The plastic recycling machine market has witnessed significant growth over the past few years owing to the increasing environmental concerns towards sustainability. Plastic recycling machines are used for recycling post-consumer plastic waste into reusable plastic flakes and pellets. Various types of plastic recycling machines such as bottle flakers, PET sinks, aluminum foil shredders are used for recycling plastic bottles, PET, and aluminum foils. Plastic recycling not only helps in waste management but also provides an economically viable source for secondary raw material for plastic manufacturing industries.
The global plastic recycling market is estimated to be valued at US$ 5.46 Bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Plastic Recycling Machine Market Growth are Amstar Machinery Co. Ltd., Arlington Machinery, B+B Anlagenbau, CP Manufacturing, Doll Plast, GENIUS MACHINERY, Hikon India, ICMA San Giorgio SpA, KOWIN, Munchy, Netplasmak A, Next Generation Recyclingmaschinen GmbH, POLYSTAR MACHINERY CO., LTD., Precious Plastic, PRM-Taiwan, RECYCLEAN, Sant Engineering Industries, Vecoplan. The growing demand for recycled plastic from packaging industries is propelling the plastic recycling machine market. Furthermore, technological advancements such as introduction of fully automated plastic recycling machines with improved shredder and washing systems are aiding the market growth.
Market trends
One of the key trends in the plastic recycling machine market is the increasing adoption of fully automated plastic recycling systems. Fully automated machines integrate conveyor belts, sorting units, shredding systems, washing, and drying units in one system which improves efficiency and throughput. Another trend is the development of modular and mobile plastic recycling machines. Modular machines offer scalability based on requirement while mobile systems help in recycling plastic waste directly at the source of generation.
Market Opportunities
One of the key opportunities for plastic recycling machine manufacturers is the rising waste plastic export market, especially from developed nations to Asian countries. This creates significant opportunities to install new plastic recycling plants. Secondly, the increasing adoption of Industry 4.0 technologies such as IoT and data analytics in recycling machines provides opportunities to optimize performance and throughput.
Impact of COVID-19 on Plastic Recycling Machine market
The COVID-19 pandemic has impacted the growth of plastic recycling machine market. During the initial lockdowns imposed globally, industrial activities were put on halt which impacted the demand and supply chain of plastic recycling machines negatively. Manufacturing as well as installation of these machines reduced significantly.
However, post lockdowns governments started focusing on environmental protection and plastic waste management more strictly. Increase in consciousness regarding sustainability has motivated industries and consumers towards utilizing more recycled plastic. This has boosted the demand for plastic recycling machines again.
Many organizations now aim to gain economic benefits through utilizing recycling processes and reducing dependence on virgin plastic. Governments offer subsidies and tax benefits for organizations investing in advanced plastic recycling technologies. Rising plastic waste due to high usage of single use plastic during the pandemic has also increased the need for efficient recycling globally.
Original equipment manufacturers are witnessing growing orders for machinery upgrades to cope up with high volume recycling needs. Technology advancements are being introduced to make recycling processes automatic, faster and to process contaminated plastic waste effectively. Collaboration between industry players has increased for development of innovative solutions.
Geographical regions with high concentration in plastic recycling machine market value
The Asia Pacific region holds the major share of the global plastic recycling machine market in terms of value, with China being the highest contributor. ABundant availability of waste plastic, growth of secondary plastic industry and supportby the Chinese governmentthrough reforms have boosted machinery installations in the country.
Europe is another lucrative market with stringent regulations concerningplastic recycling. Investments by top players likeTOMRASorting Solutions andBulk Handling Systems in the regionhave augmentedgrowth. Subsidies by the European Commission for circular economy projects influence the purchase of new technologies.
Fastest growing region for plastic recycling machine market
North Americaregion is expected to fastest growing market for plastic recycling machines globally during the forecast period. This growth can be attributed to rising environmental awareness among citizens along with introduction of multiple state-level legislations push plastic recycling and extended producer responsibility mandates in the US and Canada.
Supportive initiatives by organisations like The Recycling Partnership and Curbside Value Partnership inspire local municipalities to invest in advanced equipment to cater high participation rates in curbside collections. Partnerships between recycling technology providers and consumer brands are on a rise to develop advanced downstream solutions and create sustained demand for recycled plastics in the region.
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