H1 2023: The major players in the H1 2023 in the Asia Pacific Plastic Recycling market were Hebei Zaige Renewable Resources Development Co., Ltd., and Jiangxi Royal One Renewable Resources Co., Ltd., Intco Environmental. In January 2023, the largest plastic recycling facility in Hong Kong began its operations New Life Plastics Limited (NLP) for food-grade plastic. This project is partnership between Swire Coca-Cola Limited, ALBA Group (Asia) Limited (ALBA), and Baguio Waste Management and Recycling Limited. Used plastics will be reprocessed as valuable raw materials at the facility to assist the regional circular economy for beverage packaging. The plant is a 6,500 square meter recycling facility in EcoPark, Tuen Mun with a current capacity to process 4800 tonnes of recycled beverage bottles per year with an actual total production capacity of 10.8 thousand tonnes per year. NLP uses cutting-edge technology to turn post-consumer PET bottles into food-grade ready rPET flakes, which are then distributed to enterprises for the production of a variety of recycled PET goods. The newly built site reduced the strain on landfills, saved consumers money on garbage fees, and advanced Hong Kong's goal of being carbon neutral. Geographically, China was in the lead in consumption in the Asia Pacific plastic recycling market in H1 2023.
The Asia Pacific Plastic Recycling market stood at nearly 31 million tonnes in 2022 and is anticipated to grow at a healthy CAGR of 6.03% by 2030. China is the one of the largest importers of waste plastic from nations such as the United States, Japan, Australia and then turn it into a higher-grade material that can be used by a variety of end-uses.
The region's demand for Plastic Recycling is likely to be driven by the increasing demand for plastics in the chemical and petrochemical industries. Furthermore, the growing demand for Plastic Recycling from various industries such as electrical & electronics, automotive, packaging industry, and so on is fueling the Plastic Recycling market. Among these industries, the packaging industry dominates the Asia Pacific Plastic Recycling market. The growing awareness of the benefits of energy conservation and aim to decrease one's carbon footprint is projected to propel the plastic recycling industry forward in the future years. Furthermore, rising government initiatives in India such as 'Make in India' are expected to boost the Plastic Recycling market during the forecast period. Asia Pacific's Plastic Recycling market is anticipated to reach approximately 49.5 million tonnes in 2030.
Based on type, the Asia Pacific Plastic Recycling market is divided into Polyethylene Terepthalate (PET), Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), and Others. However these, Polyethylene (PE) is the leading segment and captured nearly 29% of the market in 2022. PE has properties like stress resistance, durability and flexibility, and simplicity of product moulding, which drives its use to produce goods like sports goods, tubes, pharmaceutical bottle closures, and general goods.
Based on demand by region, the Asia Pacific Plastic Recycling market is segregated into China, India, Japan, Australia, and Rest of APAC. As of 2023, China is dominating the market and consumed approximately 65% of the market in 2022.
Based on end-use, the Asia Pacific Plastic Recycling market is segregated into Packaging, Building and Construction, Textile, Automotive, Electrical and Electronics, and Others. However, Packaging industry is dominating the Asia Pacific Plastic Recycling market. This industry consumed approximately 41% of the Plastic Recycling market in 2022.
Plastics like polyethylene are renowned for their ability to withstand moisture. Due to its durability and flexibility, polyethylene, one of the most prevalent polymers produced globally, is frequently utilised to make polymer packaging. Both linear low-density polyethylene (LLDPE) and high-density polyethylene (HDPE Resin) are frequently used to make bottles, shopping bags, wrappers, and other protective packaging.
Some of the major players in Asia Pacific Plastic Recycling market are Pashupati Polytex Pvt. Ltd., Hebei Zaige Renewable Resources Development Co., Ltd., Jiangxi Royal One Renewable Resources Co., Ltd., Intco Environmental, Suzhou Jinhui Technology Materials Co., Ltd, GT Recycling, Advanced Circular Polymers, Jairam Plastic Industries, Jayachandran (JCG) Plastics Private limited, and Far Eastern Ishizuka Green PET Corporation.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2030
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Objective of the Study:
• To assess the demand-supply scenario of Plastic Recycling which covers production, demand and supply of Plastic Recycling market in Asia Pacific.
• To analyse and forecast the market size of Plastic Recycling in Asia Pacific.
• To classi and forecast Asia Pacific Plastic Recycling market based on end-use and regional distribution.
• To examine competitive developments such as expansions, green field projects/ brown field expansions. mergers & acquisitions, etc., of Plastic Recycling market in Asia Pacific.
To extract data for Asia Pacific Plastic Recycling market, primary research surveys were conducted with Plastic Recycling manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Asia Pacific Plastic Recycling market over the coming years.
ChemAnalyst calculated Plastic Recycling demand in Asia Pacific by analyzing the historical data and demand forecast which was carried out considering the imports and domestic production coupled with demand from end user industry. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data / import data of Plastic Recycling to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Plastic Recycling manufacturers and other stakeholders
• Organizations, forums and alliances related to Plastic Recycling distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Plastic Recycling manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Asia Pacific Plastic Recycling market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
31 million tonnes
Market size Volume by 2032
49.5 million tonnes
Growth Rate
CAGR of 6.03% from 2023 to 2030
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2030
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2030
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by Type, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Manufacturing Process.
Segments covered
By type: Polyethylene Terepthalate (PET), Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), and Others
By End-Use: (Packaging, Building and Construction, Textile, Automotive, Electrical and Electronics, and Others)
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What is the anticipated market growth rate of Asia Pacific Plastic Recycling market for the forecast period of 2023- 2030?
Ans:
The Asia Pacific Plastic Recycling market is anticipated to grow at a healthy CAGR of 6.03% for the forecast period of 2023- 2030.
Q2.
Which industry is dominating the Asia Pacific Plastic Recycling market?
Ans:
As of 2022, Packaging industry is dominating the Plastic Recycling market in Asia Pacific with a market share of nearly 41%.
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