Dublin, March 08, 2021 (GLOBE NEWSWIRE) -- The "Recyclable Plastics Market Growth, Trends & Analysis, By Type, By Source, By Recycling processes, By End-Use Industry And Segment Forecasts To 2027" report has been added to ResearchAndMarkets.com's offering.
Increased concern about plastic pollution, enhancement of the recycling process, and increased demand for plastics are propelling the recyclable plastics market growth.
The Global Recyclable Plastics Market is forecast to reach USD 65.06 Billion by 2027. The awareness about the adverse impact of plastic pollution on environmental stability is on the rise. The rise in awareness about its harmful effect has been the result of experiencing real-life complications associated with plastic pollution and government initiatives in support of the same. Such increased awareness about plastic pollution has acted as a significant driver for the growth of the market. Additionally, a surge in research activities to enhance recycling technologies and the increase in social enterprises dealing with the issue of plastic pollution like UrbanR Recycle+ positively impact the growth of the sector.
There has been a rise in demand for plastic in various regions, China being one of the leading nations. However, in these regions, the need for plastics is comparatively higher than the plastic raw materials required to accommodate the demand from these countries. Such disparity between increased demand and a low supply of plastic raw materials bolsters the growth of the sector. The progress of this sector is reflected in the fact that till 2015, only 0.5 Billion tons, which is only 6% of the total plastic produced, was recycled. However, within only three years, i.e., by 2018, 1.3 Billion tons of plastic were recycled.
Regionally, Asia Pacific can be seen leading the market. In this region, continuous development in the manufacturing sector, the increased availability of labor, and the shortage of plastic raw materials have contributed to its market dominance.
Further key findings from the report suggest
The recyclable plastics market held a market share of USD 42.08 Billion in the year 2019, projected to grow at a rate of 5.5% during the forecast period.
Based on Type, Polyethylene Terephthalate (PET) segment generated the highest revenue of about USD 14.30 Billion in 2019, with an estimated CAGR of 6.5% over the forecast period. The growth of this segment has been the result of the fact that PET is wholly recyclable and has a low recycling cost as compared to other types of plastic.
Based on source of production of recyclable plastics, the Bottles segment generated the highest revenue of around USD 26.43 Billion in the year 2019 with a considerable growth rate of 6.2% during the forecast period. The revenue generated by this segment has been the result of the presence of well-regulated and established collection infrastructure and deposit laws in specific nations.
Based on recycling processes, the Mechanical Recycling segment is seen to lead the market and generated a significant revenue of USD 27.11 Billion in 2019, expected to deliver a growth rate of 5.6% during the forecast period. The fact that this type of recycling process is effective in recycling products without much hassle and it is simple in terms of its operation has resulted in its high rate of incorporation for recycling household plastic waste, which has contributed to the revenue generated by it.
Based on end-use industry, the Packaging segment generated the highest revenue of USD 15.93 Billion in 2019, with a growth rate of 6.1% during the forecast period. The revenue generated by this segment has been the result of the rise in consumption of packaged food and the expansion of the food and beverage sector.
Based on region, Asia Pacific is projected to yield the highest revenue of USD 14.26 Billion in 2019, with a growth rate of 6.2% during the forecast period. The revenue generated by this region has resulted from continuous development in the manufacturing sector, an increase in demand among consumers, a shortage of plastic raw materials, and the easy availability of labor.
Key Topics Covered:
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Recyclable plastics Market Segmentation & Impact Analysis
Chapter 5. Recyclable plastics Market By Type Insights & Trends
Chapter 6. Recyclable plastics Market By Source Insights & Trends
Chapter 7. Recyclable plastics Market By Recycling processes Insights & Trends
Chapter 8. Recyclable plastics Market By End-Use Industry Insights & Trends
Chapter 9. Recyclable plastics Market Regional Outlook
Chapter 10. Competitive Landscape
Chapter 11. Company Profiles
B. Schoenberg & Co. Inc. Delta Plastics
Suez Recycling & Recovery Holdings
Clear Path Recycling
For more information about this report visit https://www.researchandmarkets.com/r/3eoiol
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