Market Overview 2022-2027:
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. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Plastic recycling refers to the process of recovering and reprocessing post-industrial plastic into valuable products. Some of the common types of plastics include polyethylene terephthalate (PET), high-density polyethylene (HDPE), polypropylene (PP), and low-density polyethylene (LDPE). The collected waste goes through sorting, washing, shredding, identification and classification, and extruding. Plastic recycling helps to manufacture biodegradable products, reduce landfill dependence, minimize plastic pollution, conserve resources, and prevent greenhouse gas emissions.
South Korea recycled plastics market is primarily being driven by rapid industrialization and shifting focus towards sustainability. Lower labor costs and rising awareness regarding the harmful effects of plastic waste are further contributing to the market growth in the country. Besides this, the market growth is being fueled by the escalating demand for recycled plastic across the food and beverage (F&B), automotive, electronics, and packaging industries. Moreover, the Government of South Korea is establishing plastic recycling plants to process plastic waste into new materials and effectively control waste production. Apart from this, technological innovations, such as the adoption of artificial intelligence (AI) for sorting plastic waste and enhance the quality of recycled plastic products, are positively influencing the market growth in the country.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the South Korea recycled plastics market report, along with forecasts at the country and regional level from 2022-2027. Our report has categorized the market based on plastic type, raw material and application.
Breakup by Plastic Type:
- Polyethylene Terephthalate (PET)
- High Density Polyethylene (HDPE)
- Polypropylene (PP)
- Low Density Polyethylene (LDPE)
Breakup by Raw Material:
- Plastic Bottles
- Plastic Films
- Rigid Plastic and Foam
Breakup by Application:
- Non-Food Contact Packaging
- Food Contact Packaging
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
|Base Year of the Analysis
||Plastic Type, Raw Material, Application, Region
||East, West, Southwest, Southeast
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Key Questions Answered in This Report:
- How has the South Korea recycled plastics market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the South Korea recycled plastics market?
- What are the key regional markets?
- What is the breakup of the market based on the plastic type?
- What is the breakup of the market based on the raw material?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the South Korea recycled plastics market and who are the key players?
- What is the degree of competition in the industry?