The consumers in the international market for plastic recycling lacks brand loyalty owing to the presence of a large number of players in the market. This facet has also intensified the competition in the overall market, states a new report by Transparency Market Research. One of the leading players in the said market is Plasgran Ltd., which makes an offering of a comprehensive collection of facility that enables smooth sorting and baling and separation and compounding operations. The other key players that are operating in the global market for plastic recycling are KW plastics, Envisison Plastics, Kuusakoski Oy and so on. The competitive vendor landscape of the world market is quite fragmented owing to the presence of numerous players. Each of the market players hold a small share in the world market. In the years to come, companies are anticipated to focus on expanding to emerging economies to remain dominant. The other players in the market are expected to focus on expanding their businesses to in various emerging economies for capturing a wider geographical reach.
According to the research report, the international market for plastic recycling has been valued at US$ 56.8 bn by the 2024 as compared to earlier market valuation of US$ 31.5 bn in the year 2015. Between the forecast years of 2016 and 2024, the world market is expected to progress at a healthy CAGR of 6.9%.
Asia Pacific is Estimated to Continue with its Dominance Over the Period of Forecast
The world market for plastic recycling treatment has been regionally segmented into the geographies of South America, North America, Asia Pacific, Middle East and Africa, and Europe. Of all of these regions, Asia Pacific is forecasted to remain dominant in the said world market throughout the period of forecast. Analysts make anticipation that China alone will make a total contribution of more than 50% to the world market for plastic recycling market. Presently, Asia Pacific is the main importer of plastic scrap of recycling with China and India leading the way. Europe is also anticipated to exhibit steady growth in the international market for market owing to stringent laws that pertain to the use of plastic in the region.
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Hazardous Impact of Plastics Wastes to Fuel Market Growth
The rising pressure of overflowing landfills has been the key driver of growth for the world market for plastic recycling. This factor has proven to be a significant driver for the world market for plastic recycling in many of the developed regions such as Europe. The soaring awareness about protecting the environment, hazardous impact of plastic wastes on animals and landfills, and the need to reduce the carbon footprint has further fueled the world market for plastic recycling market. The said market is also gaining traction owing to the cost-effectiveness of recycling plastic over manufacturing plastic.