Factors Driving the Growth of the Global Plastic Recycling Market?
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In the recent years, the growing focus on reducing plastic usage, combined with increased government limitations on the use of conventional plastic due to rising environmental pollution are the factors predicted to propel the growth of the global plastic recycling market in the analysis period 2019-2026. In an attempt to reduce plastic waste, most governments in the developing economies are promoting the use of recycled plastic items. Furthermore, there is a rise in the public awareness regarding the benefits of using recycled plastic over conventional plastics. These are other factors are expected to boost the growth of the global market in the upcoming years.
Besides, the rising awareness regarding plastic disposal and the expanding usage of recycled plastic products in end-use sectors such as automotive, packaging, electronics, and other industries are driving the market growth. Moreover, the major growth opportunities in the global plastic recycling market are due to the constant growth in R&D operations to manufacture biodegradable and eco-friendly recycled plastics in order to minimize environmental consequences.
However, the plastic recycling market’s growth is being limited by a lack of awareness about the importance of recovered plastic products and their derivatives. Furthermore, the growth of the market is expected to be hampered by the difficulty in collecting plastic garbage and raw materials.
Key Players in the Market
Some of the leading players of the global plastic recycling market are Kuusakoski, wTe Corporation, Custom Polymers, Wellman Advanced Materials, Advanced Environmental Recycling Technologies, Inc., Envision Plastic Industries LLC, B.SCHOENBERG & CO., INC., KW Plastic, Inc., Luxus Ltd, CarbonLITE Industries, PLASgran Ltd, Reprocessed Plastic, Inc., Clear Path Recycling, REPLAS, and others. These players are implementing numerous business growth initiatives such as acquisitions and mergers, collaborations & partnerships, investments in R&D, and new product launches to obtain a competitive-edge in the global industry.
Market Forecast
As per a report by Research Dive, the global plastic recycling market held $32,640.0 million in 2018 and is anticipated to garner a revenue of $54,019.1 million and surge with a CAGR of 6.5% during the forecast period 2019-2026.
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