Covina, July 24, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the study concludes that the global automotive plastics recycling market size and share is expected to grow at a CAGR of 7.5% between 2024 and 2034. The market revenue of USD 49.61 Billion in 2024 is expected to grow up to USD 96.05 Billion by 2034.
Automotive Plastics Recycling Market Report Overview
Recovery and reprocessing of plastic materials from ELVs and trash from the automotive sector is referred to as automotive plastics recycling. Various types of plastics used in automobiles include PVC, polypropylene, polyethylene, and polyurethane. These have to be collected, sorted, cleaned, and reprocessed for use in many applications. The approach aims to bring down the ecologic footprint of the vehicle industry by the conservation of resources, landfills with reduced plastic waste, and decreasing the demand for virgin plastic manufacture. In addition to developing new technologies and processes to further improve the quality, effectiveness, and recovered materials for high-performance automotive applications as part of the recycling process of automotive plastics.
With enhanced environmental awareness, the government plans toward sustainability, and the plain economic benefits accruing from the use of recycled material, there is a growing market for recycled automobile plastics. Separate and classify polymers to prevent deterioration of material properties in recycled plastics; huge investment in infrastructure for recycling. Variable plastic use in different auto models and manufacturers further complicates recycling. Moreover, unstable prices for virgin plastic depress the economic attractiveness of recycled materials. The balance of these counteracting pressures must be managed in a way that drives the development and growth of automotive plastics recycling practices.
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Competitive Landscape:
The Automotive Plastics Recycling Market is characterized by rapid growth, technological innovation and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- AMP Robotics
- BlueAlp
- Repurpose
- Mura Technology
- ReCircle
- Plagazi
- Recykal
- GREENMANTRA Technologies
- Plastic Energy
- Novoloop
- UBQ Materials
- KW Plastics
- Suez Recycling & Recovery Holdings
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Analyst View:
One of the processes of recovering and reprocessing plastic materials from ELVs and automotive waste is automotive plastics recycling; it contributes toward reducing the ecological footprint of the vehicle industry by promoting resource conservation, reducing plastic landfills, and decreasing the demand for virgin plastic manufacturing. New technologies are being developed to improve the quality and effectiveness of recovered materials for high-performance automotive applications. Car industry sustainability has increasingly been in the spotlight, from plastic pollution to the depletion of resources. Second, governments establish minimum standards concerning vehicle recycling. Those require correspondingly complex infrastructures and technologies.
Market Dynamics:
Drivers:
Environmental Issues
- The car industry is increasingly developing an interest in sustainability because of problems associated with plastic pollution and resource depletion. A number of governments have set minimum recycling standards for cars that demand complex infrastructures and technologies to support efficient recycling. Generally, through recycling, landfill garbage, and resultant environmental hazards, such as methane emissions and contamination of land areas, are reduced.
Financial Benefits
- Due to the stability of their cost, recycled plastics offer a more reliable, if not cheaper, alternative compared to virgin plastics. Since it reduces the demand for virgin materials, recycling helps towards resource efficiency and a circular economy. Moreover, with the use of recycled plastic in auto parts, cars could be lighter, have better fuel efficiency, and reduce emissions.
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Market Trends:
Technological Progress
- New technologies that better sort and separate various plastic types from mixed waste streams will further enhance the quality and commercial feasibility of recovered automotive plastics. Developments in this area also enable the production of premium recycled polymers suitable for use in automotive applications.
Segmentation:
Automotive Plastics Recycling Market is segmented based on Type, Application, and Region.
Type Insights
- The main kinds of recyclable plastics are PET, PP, as well as PE. Along with containers, PP can also be used in the construction sector and insulation fields in the making of plastics. Recycled PET is used in the making of clothing in various forms and in engineering fabrications to make several other auto parts. In general, the aim of the recycled PE is to reduce reliance on virgin plastic though it is taken to be used mainly in the manufacture of wire insulation, fenders, and fuel tanks. In end uses for dashboards and instrument panels, recycled ABS is used for electronics, non-woven fabrics, and construction materials.
Application Insights
- Circular economy in the automotive sector is already gaining momentum through the recycling of both external and interior car parts such as fenders, spoilers, underbody parts, and instrument panels. For the same reason, resource efficiency is improved by using recycled plastic in industrial applications like battery housings and wire insulation. The electrical components might get complex, but with enhanced sorting and recycling technologies, they can definitely be used in a closed loop of the circular economy. First and foremost, the automobile industry's transition toward sustainability would be a stepping stone to a highly sustainable future.
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Recent Development:
- In May 2024, BlueAlp, a leading provider of advanced recycling technology, teamed together with Recupero Etico Sostenibile S.p.A. (RES), an Italian leader in trash management. near its facility located near Eindhoven, Netherlands, BlueAlp will design, source, build, and grant a technological license for the item. The facility to handle and transform 20kt of mixed plastic garbage per year will be owned and run by RES. This factory is situated in Pettoranello del Molise, Italy, and is anticipated to begin operations by mid-2026.
Regional Insights
- North America: Changes in legislation, consumer demand for green products, and technological development make the market prospects of recycled automotive plastics excellent. In an effort to reduce the weight of cars and thereby have fuel-efficient vehicles, car manufacturers are increasing plastic content in their vehicles and thus producing enormous plastic waste. Sorting and recycling of these plastic wastes is challenging due to the different plastic types, as well as collection infrastructure.
- Europe: The European recycled automotive plastics market is touted to grow at a rapid rate in the near future, driven by increasing environmental awareness, demand for green vehicles, advanced technology, and government initiatives. Tightening legislation and increasing consumer awareness about the threat posed by plastic waste to the environment drive demand for recovered plastics.
Browse Detail Report on "Automotive Plastics Recycling Market Size, Share, By Type (Polyethylene Terephthalate, Polypropylene, Polyethylene, ABS, and Others), By Application (Interior Components, Exterior Components, Under the Hood, and Electrical Components), and By Region - Trends, Analysis and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/automotive-plastics-recycling-market-5475
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