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Asia Pacific to Lead Global Market as Regional Imports of Plastic Wastes
Increase
On the basis of region, the global market is segmented into North America, Europe,
Asia Pacific, the Middle East and Africa, and Latin America. Of these regions, Asia
Pacific is expected to dominant in the global market throughout the forecast period.
Analysts anticipate that China alone will make a contribution of over 50% to the
global plastic recycling market. Presently, Asia Pacific is the key importer of plastic
scrap of recycling with China and India leading the way. The region is aggressively
engaged in activities such as parings and converting the plastic scrap into recycled
resins for further applications. Cheap labor and relatively lenient governmental
regulations have kept the region at the forefront.
Europe is also expected to show steady growth in the global market due to stringent
laws pertaining to the use of plastic in the region. The region is currently recycling
more than 4.4 million tons of plastic wastes ever year due to ban on dumping
plastic scrap in landfills. Furthermore, the increasing awareness about protection of
the environment is also anticipated to boost the Europe plastic recycling market.
The key players operating in the global plastic recycling market Kuusakoski Oy,
Plasgran Ltd., Envisison Plastics, KW plastics etc. The competitive landscape of the
global market is quite fragmented due to the presence of several players. Each
players holds a small share in the global market. In the coming years, companies
will focus on expanding to emerging economies to remain dominant.
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