The Recycled Plastic Market is segmented on the basis of source, method, application, and region. On the basis of source, it is classified into tubs, trays, rigid, flexible plastics, and bags. Methods of recycling include thermal decomposition, heat compression, distributed recycling, and others. On the basis of application, it is categorized into construction, packing, clothes, landscaping, and others. Region-wise, it is analyzed for North America, Europe, Asia-Pacific, and LAMEA.
The Major Key players Are:
Viridor waste management Ltd., Plasgran Ltd., Centrifore products ltd., Arora fibres Ltd., Kuusakoski recycling ltd., B & B plastics recycling Inc., CarbonLite industries LLC, Custom polymers,Inc., Envision plastics industries LLC, and Dart container corporation.
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Plastic recycling is the process of converting scrap or waste plastic into useful products. Since, most of the plastic is non-biodegradable, recycling is a part of global efforts to reduce the plastic pollution. According to a report by the National Audit Office, the UK produced 11 million tons of plastic waste in 2017 and out of which 7.5 million tones was recycled. According to a data analysis of Plastics Europe, European plastic production, demand, and waste is set to reduce through Plastic-2030 initiative. The aim of Plastics-2030 is to reuse and recycle 60% of the plastic packing.
The reuse of plastic waste in a wide range of goods, design, and fabrication is expected to drive the growth of recycled plastic market. Also, growing awareness for energy savings and low cost of used plastic are driving the growth of the market. Goods such as plastic bottles, shoes, construction material, showcase materials, furniture, and pipes, find use in several sectors including construction, packaging, clothing materials, and others. Difficulties in recycling plastic from ink, pigments, and adhesives are anticipated to hamper the growth of the recycled plastic market in upcoming years.
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Factors such as ban on importing plastic to China for recycling are expected to hamper the market growth. New methods like pyrolysis, heat compression, monomer process of recycling plastic, and others are expected to better opportunities for plastic recycling organizations in the future. Also, the Indian Institute of Petroleum has invented a technology that can convert plastic waste into high grade petrol, diesel, and LPG. Such plants are to be setup in the coming years, which is expected to boost the economy, increasing employment. Hence, it’s the best opportunity for the growth of the recycled plastic market.
KEY BENEFITS FOR STAKEHOLDERS:
- The recycled plastic market size has been analyzed across all regions.
- Porter’s five force analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for building strategies.
- The report outlines the current market trends and future scenario of the market size from 2018 to 2026 to understand the prevailing opportunities and potential investment pockets.
- Major countries in the regions have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, and market opportunities and their detailed impact analysis are elucidated in the study.
- The market analysis covers in-depth information of major recycled plastic industry participants.
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