The South Korea recycled plastics market size reached 10.3 Million Tons in 2021. Looking forward, IMARC Group expects the market to reach 16.2 Million Tons by 2027, exhibiting a growth rate (CAGR) of 7.9% during 2022-2027.
Plastic recycling refers to the process of reprocessing and recovering post-industrial plastic into valuable products. Some of the common types include high-density polyethylene (HDPE), polypropylene (PP), polyethylene terephthalate (PET), and low-density polyethylene (LDPE). The recycling is typically done using the heat compression method or the monomer process that reverses the polymerization reaction in order to reclaim the same type of condensed polymer.
The collected waste goes through washing, shredding, sorting, identification and classification, and extruding. Plastic recycling assists in manufacturing biodegradable products, reducing landfill dependence, minimizing pollution, conserving resources, and preventing greenhouse gas emissions. As a result, this procedure finds widespread applications in food contact packaging and construction and automotive sectors.
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Market Trends:
The rising industrialization levels and shifting focus toward sustainability, along with lower labor costs, are among the primary factors driving the South Korea recycled plastics market. In line with this, the increasing awareness toward the harmful effects of malleable waste and the growing environmental concerns are further augmenting the market growth. Moreover, the escalating demand for recycled plastic among the food and beverage (F&B), electronics, automotive, and packaging industries is also catalyzing the market across South Korea. Apart from this, the development of plastic recycling plants to process malleable waste into new materials and effectively control garbage production is acting as another significant growth-inducing factor. Furthermore, various technological innovations, such as the utilization of artificial intelligence (AI) for sorting moldable debris and enhancing the quality of recycled products, are expected to bolster the South Korea recycled plastics market in the coming years.
Competitive Landscape with Key Players:
The competitive landscape of the South Korea recycled plastics market has been studied in the report with the detailed profiles of the key players operating in the market.
Market Segmentation:
The report has segmented the South Korea recycled plastics market based on plastic type, raw material, application and region.
Breakup by Plastic Type:
- Polyethylene Terephthalate (PET)
- High Density Polyethylene (HDPE)
- Polypropylene (PP)
- Low Density Polyethylene (LDPE)
- Others
Breakup by Raw Material:
- Plastic Bottles
- Plastic Films
- Rigid Plastic and Foam
- Fibres
- Others
Breakup by Application:
- Non-Food Contact Packaging
- Food Contact Packaging
- Construction
- Automotive
- Others
Regional Analysis:
- East
- West
- Southwest
- Southeast
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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