Plastic Recycling Market - Global Industry
Analysis, Size, Share, Growth, Trends, and
Forecast 2016 - 2024
Global Plastic Recycling Market: Snapshot
Plastic recycling refers to a process that is performed either mechanically or
chemically to recover plastic waste from discarded items for production of reusable
plastic. The global plastic recycling market has been gaining a steady momentum
over the past few years due to the growing awareness about carbon emissions and
the need to reduce them. Citing this reason, the report states that the global plastic
recycling market, which was valued at US$31.5 bn in 2015 is expected to reach a
figure of US$56.8 bn by 2024. During the forecast period of 2016 and 2024, the
global market is expected to progress at a CAGR of 6.9%.
View Report @ http://www.transparencymarketresearch.com/plastic-
recycling-market.html
Stern Stance on Recycling by Developed Nations Boosts Growth of Global
Market
The global plastic recycling market is anticipated to flourish in the coming years due
to the stern stance of developed regions to ban plastics and reduce the dumping of
plastic wastes in landfills. The state of overflowing landfills has also triggered an
urgent need for recycling plastic instead of producing new material. Furthermore,
the large amount of crude oil required to manufacture makes the production of
virgin plastics considerable expensive than recycling plastics. Thus, the cost-
effectiveness of recycling plastics has also given the market a much-needed
impetus.
On the basis of material, the global plastic recycling market is segmented into PET,
PP, HDPE, LDPE, PS, PVC, ABS, nylon, and polycarbonate. Due to the growing
demand for recycled HDPE and PET plastics, the respective segments are expected
to retain dominance in the global market. These types of plastics are predominantly
used for making bottles for household chemicals, storage containers, and personal
care products. Higher grade of HDPE is also used for making beverage containers,
juice cans, milk bottles, and other edible liquid cans.
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