SEATTLE (Scrap Monster): InsightAce Analytic Pvt. Ltd. announced release of a new market report, which states that the global plastic recycling market is anticipated to touch $77.19 billion by 2031, growing at a CAGR of 7.17% during the forecast period.
According to the report, the rising awareness on the benefits of energy conservation coupled with growing efforts to cut carbon emissions will drive demand for plastic recycling markets across the globe. The growth will be further steered by expanding applications of recycled plastics in various industries, including packaging, textile, construction etc.
However, the rapid expansion of the global plastics recycling market is impeded by lack of adequate knowledge of recyclable materials as an alternative to virgin plastics and high cost of recycled materials.
In terms of revenue and projected growth, the North American plastic recycling market is expected to dominate over the other regional markets. The rising need for non-residential infrastructure projects will boost the demand for various construction materials. In addition, the adoption of latest strategies by major players in Europe is likely to increase the region’s share of the global market.
The report names Kuusakoski, Berry Global Inc., B&B Plastic Inc., Plastipak Holdings, Inc. and WM Recycle America, LLC as a few among the prominent market players in the plastic recycling market.
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