Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Plastics are highly polymerized compounds consisting of carbon and hydrogen and are made from substances such as petroleum, cellulose, coal, natural gas, salt. Plastic waste has become a global problem and must be addressed in order to solve the world's resource and energy challenges. Economic expansion and the spread pattern of mass production and mass processing have led to a steady increase in worldwide emissions of plastic waste. The increasing advances of technologies to recycle plastic waste among other resources is widely been widely adopted, and awareness has also grown for plastic recycling. By using mechanical recycling the production of new plastic products using plastic waste as a raw material is the emerging trend in the plastic recycling market. The typical mechanical recycling process may be split into two types of processes including physical methods to homogenize the waste by storage, shredding, washing and sorting and melt processing by granulation and reprocessing. Therefore recycling offers as excellent solution for economical and eco-friendly disposal of plastic as landfilling is more hazardous to the environment.
The key factor driving the growth of plastic recycling market is increasing use of plastic in the packaging industry due to their performance, cost effectiveness, and durability. Besides government support for recycling plastic is playing major role for reducing carbon footprint and setting up of a plastic recycling fund to enable collection and removal of plastic waste. Furthermore, impact of plastic disposal on the environment is providing opportunity for the market player to recycle plastic ultimately fueling the demand for plastic recycling market.
The exclusive COVID 19 impact analysis report by Axiom MRC provides a 3600 analysis of micro and macro-economic factors on the plastic recycling market. In addition, complete analysis of changes on the plastic recycling market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. COVID-19 impact on the plastic recycling market was moderate due to pandemic as the demand recycled plastic material has dropped thereby reduction in production was observed which has further hampered the growth of plastic recycling market
The plastic recycling market is segmented based on by type, by recycling method, by application and geography
The plastic recycling are available in different types including polyethylene terephthalate (pet), polyethylene, polypropylene, polyvinyl chloride (pvc), polystyrene
The polyethylene terephthalate (PET) is anticipated to lead in the global plastic recycling market attributing to 100% recyclable and can be more suitable than other plastic materials for use as a recovered, recycled material. Moreover, increasing application of polyethylene terephthalate (PET) in packaging, electronics, and construction is further fueling the global plastic recycling market.
The plastic recycling is processed by various recycling method like mechanical and chemical. Chemical method is further bifurcated to thermal decomposition, heat compression, pyrolysis and others. Mechanical dominated the global plastic recycling market due to recovering plastics by processing through grinding, washing, separating, drying, re-granulating and compounding, thus producing recyclates that can be converted into plastics products. In addition recycling bio-based plastics increases the fossil carbon reduction potential by keeping the renewable carbon in the material cycle even longer. Moreover, plastic flakes are either used directly to produce new plastic materials or they are processed into granulates.
The plastic recycling finds its application in packaging, building & construction, automotive. Packaging hold the significant number of share in global plastic recycling market due to intrinsic properties providing quality in maintenance and distribution system of products. The extended shelf life, delivers protection is further boosting the growth of global plastic recycling market
Geographically the global plastic recycling market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). Asia Pacific is expected to witness the growth at highest pace owing to rapid economic development and various policies and regulations to support environmental protection and waste management. Besides increasing population across the globe with growing plastic trash is providing opportunity for waste management. For instance, the world produces 381 million tonnes in plastic waste yearly and is set to double by 2034 where 50% of this is single-use plastic & only 9% has ever been recycled. Moreover, China is a major country in imports for waste plastics, as the country receives approximately 56% of the global imports of plastic waste. The presence of large scale production and availability of cheap labor is propelling the growth of plastic recycling market.
The key players in 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.
August 2020: Magnum had launched new tubs made with recycled plastic. The advanced recycling technology that makes this possible transforms previously unrecyclable plastic waste into a valuable resource. The rPP waste can be re-processed infinitely, as the closed-loop recycling method preserves the quality of the material, thus reducing the need for virgin plastic.
February 2020: Puma had launched collection made from waste plastic bottles. The Puma and First Mile programme has diverted about 40 tonnes of plastic waste from landfills and oceans, just for the products made for 2020. This roughly translates into 1,980,286 plastic bottles being reused
The report analyses the global plastic recycling market based on by type, by recycling method, by industrial vertical and geography. The plastic recycling are available in different types including polyethylene terephthalate (pet), polyethylene, polypropylene, polyvinyl chloride (pvc), polystyrene. The plastic recycling is processed by various recycling method like mechanical and chemical. The plastic recycling finds its application in packaging, building & construction, automotive. Geographically the global plastic recycling market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW)
The key players in 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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