Just because it has the recycling symbol doesn't mean your closest recycling center is going to take it. First your material  needs a market. And second, the symbol of those arrows chasing each other in a triangle do NOT mean an item can be recycled. It's just a resin identification code from the Society of Plastics to identify the polymer type of plastic that a material is. Here's a quick reference of what the symbols stand for, their recycle rate, examples of what is made from them and >>> what they can be recycled into / risks.

#1 Polyethylene Terephthalate "PETE" (20%) - water bottles, peanut butter containers, salad dressing bottles >>> carpet, paneling, new containers / low risk of leaching

#2 High Density Polyethylene "HDPE" (11%) - milk jugs, juice bottles, detergent containers >>> benches, recycling bins, lumber / low risk of leaching

#3 Polyvinyl chloride/Vinyl or PVC "V" (0%) - window cleaner bottles,shampoo bottles, pipes >>> decks, gutters, mats / contains highly dangerous toxins

#4 Low Density Polyethylene "LDPE" (6%) - squeezable bottles, frozen food bags, shopping bags >>> trash can liners, compost bins, plastic lumber / bags get caught in machinery

#5 Polypropylene "PP" (2%) - yogurt containers, bottle caps, clear salad bar containers >>> pallets, ice scrapers, brooms / various melting points

#6 Polystyrene "PS" (1%) - disposable cups, cartons, trays >>> produce clamshells, egg cartons, to go containers / difficult to recycle
    Expanded Polystyrene (Styrofoam) - packing peanuts, disposable containers, cups >>> ? / leaches potential toxins into food

#7 Polycarbonate/Other (6.1%) - 5 gallon water bottles, sunglasses, DVDs > plastic lumber / may leach potential hormone disruptors