Plastic Recycling Market is Expected to Grow at a CAGR of 5.51% by 2030 | ChemAnalyst

Plastic Recycling Market stood at 53.1 Million Tonnes in 2021 and is forecast to reach 85.6 Million Tonnes by 2030, growing at a healthy CAGR of 5.51% until 2030.
NEW YORK - June 23, 2022 - PRLog -- According to the ChemAnalyst report, "Plastic Recycling Market Analysis: Plant Capacity, Location, Production, Operating Efficiency, Demand & Supply, End-User Industries, Type, Distribution Channel, Regional Demand, 2015-2030", The Plastic Recycling Market stood at 53.1 Million Tonnes in 2021 and is forecast to reach 85.6 Million Tonnes by 2030, growing at a healthy CAGR of 5.51% until 2030 owing to its rising applications in key end-use sectors such as Packaging, Buildings & Construction, Textile, Automotive, Electrical & Electronics, & Others.

The plastic recycling market is expected to grow significantly in the next five to ten years, particularly in response to increased demand from regulators and consumers. By 2030, the expected global capacity will grow to 80 million tonnes. The recycling plastic market is highly fragmented, with many regional players operating. The number of unorganized companies in the market is comparatively very larger than established and registered companies.

The rise in urban population, rapid plastic waste generation, and growing concern about environmental pollution have shifted the focus more on plastic recycling rather than burning and using it as a fuel. In 2021, nearly a quarter of plastic was recycled, while the rest were discarded or incinerated. The method could assist in addressing the issue of plastic waste in the environment by recycling plastic trash back into raw materials that can be utilized to create plastic and other useful products. Chemical technologies are being developed which could transform plastics recycling and reduce the amount going to landfills—but these innovations alone are not enough to accelerate recycling rates.

First, plastic waste is gathered from our residences, places of business, and neighborhood recycling facilities. After that, they are delivered to MRFs or PRFs, which remove plastic from other materials or classify plastic according to kind. To differentiate between various types of plastics, these facilities employ sorting tools like optical sorters. The plastic is then taken to a recycling facility, where it is cleaned, crushed, and further sorted.

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Key players in the Plastic Recycling market globally include Masotina S.p.A, I.blu - Gruppo iren, Montello S.p.A., The Alba Group., GT Recycling, STF Group, Jayplas., Indorama Ventures Sustainable Solutions LLC, Viridor Polymer Recycling Limited, NPP "Polyplastic, Hubert Eing Kunststoffverwertung GmbH, Monoworld Recycling Ltd., Metro Plastic, Clean Tech U.K. Ltd, OOO "Fantastik Plastik," and Others.

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