Plastic Recycling Machine Market to grow at highest pace owing to increasing environmental concerns
Plastic Recycling Machine Market to grow at highest pace owing to increasing environmental concerns
Blog Article
The plastic recycling machine market performs a crucial role in recycling discarded plastic to produce useful products from plastic waste. Plastic recycling machines shred and sort different types of plastic waste through various sorting and shredding processes. Recycled plastics are then used in making packaging products, construction materials, automotive parts, and consumer goods. The growing adoption of sustainable plastic waste management initiatives and stringent regulations on plastic disposal are generating demand for plastic recycling solutions. Machines enable efficient collection and processing of plastic waste at high volumes.
Global plastic recycling machine market is estimated to be valued at USD 3.59 Bn in 2024 and is expected to reach USD 5.46 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.
Key Takeaways
Key players operating in the plastic recycling machine market are Vecoplan LLC, Zhenxing Environment Equipment Manufacturing Co. Ltd., Erema Engineering GmbH, Shenzhen Jingliantai Technology Co. Ltd., Pellenc ST, and Bollegraaf Recycling Solutions.
The steady growth of the Plastic Recycling Machine Market Demand along with the rise in plastic waste has boosted the demand for plastic recycling machines. Plastic waste recycling offers an efficient solution for reducing landfill waste and carbon emissions from plastic incineration.
Technological advancements in plastic recycling machines such as real-time monitoring, smart sensors, and AI-enabled sorting are improving operational efficiency and functionality. Advanced machines can efficiently segregate and sort plastics by resin type and color for high-quality recycled plastic production.
Market Trends
Increasing focus on circular plastics economy: Government policies and regulations supporting plastic waste reduction through enhanced recycling rates are fueling investments in circular plastics value chains.
Rise of industry 4.0 in plastic recycling: Adoption of technologies like IoT, data analytics, robotics etc. in plastic recycling machinery is enabling traceability, predictive maintenance, and remote monitoring of machine performance.
Market Opportunities
Growing demand from developing regions: Countries like China, India, Brazil offer high growth potential for plastic recycling machines due to rising industrial and municipal plastic waste generation.
Recycled plastics business expansion: Increasing production of recycled plastics globally will augment demand for sorting and shredding machinery from plastic recyclers and manufacturers using recycled plastics.
Impact of COVID-19 on Plastic Recycling Machine Market Growth:
The COVID-19 pandemic impacted the plastic recycling machine market in various ways. During the initial lockdown phases in 2020, factories and supply chains were halted which disrupted the production and supply of plastic recycling machines. This led to a decrease in sales and revenues for machine manufacturers in 2020. However, as restrictions eased in late 2020, activities resumed gradually. The pandemic also increased usage of plastics due to surge in demand for single-use items like PPE kits, masks, food packaging etc. This boosted production of plastics which in turn increased the need for effective recycling. Many organizations committed to sustainability also accelerated plastic waste recycling initiatives during the pandemic. Governments of various nations introduced supportive policies and incentives for adoption of plastic recycling plants. All these factors helped revive the market in 2021 and the demand is projected to rise further in the coming years.
Geographical Regions with High Concentration of Plastic Recycling Machine Market:
The plastic recycling machine market by value is highly concentrated in developed regions like Europe and North America. Countries such as Germany, UK, France, Italy have stringent regulations for effective plastic waste management and recycling. This has led to establishment of large-scale plastic recycling plants across these nations. These regions account for over 50% share of the global market. In United States, cities like California have implemented producer responsibility laws for recycling of hard-to-recycle plastics which drives local demand. Asia Pacific region is also emerging as a major market with China focusing heavily on reducing plastic pollution and developing domestic recycling infrastructure and technology.
Fastest Growing Region for Plastic Recycling Machine Market:
Asia Pacific region is poised to witness the fastest growth in plastic recycling machine market during the forecast period. Rapid industrialization and urbanization in countries like China, India have boosted plastic consumption which is resulting in huge quantities of plastic waste that needs sustainable solutions. There is a growing awareness amongst public and private organizations regarding threats of plastic pollution. Governments are introducing new regulations and policies promoting establishment of modern plastic recycling facilities. For example, Vietnam aims to recycle 50% of plastic waste by 2025 which will fuel installations of cutting-edge recycling machines in coming years. Availability of low-cost labour and expansion of manufacturing sector will further support the market growth momentum in Asia Pacific going forward.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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