The changing dynamics Recycling Equipment & Machinery Market with covid-19 impact assessment
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Recycling Equipment & Machinery Market.
It was estimated prior to this unanticipated outbreak Recycling Equipment & Machinery Market will reach CAGR of 6.3% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Recycling Equipment & Machinery Market Insights
Recycling Equipment & Machinery market is likely to witness a CAGR of 6.3% during the forecast period. The prime factors driving the recycling equipment & machinery market are rising concern towards industrial waste, depleting natural resources, and increasing government initiatives towards recycling of materials.
Market Share Analysis
Recycling Equipment & Machinery Market Share: By Machine Type
Based on the machine type, the market is segmented as baler press, shredders, shears, granulators, agglomerators, extruders, and others. The baler press segment dominated the market in 2019 and is expected to maintain its position during the forecast period. Baler press machines are widely used to recycle plastic materials. They are cost effective in compressing waste and minimize the convenience charges required to transfer the material.
Recycling Equipment & Machinery Market Share: By Material Type
Based on the material type, the recycling equipment & machinery market is segmented as plastic; ferrous & non-ferrous, wood, paper & card board; rubber, and others. The plastic segment holds the largest share of the market and is also expected to witness a healthy growth during the forecast period. Growing concern towards plastic waste from a wide array of industries has led to increased focus of various regulatory bodies curb and recycle it.
Recycling Equipment & Machinery Market Share: By Region
In terms of regions, Europe is estimated to be the largest market for recycling equipment & machinery during the forecast period. Growing concern towards plastic and other waste, stringent regulations towards reducing and recycling waste materials, and increasing participation from private players have led to the dominance of Europe in the global recycling equipment & machinery market. North America and Asia-Pacific are also expected to witness a healthy demand for recycling equipment & machinery owing to rising concern towards packaging waste and growing demand for sustainable packaging.