Asia Pacific Plastic Recycling Market Size Booming at Significant CAGR to Reach USD 13.16 Billion & 31.96 Million Tons by 2030
Published | 18 April 2024
Asia Pacific Plastic Recycling Market is flourishing because of growing environmental awareness and governments’ supportive initiatives and regulations for recycling.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Asia Pacific Plastic Recycling Market size at USD 9.87 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Asia Pacific Plastic Recycling Market size to expand at a CAGR of 6.75% reaching a value of USD 13.16 billion by 2030. The expanding manufacturing sector, the growing population and fast urbanization, and the increasing levels of plastic pollution are the main growth drivers for the Asia Pacific Plastic Recycling Market.
By volume, BlueWeave estimated the Asia Pacific Plastic Recycling Market size at 26.8 million tons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Asia Pacific Plastic Recycling Market size to expand at a CAGR of 7.91% reaching the volume of 30.87 million tons by 2030. During the period in analysis, strict government policies aimed at improving plastic recycling and management are projected to propel the Asia Pacific Plastic Recycling Market.
Opportunity: Increasing volume of plastic waste due to rapid urbanization
Rapid urbanization is promoting consumerism and demand for products, which in turn boosts plastic production. Additionally, growing manufacturing and other industries are also directly boosting the plastic waste volume in Asia Pacific. However, the rate of plastic waste mismanagement is also high, which is increasing pollution levels on both land as well as in oceans and is having dire environmental consequences. As a result, the demand for efficient plastic recycling systems is increasing in Asia Pacific, driving the overall market growth.
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Asia Pacific Plastic Recycling Market
Segmental Coverage
Asia Pacific Plastic Recycling Market – By Recycling Process
Based on the recycling process, the Asia Pacific Plastic Recycling Market is split into mechanical and chemical segments. The mechanical segment accounts for a higher market share and is prominently used for recycling various types of plastics, including, PET, HDPE, LDPE, PP, PVC, and PS. The rising integration of technologies, including optical and sensor-based technologies such as near-infrared (NIR), mid-infrared (MIR), and hyperspectral imaging, is expanding the types of plastic that can be recycled, except for contaminated plastic, which is expected to drive the Asia Pacific Plastic Recycling Market over the forecast period.
Asia Pacific Plastic Recycling Market – By Country
The in-depth research report on the Asia Pacific Plastic Recycling Market covers a number of country-specific markets, including China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Vietnam, and the rest of APAC. South Korea dominates the Asia Pacific Plastic Recycling Market. Recycling has a strong culture in Korean society and has a plastic recycling rate of 59%, just a rank below Germany, according to Plastic Expert, a plastic recycling company based in the United Kingdom. The Ministry of Environment, South Korea, has also announced its plans to increase its plastic recycling rate up to 70% by 2030, which is anticipated to drive the market in the country during the forecast period.
Competitive Landscape
Major players operating in the Asia Pacific Plastic Recycling Market include Shaoxing Taiyo Plastic Co., Ltd, Shenzhen Senlantuo Technology Co., Ltd, Veolia Huafei, Ganesha Ecosphere Ltd, Lucro Plastecycle Private Limited, and Gravita India Ltd, Daisaku Trading Co., Ltd, Vanden Global Ltd, Australian Recycled Plastics, Polindo Utama, INTCO Malaysia, Cy Plastics Co. Ltd, and ALBA Group Asia.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Asia Pacific Plastic Recycling Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Asia Pacific Plastic Recycling Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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