Recycling Equipment and Machinery Market is Likely to Reach $1.2 Billion by 2026, Says Global Market Insights, Inc.
The growth of the recycling equipment and machinery market is driven by the rising adoption of recycled materials in developed nations due to stringent regulations and policies that promote optimal usage of products and growing awareness around the environmental benefits of using recycled products.
SELBYVILLE, Del., February 21, 2020 (Newswire.com) - As per the report published by Global Market Insights, Inc., the overall recycling equipment and machinery market size was valued at $700 million in 2018 and is expected to surpass $1.2 billion by 2026, registering a CAGR of 6.1% from 2019 to 2026. The report provides a thorough evaluation of the market size and estimations, key investment pockets, drivers and opportunities, top winning strategies, competitive scenarios, and wavering market trends.
A number of the countries have brought forth significant changes in present policies in efforts to further improve the products' use. These regulations are not only promoting the use of recycled materials but are also bringing awareness about recycling to the general population. These factors, coupled with growing demand from end-use sectors, will create the need for the recycling machines.
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Key reasons for marine lubricants market growth:
- Growing adoption of recycled materials.
- Rising concerns for GHG emission and the introduction of new laws to reduce its environmental impact.
- Rising recycling rates across developed regions like North America and Europe.
2026 forecasts show granulators and agglomerators retaining their dominance in plastic recycling:
The granulators segment is set to record a CAGR of over 6% over the estimated timeframe. These machines generally produce plastic granules from numerous products which include regrinds, crates, bottles, drums, films, and sheets, among others.
Agglomerators will be recording recycling equipment and machinery market revenue of around $50 million by 2026. These machines are widely used for recycling plastic materials, which include polyesters, polyamide, and polypropylene.
Recycled rubber-based applications would increase at a substantial rate owing to the growing focus on the conservation of energy in many end-user sectors. The above factors are expected to showcase enormous growth opportunities for industry expansion over the forthcoming time period.
North America to retain its position as the leading materials’ recycler for industrial use:
North America will be a key region in the recycling equipment and machinery market, with an anticipated CAGR of more than 5.5% through 2026 owing to the high awareness concerning reusing and recycling. With the growing use of recycled metals in the manufacturing sector, the industry is estimated to grow during the estimated time period. Moreover, high as well as gradually increasing product recycling rates in the region will further impel industry expansion in the near future.
The industry forecast also alludes the Asia-Pacific will also hold a significant share of the overall industry in the forecast period. China reported around an 11% increase in the recycling of plastics and metals in 2017 over the previous year.
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Leading market players:
The key players analyzed in the overall recycling equipment and machinery industry landscape include Morita Holdings Corporation, BHS Sonthofen, Suny Group, Lefort and Idromec Spa among others. The prominent players are also executing various strategies like mergers and acquisitions to retain a competitive edge over their counterparts.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform, offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Source: Global Market Insights, Inc.