The factors driving the market growth are burgeoning demand for recycled PET and HDPE, growing awareness about global warming along with the rise in the number of domestic recycling facilities and the launch of recycling initiative such as rethink+ plastics by the companies to prevent the plastic scrap from going to landfills. Apart from this, burgeoning investment for R&D toward effective and efficient method for recycling plastic waste at a lower cost, snowballing replacement of virgin plastics production, the introduction of various favorable government initiatives for reduction of plastic waste and burgeoning plastic manufacturer inclination to develop new recycling concepts are the factors expected to promulgate the growth of the plastic recycling market in the forecast period.
Based on the Application, the Textile segment accounted for considerable market share owing to the increasing purchasing power of customers and the introduction of several export promotion policies by the government for the textiles sector. Besides this, the Packaging segment registers rapid growth on account of a boost in the demand for various ready-to-eat and ready-to-serve food product, astronomical growth in the e-commerce industry and increasing demand for plastic material due to escalating application in building & construction products, consumer goods.
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Polyethylene (PE) is expected to exhibit significant growth on account of its rising application among industries such as packaging, automotive, electrical, etc. Moreover, Polyethylene Terephthalate acquired the majority market share as it is easy to recycle thus save a significant amount of energy, low in cost and also reduces environmental impact
The major leading players in the global Plastic Recycling market are Veolia, Suez, KW Plastics, Jayplas, B. Schoenberg & Co., B&B Plastics, Green Line Polymers, Clear Path Recycling, Custom Polymers, and Plastipak Holdings etc.
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