The new recycle market for the plastic bottle industry research from Technavio indicates positive growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Recycle Market for Plastic Bottle Industry 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the use of plastic bottles their recycled forms," says a senior analyst for the industrials industry at Technavio. The vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the recycle market for plastic bottle industry size to grow by USD 3.10 billion during the period 2020-2024.
Recycle Market for Plastic Bottle Industry Segment Highlights for 2020
- The recycle market for plastic bottle industry is expected to post a year-over-year growth rate of 6.26%.
- Based on the product, the PET segment led the market in 2019. The growing use of plastic bottles and their recycled forms are driving the market.
- The market growth in the segment will be significant during the forecast period.
Regional Analysis
- 51% of the growth will originate from the APAC region.
- The market growth in APAC is driven by the growing global population and simultaneous economic growth.
- China is one of the critical markets for plastic bottle recycling in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Notes:
- The recycle market for plastic bottle industry size is expected to accelerate at a CAGR of about 7% during the forecast period.
- The recycle market for plastic bottle industry is segmented by product (PET, HDPE, PP, and others) and geography (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Avangard Innovative, Carbonlite Inc., Complete Recycling, ECO Plastic Solutions, ECO2 Plastics, Envipco Holding N.V., EREMA Engineering Recycling Maschinen und Anlagen Ges.m.b.H, Evergreen Plastics, Ioniqa Technologies, Loop Industries Inc., MoistureShield, National Recovery Technologies LLC, Perpetual Global Technologies Ltd., and Phoenix Technologies International LLC.
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