New York, January 2022: Axiom Market Research & Consulting™ added a report on Plastic Recycling Market which includes study on type, recycling method, application, and geography. Plastic Recycling Market was projected to grow at a CAGR of 7.00% for the forecast period 2022 to 2028. The global market is estimated and forecasted in terms of revenue (USD Million) generated by the Plastic Recycling Market.

The factors such as increasing use of plastic in the packaging industry because of their performance because of their performance, durability and cost effectiveness, government support for recycling the plastic and setting up of a plastic recycling fund for the purpose of enabling and removing of the plastic waste has been driving the growth of the plastic recycling market during the forecast period. 

The report analyses the plastic recycling market based on type, recycling method, application, and geography. By type, the plastic recycling market is segmented into polyethylene terephthalate (PET), polyethylene, polypropylene, polyvinyl chloride (PVC), and polystyrene. By recycling method, the plastic recycling market mechanical and chemical. By application, the plastic recycling market is segmented into packaging, building & construction, and automotive. Geographically, the plastic recycling market is studied for the regions including North America, Europe, Asia Pacific, and Rest of the World. 

Polyethylene terephthalate (PET) is expected to lead the plastic recycling market

The factors such as increasing application of the polyethylene terephthalate (PET) in the process of electronics, construction and packaging has been responsible for driving the growth of the segment in the plastic recycling market during the forecast period. 

Mechanical recycling method segment dominated the plastic recycling market

The recovering of the plastics by processing through washing, grinding, separating, compounding, re-granulating, and drying, along with recycling the bio-based plastics increasing the fossil carbon reduction potential by keeping the renewable carbon in the material cycle even longer driving the growth of the segment in the market during the forecast period. 

Packaging application segment is expected to hold significant number of share in the plastic recycling market

The intrinsic properties that have been providing quality maintenance and distribution system of the products, along with the shelf life, and delivering the protection has been further boosting the growth of the plastic recycling market during the forecast period. 

Asia Pacific is expected to witness fast growth in the plastic recycling market

The factors such as rapid development and various policies and regulations for supporting the waste management and environmental protection, along with increasing population across the world along with the increasing plastic waste has been contributing to the growth of the plastic recycling market in the region during the forecast period. 

Key Players

The key players in the plastic recycling market are Envision Plastics, Custom Polymers, Inc., Plastic Recycling Inc., UltrePET, LLC, KW Plastics, Inc., Green-O-Tech India, CarbonLITE Industries, Seraphim Plastics, MBA Polymers Inc., Kuusakoski Group Oy, Waste Connections Inc., Evolve Polymers Ltd., Clear Path Recycling and CarbonLITE Industries among others.

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