In a recent published report, Kenneth Research has updated the market report for Plastic Recycling Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Plastic Recycling Market products.
Plastic recycling is a process of recovering waste plastic and reprocessing it into reusable products. Plastic being lightweight and inexpensive in nature it can easily be converted into useful products. The advancements in recycling techniques has led to the penetration of recycled plastic into various end use industries ranging from building and construction to the textile industry.
Request To Download Sample of This Strategic Report: https://www.kennethresearch.com/sample-request-10220907
The growing government participation in the recycling of plastic waste is projected to be one of the vital factors leading the market growth. However, the lack of awareness about plastic recycling is one of the major downside to the growth of the global market. According to insights and reports analysis, the global plastic recycling market is expected to grow at CAGR of over 6% during the review period.
Plastic Recycling Market: An Upward Trend
The growing demand for plastic across various sectors along with the problems associated with disposable of conventional plastics are some of the major factors positively contributing to the revenue of the global plastic recycling market. Recycled plastics are used across various end use industries owing to its ability to impart the same characteristics as virgin plastics with added environmental and energy saving benefits.
The growing pollution especially in the emerging economies has resulted in the shift towards recycled plastics which in turn is projected to add major value to the growth of the market during the assessed period.
On the basis of type, the polyethylene terephthalate (PET) is projected to be the largest market during the forecast years. The ease of collection of polyethylene terephthalate from PET bottles along with the easy recyclability is the dominant factor adding to the growth of the market. Moreover, recycled PET is widely used in pharmaceuticals, cosmetics, beverage bottling, and electronics owing to its ability to resist the growth of mold, bacteria and fungus.
Additionally, recycling of PET requires less energy in comparison with its production which is another factor positively affecting the growth of the segment. On the basis of process mechanical recycling process is the most commonly used method however chemical recycling process is expected to show substantial growth by the end of the forecast period.
On the basis of end use industry, the packaging segment is projected to generate maximum gains during the forecast period. The growing government mandates for the shift towards sustainable packaging alternative is projected to surge the growth of the segment during the forecast years.
On the basis of region, the global plastic recycling market can be segregated into North America, Europe, Asia pacific, Latin America, Middle East and Africa. According to insights and reports analysis, the plastic recycling market in Asia Pacific is projected to burgeoning growth during the given period. The rising population in this region has compelled many industry players to shift towards the use of recycled plastic owing to demand of the product in the market.
Moreover, the presence of the largest manufacturer of recycled PET (China) is anticipated to make the Asia Pacific market more competitive during the review period. European market is also anticipated to show significant growth during the forecast period. The presence of strict regulation in this region is the major factor attributing to the growth of this market. For instance, according to the European Union (EU) waste regulation plan, the member states are given a target to recycle 50% of their municipal waste and 70% of their construction waste by 2020.
The proficient players operating in the global plastic recycling market has adopted various organic and inorganic growth strategies to enhance their presence in the global market. For instance, in 13th June 2018, Veolia entered into a partnership with Plastic Odyssey to design the first vessel powered by recycling plastic waste.
A prototype was launched in France and the construction of this vessel is announced to be operation from 2019. Some of the major players operating in the global Plastic Recycling Market market are Plasgran Limited, Ultrepet,Llc, Veolia, Kw Plastics, Custom Polymers, Inc, and Green-O-Tech India among others.
About Kenneth Research:-
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
Email : Sales@kennethresearch.com
Phone: +1 313 462 0609