Market research firm Technavio has forecast that by 2019 the global market for plastic bottle recycling will grow at a CAGR of 3.9 percent.
In a recently released report, the company has stated that the plastic bottle recycle market is expanding and is expected to grow at a steady rate in the near future.
The increasing demand for recycled plastic bottles and growing environmental concerns will support the growth, the report says.
In another report focused exclusively on the US market, Techhavio analysts have forecast growth at a CAGR of 3.7 percent till 2019.
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Recycling of plastic bottles refers to the reuse of plastic materials with the aim of reducing the amount of waste going into landfills. The bottles are converted into plastic bottles of a lower grade or the same grade in the process.
Depending on the properties of the plastics used to build them, the bottles are used for varying applications.
One of the most tedious and expensive process involved in the reuse of plastic bottles is residue removal. Most plastics, including food grade plastics, are semi-porous and can absorb molecules of food or beverage the bottles hold.
Such bottles need to be hydrolyzed to monomeric form, taken through a purification process and reploymerization before they are given new shape.
Technavio has stated that its report includes the segmentation of the market based on type of plastic bottle recycled.
The report, “Global Recycle Market for Plastic Bottle Industry 2015-2019”, has been “prepared based on in-depth market analysis with inputs from industry experts”, Technavio has stated.
Ajith Kumar S