Plastic is available in abundance around us and is responsible for nearly 90% of the world’s municipal trash. Plastic waste gets accumulated and create heap of tonnes of waste that acquires the land space. This space can be utilised for other purposes but due to this waste getting collected over various places, the landspace remains unsused. This is where the recycling of plastic waste plays an important role to clear the landfill spaces. Recycling plastic waste involves the reprocessing of post- consumed and industrial remains of the plastic waste, rather than using the fresh resin. Plastic can also be recycled at the time of manufacturing the plastic product like polyethelene bags and films. A major portion of these plastic products can be later used to manufacture products like toothbrushes, bags, toys, footwear, fabrics etc. Plastic is an important material and is highly used in routined life. Whilst , the rising popularity of platic is a huge problem and it’s also a major issue for which the plastic should be recycled, instaed of disposing and polluting the lands, seas oceans and other water bodies. We can wisely re-consume or reprocess the plastic waste rather than disposing them.
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Fluctuating prices of traditional plastics couplede with the rising concern for the safety of environment signify the major aspects driving the growth of the global recycled plastics market. Recycling of plastics lessens the overall amount of natural resources and energy required to produce raw or virgin plastic. Thus, shift in focus towards achieving sustainability is bolstering the need for recycled plastics worldwide. In addition, risind local requirement as well as low labour costs has supplemented the market growth especially in the emerging economies of Asia-Pacific such as China, India, and other ASEAN countries. Increasing governmental regulations on the protection of environment, rising consumer awareness as well as increasing number of companies involved in plastic recycling are some other key factors supplementing the market growth. However, lack of technology penetration especially in untapped areas coupled with high cost of plastic recycling are some major restraints in the global recycled plastics market.
The recycled plastic can be further segmented on the basis of type, which includes High Density Polyethylene (HDPE), Low Density Polyethylene (LDPE), Polypropylene (PP), Polyethylene Terephthalate (PET), and others. Among these, PET signifies the most known type. Further, the market can be categorized depending upon the raw materials used. Rigid plastic, Plastic films Plastic bottles,& fibres and foam are the major raw materials which are used for the production of recycled plastics. Depending on the basis of applications, the recycled plastic market can be classified into food contact packaging, non-food contact packaging, automotive, construction and others. Out of which the non-food contact packaging is the major segment. Further depending upon the geography, the categorisation can be done into North America, which is the largest market, one of the major share holder in recyle plastic market including other major regions include Asia Pacific, Latin America, Europe and Middle East & Africa.
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Some of the major key players operating in the global recycled plastics market include B. Schoenberg & Co., Inc., Avangard Innovative, UltrePET LLC, Delta Plastics, Veolia, CarbonLITE Industries, KW Plastics, and Suez Recycling & Recovery Holdings among others.