The new report by Expert Market Research titled, ‘Saudi Arabia Plastic Recycling Market Price, Report and Forecast 2022-2027’, gives an in-depth analysis of the Saudi Arabia plastic recycling market, assessing the market based on its segments like types and applications. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size (2021): 1.6 Million Tonnes
• Forecast CAGR (2022-2027): 5.90%
• Forecast Market Size (2027): 2.3 Million Tonnes
The increasing demand for plastic in various industries and the rising need for a circular economy are driving the plastic recycling industry in Saudi Arabia. The growing awareness of the harmful hazards and threats that the massive dumping of plastic has on the planet is further propelling the market growth. This is prompting many to opt for alternatives, such as recycled plastic. In addition, the expanding e-commerce and the rising importance of recycled plastic in the packaging processes are resulting in the expansion of the market. Moreover, the surge in the production of recycled plastics across the region by the industry players to escalate their market potential is also contributing to the growth of the market. The adoption of recycled plastic by the emerging industries to reduce their carbon footprint is predicted to aid the market in the forecast period.
Industry Definition and Major Segments
The collection and reprocessing of non-biodegradable plastic are called plastic recycling. This process helps in reducing greenhouse gas emissions and plastic pollution. There are different methodologies of plastic recycling, like primary recycling, secondary recycling, tertiary recycling, and quaternary recycling. The recycled plastics are utilised in various industries like automobile, construction, and packaging, among others.
The plastic recycling industry, by type can be segmented into:
• Polypropylene (PP)
• Polyethylene (PE)
• Polyethylene Terephthalate (PET)
The polyethylene (PE) segment can be divided based on type into HDPE and LDPE.
Based on application, the market is divided into:
The Saudi Arabia Government has decided to invest almost Saudi Riyal 24 billion by 2035 in waste recycling that includes plastic as a part of the nation’s dream towards green pastures, which is bolstering the industry growth in the region. The Public Investment Fund Company of Saudi Arabia declared their collaboration with private companies, such as SABIC and Aramco in the recycling of plastic. Such partnerships are also contributing to the development of the industry. The Vision 2030, the blueprint for safeguarding the Kingdom’s environment, is also significantly catalysing the industry growth. In addition, technological advancements, such as the use of recycled plastic in constructing roads and the investments made by the industry players in research activities, are also expected to propel the plastic recycling industry in the forecast period.
Key Market Players
The major players in the market are Saudi Top Plastic Factory (STP), Recycling Industries, Arabian Ladinah for Industrials Co., Ltd, Waste Collection & Recycling Co. Ltd (WACSO), Saudi Investment Recycling Company (SIRC), and others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.