Plastic Recycling Solutions Market, 43% of Growth to Originate from APAC, Technavio
NEW YORK, April 29, 2024 /PRNewswire/ -- The global plastic recycling solutions market size is estimated to grow by USD 20.89 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 7.86% during the forecast period. APAC is estimated to contribute 43%. to the growth of the global market.
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The Plastic Recycling Solutions Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027.
Region Outlook
- North America
- Europe
- APAC
- South America
- Middle East & Africa
3. APAC - The Asia-Pacific (APAC) region is expected to play a big part, around 43%, in the growth of plastic recycling by 2027. Analysts from Technavio have talked a lot about how things are going in different areas, like what's driving growth and what problems might come up. One big reason for more plastic recycling in APAC is that more people are moving to cities there.
- As cities get bigger, more people want things like food and gadgets, which means more plastic. Because of this, governments and businesses in APAC are starting to do more recycling to deal with all the plastic waste. Some countries in the region are even making rules to cut down on how much plastic gets thrown away.
- APAC governments are also working on ideas like the circular economy, where things get used again instead of just thrown away. For example, in Japan, they passed a law in April 2022 to get more plastic recycled. This law is about using plastic more and more, and it's helping to boost plastic recycling in APAC.
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Research Analysis
In developed economies, the issue of plastic waste and pollution has gained significant attention. Downcycling of new plastics and the use of recycled materials have emerged as viable solutions to reduce the amount of plastic scraps ending up in landfills. Governments and public sectors have implemented tax incentives and funding to encourage plastic recycling.
Recycled plastics, such as high-density polyethylene (HDPE) and low-density polyethylene (LDPE), are increasingly used in consumer products, including consumer electronics like laptops, cellphones, and modems. Plastic design plays a crucial role in enhancing recycling rates.
The prohibition of single-use plastics and the promotion of recycled plastic use contribute to preserving aquatic biodiversity. The plastic recycling market continues to grow, offering sustainable alternatives to virgin plastics.
Market Overview
The Plastic Recycling Solutions market is a significant sector in the global economy, focusing on the production, collection, and processing of plastic waste into valuable products. This industry is crucial for reducing the environmental impact of plastic pollution and promoting sustainability. Plastic packaging is a major application area for recycled plastics, with polyethylene terephthalate (PET) and polypropylene (PP) being the most commonly recycled types.
The use of advanced technologies, such as mechanical and chemical recycling, plays a pivotal role in enhancing the efficiency and quality of plastic recycling processes.
The European Union and other regions have implemented regulations to promote plastic recycling and reduce waste, creating opportunities for market growth. The market is expected to continue expanding due to increasing consumer awareness and government initiatives towards sustainable waste management.
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Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
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UK: +44 203 893 3200
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Website: www.technavio.com/
SOURCE Technavio
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