The polyethylene terephthalate (PET) sub-segment of the plastic recycling market held the highest market share in 2021. This sub-segment is projected to manifest the highest CAGR of 9.4% from 2022 to 2031. This growth is mainly owing to the increasing demand for sustainable and eco-friendly packaging solutions. PET is a widely used plastic material in the packaging industry, particularly in the beverage industry, due to its lightweight, shatterproof, and recyclable properties. As consumers become more environmentally conscious, they are demanding more sustainable packaging solutions that have a lower environmental impact.
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The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The plastic bottles sub-segment held the highest market share in 2021, owing to increasing awareness of the negative impact of plastic waste on the environment. This sub-segment is projected to manifest the highest CAGR of 9.5% from 2022 to 2031. Plastic bottles are one of the most used consumer products, and they contribute significantly to the growing problem of plastic waste. There is an increasing demand for recycled plastic bottles, which are a more sustainable alternative to new plastic bottles.
This makes it important to understand the practical implications of the Plastic recycling market. To gain a competitive advantage, the players must have something unique. By tapping into the untapped market segment, they can establish a relevant point of differentiation, and this report offers an extension analysis of untapped segments to benefit the market players and new entrants to gain the market share.
The packaging segment accounted for the largest share in 2021. The packaging sub-segment is one of the major drivers in the plastic recycling market as packaging materials account for a significant portion of plastic waste generated globally. The increasing demand for sustainable packaging solutions and the rising awareness about environmental issues are driving the growth of the plastic recycling market’s packaging sub-segment.
KEY MARKET PLAYERS:
The report provides the SWOT analysis of the key market players REMONDIS SE & Co. KG, Biffa, Stericycle, Republic Services, Inc., WM Intellectual Property Holdings, L.L.C., Veolia, Shell International B.V., Waste Connections, CLEAN HARBORS, INC., and Covetsro AG. which gives the business overview, financial analysis, and portfolio analysis of products and services. The latest news related to industry developments in terms of market expansions, acquisitions, growth strategies, joint ventures, collaborations, product launches, market expansions etc. are included in the report for the better understanding of the stakeholders in framing strategic decisions to gain long term profitability and market share.
Asia-Pacific held the highest market share in terms of revenue in 2021. The Asia-Pacific plastic recycling market is expected to witness the fastest CAGR of 9.2% from 2022 to 2031. This region is home to some of the most significant environmental challenges globally, such as air pollution, water pollution, and waste management. As a result, governments and consumers in the region are becoming more aware of the need for sustainable waste management practices, including plastic recycling.
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The current situation of pandemic makes it very important for the stakeholders in the Plastic recycling market to understand the market deeply, which will help them in taking sound decisions, to gain the competitive advantage. By exploring the unexplored areas of market, the key players can surely gain a larger market share.
Rising awareness about the adverse impacts of plastic waste on the environment and the growing need to curb carbon emissions are some of the key factors boosting the growth of plastic recycling market. Governments from various parts of the world are enforcing strict regulations and taking up innovative initiatives to encourage plastic waste recycling. However, dearth of infrastructure for plastic recycling procedures and limited investments in plastic recycling initiatives in developing countries is expected to restrain the growth of the plastic recycling market in the forecast period.
KEY OFFERINGS OF THE REPORT:
- Key drivers & Opportunities: An extensive analysis on key factors and opportunities available in different segments for strategizing.
- Current trends & forecasts: A comprehensive analysis on latest trends, and forecasts for next few years to frame strategic decisions as a next step.
- Segmental analysis: An extensive analysis of each segment and driving factors such as revenue and growth rate is offered.
- Regional Analysis: A thorough analysis of each geographic region can help market players devise expansion strategies and gain from the opportunity.
- Competitive Landscape: Useful insights on each of the leading market players for outlining competitive scenario and related strategies have been offered in the report.
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