The latest report by IMARC, titled “South Korea Recycled Plastics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the South Korea recycled plastics market size reached US$ 10.3 Million Tons in 2021. Recycled plastic refers to the procedures of reprocessing and recovering post-industrial plastic into products. The common types of plastics include high-density polyethylene (HDPE), polyethylene (PET), polypropylene (PP), and low-density polyethylene (LDPE). The plastic waste that is collected goes through the procedures of sorting, washing, shredding, identification, classification, and extruding. In recent years, recycled plastics have gained traction as it assists in producing biodegradable products, reduces landfill dependence, minimizes plastic pollution, prevents greenhouse gas emissions, and conservs resources.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of the associated industries. These observations will further be integrated into the report.
South Korea Recycled Plastics Market Trends:
One of the primary factors driving the market is rapid industrialization and shifting focus toward sustainability. Additionally, the growing awareness regarding the consequences of plastic waste is creating a positive market outlook. Other than this, lesser labor costs in confluence with the boost in the demand for recycled plastic across various industry verticals, such as the automotive, food and beverage (F&B) industry, electronics, and packaging industries, are propelling market growth. Besides this, numerous technological developments, such as the extensive utilization of artificial intelligence (AI) for sorting plastic waste and improving the quality of recycled plastic products, are strengthening market growth. Looking forward, IMARC Group expects the market size to reach US$ 16.2 Million Tons by 2027, expanding at a CAGR of 7.9% during the forecast period (2022-2027).
- Based on the plastic type, the market has been divided into polyethylene terephthalate (PET), high-density polyethylene (HDPE), polypropylene (PP), low-density polyethylene (LDPE), and others.
- On the basis of the raw material, the market has been segregated into plastic bottles, plastic films, rigid plastic and foam, fibers, and others.
- Based on the application, the market has been segmented into non-food contact packaging, food contact packaging, construction, automotive, and others.
- Region-wise, the market has been classified into East, West, Southwest, and Southeast.
- The competitive landscape of the market has also been analyzed, along with detailed profiles of the key players operating in the industry.
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