Global Plastics Recycling Market to Hit US$ 56.8 billion by 2024

SEATTLE (Scrap Monster): The new research report published by Transparency Market Research (TMR) suggests a CAGR growth of 6.9% during the period from 2016 to 2024. According to the report titled “Plastic Recycling Market-Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-‘24”, the global plastic recycling market which was valued at US$ 31.5 billion in 2015 is expected to touch US$ 56.8 billion by 2024.

The report also notes that global plastic recycling market has gained steady momentum over the past few years, mainly on the back of increased awareness about the harmful impacts of carbon emissions. The legislations to ban plastics and reduce the dumping of plastic wastes in landfills by many developed countries may lead to further growth of worldwide plastics recycling market in the years to come.

Among various regions, Asia Pacific will continue to remain dominant during the forecast period. Incidentally, China alone is expected to account for nearly 50% of the global plastics recycling market. Currently, Asian Pacific region is the primary importer of plastic scrap for recycling, with China and India as the leading importers. The availability of cheap labor and the comparatively relaxed government regulations in the region have helped it to become the leader in recycling plastics into useful products.

Another region that may witness significant growth in plastics recycling is the Europe. The region, which already has imposed a ban on dumping plastic scrap in landfills, recycles more than 4.4 million tons of plastic waste every year. The increased awareness about environmental protection may further boost the region’s plastic recycling market during the forecast period. The report also provides details of plastic recycling market in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA).

The report also provides segmentation based on source, material and application. The market is segmented into rigid and non-rigid by source. Based on material the market is segmented as PET, PP, HDPE, LDPE, PS, PVC, and Others (ABS, Nylon, Polycarbonate etc.). The TMR report also provides segmentation based on application as Packaging, Automotive, Construction, Textile, and Others (Industrial, Consumer goods etc.).

The key players profiled in the report include ARORA FIBRES Limited, Kuusakoski, B&B Plastics Inc., KW Plastics, MBA Polymers UK Ltd. and PLASgran Ltd. The report notes that competitive landscape of the global market remains fragmented due to presence of several players, where each player holds a small share in the global market.

About TMR

Transparency Market Research (TMR) is a market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.