May 19, 2017
Market Research Future published a research report on the global plastic recycling market. The global plastic recycling market is expected to grow at the CAGR of around 6.5% during the period 2017 to 2023.
Plastic recycling means reprocessing the scrap or waste plastic material into useful products. Plastics are inexpensive, lightweight and durable materials, which can readily be moulded into a variety of products with a wide range of applications. Recycling of plastics is cost effective. A large amount of crude oil is required to make the production of virgin plastics, which is considerably more expensive than recycling plastics.
This has the positive influence on the plastic recycling market. The global plastic recycling market is projected to grow at a CAGR of 6.5% from 2017 to 2023, to reach the market size of USD 53.72 billion (€48.04 billion) by 2023.
On the basis of regions, the global plastic recycling market is segmented as North America, Europe, Asia-Pacific and RoW. The Asia-Pacific region dominates the plastic recycling market. The demand in the plastic recycling market in the Asia-Pacific region is driven by the factors such as availability of cheap labour and relatively lenient governmental regulations. This region is expected to grow at the fastest pace during the forecast period.
Europe is another major market for plastic recycling mainly due to various environment protection laws and initiatives. North America is a major consumer of plastics. However, the recycling rate of this region is significantly low due to high dependence on Asia for plastic waste disposal.
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