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Plastic Recycling Market, by Recycling Process

RA00173

Plastic Recycling Market, by Recycling Process (Mechanical, Chemical), Material (Polyethylene Terephthalate (PET), High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Polypropylene (PP), Others), Regional Analysis (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2026

RA00173

Pages: 120

Apr 2020

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Impact of covid-19 on Plastic Recycling Market

Global Plastic Recycling Market Insights, 2026:

According to a new study conducted by Research Dive, the global plastic recycling market forecast will surpass $54,019.1 million by 2026, at a CAGR of 6.5%, increasing from $32,640.0 million in 2018.North Americaregion will experience a significant growth and is estimated to generate a revenue of $16,908.0 million till 2026. The global market is dominated by Asia-Pacific region and accounted for $12,403.2 million in 2018.

Plastics are the materials consisting of semi synthetic and synthetic organic compounds that are flexible and made into items. Due to increasing plastic pollution, there is a need for the removal of these products from the environment through recycling processessince most conventional plastics are non-biodegradable. Plastic recycling is the procedure of collection of plastic waste materials and reprocessing them into useful objects with low carbon emissions. It has several benefits such as minimizing the energy usage & consumption of resources, reducing air & water pollution and eliminating the conventional plastic waste disposal systems.

Driving Factors: Growing awareness about plastic disposal along with government regulations on reducing plastic use are major driving factors for the growth of the market

The growing focus to minimize plastic usage coupled with growing government regulations on usage of conventional plastic due to increasing environmental pollution are significantly driving the growth of the plastic recycling market. Also, most of the governments in developed and developing economies are initiating the adoption of recycled plastic products to minimize plastic waste. This is expected to drivethe market growth. In addition, growing awareness among people about the usage of recycled plastic over conventional plastics will enhance the market growth in the projected time. Furthermore, growing use of recycled plastic products in the end use industries such as automotive, packaging, electronics and other industries and favorable advantages encouraging the use of recycled plastic products and their derivative are boosting the growth of the market.

Market Restraint: Lack of knowledge on recycled plastics is a major restraint for the growth of the market

Dearth of awareness regarding importance of recycled plastic products and their derivatives is significantly restraining the plastic recycling market growth. In addition, struggle in gathering of plastic wastes and raw materials is also projected to limit the market growth. Furthermore, strict regulations on the import of plastic waste from china is still a challenge for the manufacturers to produce recycled plastics. 

Constant increase in the R&D activities and favorable initiatives are generating important investment opportunities for the growth of the market

Constant growth in the R&D activities to produce bio-degradable and eco-friendly recycled plastics to minimize environmental effects is a major growth opportunity for the growth of plastic recycling market. In addition, growing use of recycled plastics for fabric manufacturing in the textile industry is also a favorable factor that will drive the market growth in the coming years. 

Plastic Recycling Market Segmentations, by Recycling Process:

Plastic recycling market for mechanical recycling process will witness to grow at a remarkable rate of 7.6% CAGR and is expected to generate highest revenue in the coming years. Mechanical recycling is a procedure where plastic wastes are recycled into raw material without changing basic properties of the plastics. Due to mechanical recycling, the manufacturing cost of the recycled plastic can be reduced; this factor is anticipated to drive the market size in the forecast period. The chemical recycling process market accounted for significant market share in the year 2018 and is projected to reach up to $25,659.1 million till 2026. Chemical recycling is the process to convert plastic waste into individual monomers by using specific chemicals based on type of plastic, and the produced monomers can be used in clothing, carpet and packaging. This aspect is anticipated to drive the market size in the forecast time. 
 

Polyethylene terephthalate (PET) material market holds the largest plastic recycling market size; it registered for $10,705.9 million in 2018 and is projected to be the fastest growing material segment in recycled plastic market throughout the estimated time. PET plastic materials are easy to recycle and the cost for the recycle process is also low compared to that of other materials; these factors will enhance the market size in the forecast period. In addition, PET based recycle plastics have several benefits like lower carbon footprint; these are safer for the food products packaging and are light in weight. Due to the benefits of recycled PET plastics, these materials are used in the food & beverage, automotive and other industries; this factor is further projected to impel the PET market growth in the coming years. 

Polypropylene (PP) material accounted for second largest market share in the previous years and is projected to reach up to $12,964.6 million till 2026. PP materials have benefits like being inexpensive, having high flexural strength due to semi crystalline structure and resistance to moisture. Due to benefits of PP, these plastics are widely used in consumer products, flexible & rigid packaging and textile industry; this aspect is projected to drive the market size in the coming years. 

North America Plastic Recycling Market Insights:

North America region will have massivegrowth opportunities for the market participantsin the coming years

North America region generated evident market share in 2018 and is anticipated to witness fast growth in the market throughout the projected time. Growing initiatives have been taken by North America governments for implementation of domestic recycling plants to minimize the conventional plastics wastes. Also, significant consumer products providers such as Walmart, Coca-Cola, PepsiCo and Campbell are using recycled plastics for packaging of products in North America, which is estimated to impel the market growth in the coming years. 

Asia-Pacific Plastic Recycling Market Overview, 2026:

Asia-Pacific region has dominated the global plastic recycling market size; it was valued at $12,403.2 million in 2018 and is projected to produce significant growth opportunities in the coming years. Asia-pacific region imports plastic waste and recycles major amount of plastic waste because of favorable government rules and less expenditure due to availability of workforce. Also, china is the major revenue contributor in the Asia-Pacific region and is major place for plastic recycling; these factors are anticipated to impel the growth of the market in Asia-Pacific region.

The significant plastic recycling marketplayers includeREPLAS, Clear Path Recycling, Reprocessed Plastic, Inc., PLASgran Ltd, CarbonLITE Industries, Luxus Ltd, KW Plastic, Inc., Envision Plastic Industries LLC, B.SCHOENBERG & CO., INC., Advanced Environmental Recycling Technologies, Inc., Wellman Advanced Materials, Custom Polymers, wTe Corporation and Kuusakoski. These significant players are adopting both organic and inorganic growth approaches such as joint ventures, mergers & acquisitions, R&D investments and new product introductions. Most of the players are implementing same strategies to strengthen their position in the global plastic recycling industry. 

Porter’s Five Forces Analysis for Plastic Recycling Market:

  • BargainingPowerof Suppliers:This market hashuge number of small & medium and large suppliers and growing demand for recycled plastic products. Therefore, trading control of supplier is expected to be high. The bargaining power of suppliers is HIGH.

  • BargainingPowerof Consumers: The market has high concentration of purchasers along with strict government regulation of usage of conventional plastics.Bargaining power of consumers is HIGH.

  • Threat of New Entrants: The market has presence of significant participants and the collection of raw materials is difficult, resulting in rising expenditure for the production, delivering HIGH threat of new entrantsin the industry. 

  • Threat of Substitutes: The plastic recycling markethas medium number of substitute systems and affordability of conventional plastic materials is restricting the use of recycled plastics; therefore, there is MEDIUM threat of substitute.

  • Rivalry among market players: Plastic recycling marketcontains high number of significant participants. These participants are concentrating on new technology introduction, new product launches and R&D investments to produce ecofriendly product, and thereby rising their company value in global industry. This factor is resulting in HIGH rivalry among the market players.

Aspect

Particulars

  Historical Market Estimations

  2018-2019

  Base Year for Market Estimation

  2018

  Forecast timeline for Market Projection

  2019-2026

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Recycling Process

  • Mechanical
  • Chemical

  Segmentation by Material

 

  • Polyethylene Terephthalate (PET)
  • High-Density Polyethylene (HDPE)
  • Low-Density Polyethylene (LDPE)
  • Polypropylene (PP)
  • Others

  Key Countries covered

U.S., Canada, Germany, UK, Italy, Spain, Russia, Japan, China, India, South Korea, Australia, Brazil,Argentina, GCC and Saudi Arabia

  Key Companies Profiled

  • REPLAS
  • Clear Path Recycling
  • Reprocessed Plastic, Inc.
  • PLASgran Ltd
  • CarbonLITE Industries
  • Luxus Ltd
  • KW Plastic, Inc.
  • Envision Plastic Industries LLC
  • B.SCHOENBERG & CO., INC.
  • Advanced Environmental Recycling Technologies, Inc.
  • Wellman Advanced Materials
  • Custom Polymers
  • wTe Corporation
  • Kuusakoski

 


FREQUENTLY ASKED QUESTIONS?
 

A. The global plastic recycling marketsize was over $32,640.0million in 2018 and is further anticipated to reach $54,019.1million by 2026

A. Clear Path Recycling, Reprocessed Plastic, Inc., KW Plastic, Inc., Envision Plastic Industries LLC, Advanced Environmental Recycling Technologies, Inc. and Wellman Advanced Materials are some of the key players in the global plastic recycling market.

A. North America possesses great investment opportunities for the investors to witness the most promising growth in the coming years.

A. Asia-Pacificplastic recycling marketaccounted for $12,403.2 million in 2018.

A. Product development and joint ventures are the key strategies opted by the operating companies in this market.

A. Clear Path Recycling, KW Plastic, Inc., and Wellman Advanced Materialsare investing more on R&D activities for developing new products and technologies.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.Recycling process trends
2.3.Material trends

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.Technology landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Market value chain analysis
3.9.Strategic overview

4.Plastic Recycling Market, by Recycling process

4.1.Mechanical

4.1.1.Market size and forecast, by region, 2018-2026
4.1.2.Comparative market share analysis, 2018 & 2026

4.2.Chemical

4.2.1.Market size and forecast, by region, 2018-2026
4.2.2.Comparative market share analysis, 2018 & 2026

5.Plastic Recycling Market, by Material

5.1.Polyethylene Terephthalate (PET)

5.1.1.Market size and forecast, by region, 2018-2026
5.1.2.Comparative market share analysis, 2018 & 2026

5.2.High-Density Polyethylene (HDPE)

5.2.1.Market size and forecast, by region, 2018-2026
5.2.2.Comparative market share analysis, 2018 & 2026

5.3.Low-Density Polyethylene (LDPE)

5.3.1.Market size and forecast, by region, 2018-2026
5.3.2.Comparative market share analysis, 2018 & 2026

5.4.Polypropylene (PP)

5.4.1.Market size and forecast, by region, 2018-2026
5.4.2.Comparative market share analysis, 2018 & 2026

5.5.Others

5.5.1.Market size and forecast, by region, 2018-2026
5.5.2.Comparative market share analysis, 2018 & 2026

6.Plastic Recycling Market, by Region

6.1.North America

6.1.1.Market size and forecast, by recycling process, 2018-2026
6.1.2.Market size and forecast, byMaterial, 2018-2026
6.1.3.Market size and forecast, by country, 2018-2026
6.1.4.Comparative market share analysis, 2018 & 2026
6.1.5.U.S.

6.1.5.1.Market size and forecast, by recycling process, 2018-2026
6.1.5.2.Market size and forecast, by Material, 2018-2026
6.1.5.3.Comparative market share analysis, 2018 & 2026

6.1.6.Canada

6.1.6.1.Market size and forecast, by recycling process, 2018-2026
6.1.6.2.Market size and forecast, by Material, 2018-2026
6.1.6.3.Comparative market share analysis, 2018 & 2026

6.1.7.Mexico

6.1.7.1.Market size and forecast, by recycling process, 2018-2026
6.1.7.2.Market size and forecast, by Material, 2018-2026
6.1.7.3.Comparative market share analysis, 2018 & 2026

6.2.Europe

6.2.1.Market size and forecast, by recycling process, 2018-2026
6.2.2.Market size and forecast, by Material, 2018-2026
6.2.3.Market size and forecast, by country, 2018-2026
6.2.4.Comparative market share analysis, 2018 & 2026
6.2.5.Germany 

6.2.5.1.Market size and forecast, by recycling process, 2018-2026
6.2.5.2.Market size and forecast, by Material, 2018-2026
6.2.5.3.Comparative market share analysis, 2018 & 2026

6.2.6.UK

6.2.6.1.Market size and forecast, by recycling process, 2018-2026
6.2.6.2.Market size and forecast, by Material, 2018-2026
6.2.6.3.Comparative market share analysis, 2018 & 2026

6.2.7.France

6.2.7.1.Market size and forecast, by recycling process, 2018-2026
6.2.7.2.Market size and forecast, by Material, 2018-2026
6.2.7.3.Comparative market share analysis, 2018 & 2026

6.2.8.Spain

6.2.8.1.Market size and forecast, by recycling process, 2018-2026
6.2.8.2.Market size and forecast, by Material, 2018-2026
6.2.8.3.Comparative market share analysis, 2018 & 2026

6.2.9.Italy 

6.2.9.1.Market size and forecast, by recycling process, 2018-2026
6.2.9.2.Market size and forecast, by Material, 2018-2026
6.2.9.3.Comparative market share analysis, 2018 & 2026

6.2.10.Rest of Europe

6.2.10.1.Market size and forecast, by recycling process, 2018-2026
6.2.10.2.Market size and forecast, by Material, 2018-2026
6.2.10.3.Comparative market share analysis, 2018 & 2026

6.3.Asia Pacific

6.3.1.Market size and forecast, by recycling process, 2018-2026
6.3.2.Market size and forecast, by Material, 2018-2026
6.3.3.Market size and forecast, by country, 2018-2026
6.3.4.Comparative market share analysis, 2018 & 2026
6.3.5.China

6.3.5.1.Market size and forecast, by recycling process, 2018-2026
6.3.5.2.Market size and forecast, by Material, 2018-2026
6.3.5.3.Comparative market share analysis, 2018 & 2026

6.3.6.India 

6.3.6.1.Market size and forecast, by recycling process, 2018-2026
6.3.6.2.Market size and forecast, by Material, 2018-2026
6.3.6.3.Comparative market share analysis, 2018 & 2026

6.3.7.Japan 

6.3.7.1.Market size and forecast, by recycling process, 2018-2026
6.3.7.2.Market size and forecast, by Material, 2018-2026
6.3.7.3.Comparative market share analysis, 2018 & 2026

6.3.8.Australia 

6.3.8.1.Market size and forecast, by recycling process, 2018-2026
6.3.8.2.Market size and forecast, by Material, 2018-2026
6.3.8.3.Comparative market share analysis, 2018 & 2026

6.3.9.Rest of Asia Pacific

6.3.9.1.Market size and forecast, by recycling process, 2018-2026
6.3.9.2.Market size and forecast, by Material, 2018-2026
6.3.9.3.Comparative market share analysis, 2018 & 2026

6.4.LAMEA

6.4.1.Market size and forecast, by recycling process, 2018-2026
6.4.2.Market size and forecast, by Material, 2018-2026
6.4.3.Market size and forecast, by country, 2018-2026
6.4.4.Comparative market share analysis, 2018 & 2026

6.4.5.Latin America 

6.4.5.1.Market size and forecast, by recycling process, 2018-2026
6.4.5.2.Market size and forecast, by Material, 2018-2026
6.4.5.3.Comparative market share analysis, 2018 & 2026

6.4.6.Middle East 

6.4.6.1.Market size and forecast, by recycling process, 2018-2026
6.4.6.2.Market size and forecast, by Material, 2018-2026
6.4.6.3.Comparative market share analysis, 2018 & 2026

6.4.7.Africa

6.4.7.1.Market size and forecast, by recycling process, 2018-2026
6.4.7.2.Market size and forecast, by Material, 2018-2026
6.4.7.3.Comparative market share analysis, 2018 & 2026

7.Company profiles

7.1.REPLAS

7.1.1.Business overview
7.1.2.Financial performance
7.1.3.Product portfolio
7.1.4.Recent strategic moves & developments
7.1.5.SWOT analysis

7.2.Clear Path Recycling

7.2.1.Business overview
7.2.2.Financial performance
7.2.3.Product portfolio
7.2.4.Recent strategic moves & developments
7.2.5.SWOT analysis

7.3.Reprocessed Plastic, Inc.

7.3.1.Business overview
7.3.2.Financial performance
7.3.3.Product portfolio
7.3.4.Recent strategic moves & developments
7.3.5.SWOT analysis

7.4.PLASgran Ltd

7.4.1.Business overview
7.4.2.Financial performance
7.4.3.Product portfolio
7.4.4.Recent strategic moves & developments
7.4.5.SWOT analysis

7.5.CarbonLITE Industries 

7.5.1.Business overview
7.5.2.Financial performance
7.5.3.Product portfolio
7.5.4.Recent strategic moves & developments
7.5.5.SWOT analysis

7.6.Luxus Ltd

7.6.1.Business overview
7.6.2.Financial performance
7.6.3.Product portfolio
7.6.4.Recent strategic moves & developments
7.6.5.SWOT analysis

7.7.KW Plastic , Inc.

7.7.1.Business overview
7.7.2.Financial performance
7.7.3.Product portfolio
7.7.4.Recent strategic moves & developments
7.7.5.SWOT analysis

7.8.Envision Plastic Industries LLC

7.8.1.Business overview
7.8.2.Financial performance
7.8.3.Product portfolio
7.8.4.Recent strategic moves & developments
7.8.5.SWOT analysis

7.9.B.SCHOENBERG & CO., INC. 

7.9.1.Business overview
7.9.2.Financial performance
7.9.3.Product portfolio
7.9.4.Recent strategic moves & developments
7.9.5.SWOT analysis

7.10.Advanced Environmental Recycling Technologies, Inc.

7.10.1.Business overview
7.10.2.Financial performance
7.10.3.Product portfolio
7.10.4.Recent strategic moves & developments
7.10.5.SWOT analysis

7.11.Wellman Advanced Materials

7.11.1.Business overview
7.11.2.Financial performance
7.11.3.Product portfolio
7.11.4.Recent strategic moves & developments
7.11.5.SWOT analysis

7.12.Custom Polymers

7.12.1.Business overview
7.12.2.Financial performance
7.12.3.Product portfolio
7.12.4.Recent strategic moves & developments
7.12.5.SWOT analysis

7.13.wTe Corporation

7.13.1.Business overview
7.13.2.Financial performance
7.13.3.Product portfolio
7.13.4.Recent strategic moves & developments
7.13.5.SWOT analysis

7.14.Kuusakoski

7.14.1.Business overview
7.14.2.Financial performance
7.14.3.Product portfolio
7.14.4.Recent strategic moves & developments
7.14.5.SWOT analysis

 

Generally, plastic recycling is a process of amassing waste or scrap plastic and recycling them into useful products. The plastic recycling process contributes to the greater cause of conserving environmental resources or saving oceans and seas from harmful pollutants.  

Plastic recycling is a six step process which include collecting, sorting, shredding, cleaning, melting, and making pellets. 

Owing to the recent environment preservation campaigns, plastic recycling market has seen a promising growth rate during the past years.

The Most Recent Developments in the Plastic Recycling Industry

With the newer innovations in the realm of recycling technologies, the plastic recycling process has become more cost-effective and hassle-free. 

Reliable detectors, sophisticated decision, and recognition software are some of the technological approaches that are helping enhance the productivity, efficiency, and accuracy of automatic sorting of plastics. 

Inventing higher value applications for recycled polymers in closed-loop recycling processes is another important innovation of plastic recycling process.

Thereprocessing of non-bottle plastic packaging has become reasonable, because of the latest developments in the washing or cleaning and sorting technologies.

Latest News related to Merger and Acquisition

As per a recent report by Research  Dive, the leading players of the plastic recycling market include Clear Path Recycling, REPLAS, PLASgran Ltd, Reprocessed Plastic Inc., Envision Plastic Industries LLC,CarbonLITE Industries, KW Plastic Inc., Luxus Ltd,B.SCHOENBERG & CO., INC., Wellman Advanced Materials,Advanced Environmental Recycling Technologies Inc., Custom Polymers, Kuusakoski, and wTe Corporation.

These market players are adopting several smart strategies including product innovation and launches, current technology upgradation, mergers and acquisitions, and partnerships and collaborations to grab the highest market size.

Here’s a few recent news impacting the plastic recycling market:

  • Mitsubishi Chemical Corporation is going to acquire two engineering plastics recyclers of Switzerland--MingerKunststofftechnik AG and Minger Plastic AG respectively through its group company Mitsubishi Chemical Advanced Materials. This acquisition has been made as a part of the company’s efforts to endorse the circular economy. 

  • Association of Plastic Recyclers has acquired Resource Recycling, Inc., the producer of a number of recycling trade publications and conferences.

  • According to a recent news, Ascend Performance Materials, the largest fully-incorporated producer of polyamide 66 resin has recently signed a memorandum of understanding (MoU) withPoliblend and EssetiPlast GD from D’Ottavio Group. 

  • This purchase by Ascend consists of a manufacturing unit in Mozzate, Italy, the masterbatch portfolio of EssetiPlast GD and the engineering plastics portfolio of Poliblend.

  • Byzen Digital Inc. recently announced about its merging with Clean-Seas, a Delaware corporation. This merge is focused mainly at the world’s growing waste plastic crisis. Byzen will cease operations as a digital holding company and Clean-Seas will take over the Byzen operations allowing the combined company to focus on the global waste plastic crisis.

  • Graf Industrial Corp. (NYSE: GRAF; GRAF WS; GRAF U), a special purpose acquisition company ("GRAF"), proclaimed recently that it is in negotiations relating to a potential business combination with a polypropylene recycling company (the "Target"), pursuant to which the Target would become a publicly traded company (the "Transaction").

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