Global Market Insights forecasts the recycling equipment and machinery market share to surpass USD 1.2 billion by 2025.
The rising trend of recyclability of materials across major sectors including automotive, construction, etc. is a major factor fueling the worldwide recycling equipment and machinery industry. The need to curtail greenhouse gas emissions & carbon footprint and the active participation of the regulatory bodies to address the concern will also fuel the market size.
As per the report, plastic recycling equipment and machinery sector is poised to witness major gains over the coming eight years. Reportedly, worldwide approximately 8.5 billion tons of plastic is manufactured annually, out of which 6 billion tons ends into waste. According to the study, the plastic recycling and equipment machinery market is forecast to register a y-o-y growth rate of 6.3% over 2018-2025, with a target revenue of USD 470 million by 2025.
Key insights from the report include:
- Baler presses dominates the machinery landscape with a 30% share in the overall recycling equipment & machinery market.
- Metal bailing is anticipated to record a CAGR of 5.7% over 2018-2025, with a target revenue of USD 390 million by 2025.
- Asia Pacific market share is forecast to exceed USD 450 million by 2025, with China as a major revenue pocket.