DUBLIN--(BUSINESS WIRE )--The "Global Plastic Recycling Market Size, Trends & Growth Opportunity, By Source, By Type, By Recycling Method, By Application, By Region and Forecast till 2027." report has been added to ResearchAndMarkets.com's offering.
The global plastic recycling market was valued at $44,130.00 million in 2021, estimated to reach $56,200.00 million in 2027, with a CAGR of 3.54% from 2021-2027.
Plastic recycling is defined as the process of recovering various types of plastic materials to repurpose them into new goods. In most cases, an object constructed of recycled plastic cannot be recycled again. Plastic goes through five phases before being recycled, such as, sorting, washing, shredding, shredding and extruding.
Plastic recycling is primarily accomplished through two processes like heat compression & monomerization. This process contributes to the conservation of non-renewable fossil fuels, the reduction of energy consumption in the creation of new plastic, the reduction of solid waste going to landfills, and the reduction of greenhouse gas emissions such as carbon dioxide into the atmosphere.
The demand for recycled plastics is advancing in various industries including packaging, food and beverages, and consumer goods. In the food and beverage industry, the consumption of recyclable polymer is increasing due to the high demand for food-safe packaging material. These materials can effectively replace conventional plastics as a barrier between the food products & the environmental factors, which ultimately increases the growth of global plastic recycling market over the forecast period.
Besides food & beverage packaging, recycled plastics are used in the packaging of products like toys, fashion accessories, and sports equipment, which helps in increasing the product's durability. Further, these plastics have found increased demand in the packaging of products like surfactants, soaps, shampoos, and other personal care due to its non-reactive nature.
Virgin Plastics are used in several applications, including the packaging of food to produce automotive components. They have significant advantage over their recycled alternatives in terms of quality. Although the regulatory groups have developed mandates to increase the use of PCR plastics in the packaging products, the manufacturers are doubtful towards using them due to chances of impurities.
Also, the ban on import of certain waste plastic scraps to China & irregular collection of the waste plastics for its reprocessing are some of the factors challenging the growth of the global plastic recycling market globally.
Veolia, Suez, KW Plastics, Jayplas, B. Schoenberg & Co., B&B Plastics, Green Line Polymers, Clear Path Recycling, Custom Polymers, Plastipak Holdings, etc.
Key Questions Addressed by the Report
For more information about this report visit https://www.researchandmarkets.com/r/df2e81
ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900