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Market Analysis

Plastic is one of the largest contributors of environmental pollution and due to this reason several governments have been implementing regulations that could further help in reduction of plastic use. Most industries and governments are also working on recycling a majority of the plastic which has also led to people becoming more aware and opting for recycled plastic rather than the conventional one. These factors have added to the growth of the global plastic recycling market.

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Though there is basic awareness, most people do not know about the various types of plastic and how they require different methods of recycling. To add further, collecting large quantities of plastic in a single place for recycling purposes is a tedious task which has led to a drop in the growth rate of the market.

But, on the positive side, many experts of the industry are working on multiple research activities to come up with more eco-friendly and bio-degradable alternatives of everyday objects. Also, lately, plastic is used in the production of fabric for the textile industry. This is one of the prominent causes providing the market an opportunity to grow further in the estimated timeframe.

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Segmental Analysis

The market is segregated into multiple segments based on recycling process, material, and regional outlook.

Mechanical Recycling Process Sub-segment set to Dominate the Market

By recycling process, the mechanical process sub-segment is expected to witness a significant rise in revenue at a steady CAGR of 7.6% in the analysis period. The mechanical recycling process is where a plastic object is again transformed into its raw material form without altering its basic property. This method is an economical option as it can help bring down the manufacturing cost of recycled plastic. These factors are expected to assist in the growth of the sub-segment.

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Polyethylene Terephthlate (PET) Material Sub-segment Expected to Grow at the Fastest Rate

By material, the polyethylene terephthlate (PET) material sub-segment garnered a revenue of $10,705.9 million in 2018 and is predicted to rise further in the forecast period. PET material is used in making multiple products and can also be easily recycled. Additionally, the cost of recycling is also low which is set to further add to the growth of the sub-segment.

Regional Analysis

The Asia-Pacific region is the largest contributor to the market as it garnered significant revenue of $12,403.2 million in 2018 and is set to rise even further in the estimated timeframe. This growth is credited to the large quantity of plastic imported into the region due to the favourable government regulations of recycling plastic waste. Also, the presence of a larger workforce helps reduce the cost of the entire process adding to the growth of the global plastic recycling market.

Key Market Players

The report contains a list of notable market players who have been ensuring the constant growth of the market. They are as listed below:

1. REPLAS
2. Reprocessed Plastic, Inc
3. CarbonLITE Industries
4. KW Plastics, Inc
5. B.SCHOENBERG & CO, INC
6. Wellman Advances Materials
7. wTe Corporation
8. Clear Path Recycling
9. PLASgran Ltd
10. Luxus Ltd
11. Envision Plastic Industries, LLC
12. Advanced Environmental Technologies, Inc
13. Custom Polymers
14. Kuusakoski

For instance, in October 2020, CarbonLITE Industries, a global leader in the production of food-grade recycled PET, established a new recycling plant in Reading, Pennslyvania which is spread over an area of 2,70,000 square feet and is valued to be at $80 million. This plant that is also fitted with the latest robotics and machinery is expected to recycle over 140 million pounds of PET on a yearly base which is expected to produce 2.5 billion more recycled bottles.

The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report

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