The global Plastic Recycling Market Business segmentation is based upon recycling process, application, and material.
By recycling process, the market divides into mechanical and chemical. Among them, the mechanical segment is forecasted to hold the commanding position of this market category with the highest share percentage.
The regional segmentation of the global Plastic Recycling Market Business covers the following key regions: Americas, Europe, Asia Pacific, and the Middle East and Africa.
Europe holds the third spot in the global landscape and is projected to witness a striking growth during the forecast period. MRFR forecasts that the region will reach a valuation of USD 10,818.7 million by the end of 2023. With the volume of plastic wasted accumulated for recycling purposes in Europe increasing by 79%, the potential of the region is unmatched in the coming years. The region is also expected to aid key players of the market in generating significant revenues in the near future.
Lastly, the Middle East and Africa is identified as a least share holder in the global Plastic Recycling Market Business. Furthermore, the region is projected to gain limited growth during the forecast period.
The global Plastic Recycling Market Business hosts a number of key players. This includes names such as KW Plastics, Inc., MBA Polymers Inc., CarbonLITE Industries, Kuusakoski Group Oy, Custom Polymers, Inc., Green – O – Tech India, Kishco Pvt. Ltd., Seraphim Plastics, UltrePET LLC, Miller Waste Mills, Recycling Textile sro, Envision Plastics, Plastic Recycling Inc., Knebel Textilrecycling GmbH, Boer Group, Inc., and others.
April 8th, 2019, it was announced that a Chinese company named Weeco Recycling Company will invest USD 45 million to set up an all new company in Kenya. The company would aid in collecting and recycling plastic bottles that amount to 2,000 tons per month.
April 29th, 2019, food and beverages companies Nestle, Suntory Beverage & Food Europe, and Pepsi have made an agreement to join an industrial consortium to aid in the development of Carbios’ enzyme technology for the purpose of plastic recycling.