Demand for recycled plastics on the rise

The global recycling market is driven by rising preference for recycled plastics over virgin plastics due to the high pollution caused by the plastics when disposed in oceans or other water bodies. In its recent report, Research and Markets expects the global plastic recycling market to grow from an estimated $85 billion in 2020 to $110 billion by 2025.

The report adds that energy saving benefits during the production of recycled plastics are positively impacting the market growth. Also, ongoing research activities in order to find an effective method of recycling plastic waste all around the world is expected to bolster the growth of the market over the next few years. In terms of type, the plastic recycling market is categorised into polyethylene terephthalate, polyethylene, polypropylene, polyvinyl chloride, polystyrene and others. On account of easy and cost-efficient recycling process of polyethylene, the polyethylene category accounts for the largest market share among all the types of plastics.

In terms of end-use industry, the plastic recycling industry is categorised into packaging, building & construction, textile, automotive, electrical & electronics and others. Out of these, the packaging industry was the largest among all the end-use industries in the global plastic recycling market as the recycled plastics are being widely used in the food and beverage packaging owing to growing technological advancements, according to the report.

Major players operating in the plastic recycling market include Veolia Group, Suez SA, Republic Services Inc., Waste Connections Inc., B&J Parr, KW Plastics, BASF SE, Borealis AG, B. Schoenberg & Co., Clear Path Recycling LLC, Dupoint Teijin Films, Custom Polymers Inc. and others.