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The key highlights of the report include:
Market Overview (2016-2026): –
- Historical Market Size (2020): USD 37.5 Billion
- Forecast CAGR (2021-2026): 6%
- Forecast Market Size (2026): USD 53.5 Billion
Due to extreme contamination caused by the disposal of used plastics in oceans and the lack of landfill areas in many countries, the demand is increasing. Factors such as the use of recycled plastics in a variety of new applications in the packaging, automotive, and electrical & electronics industries, as well as numerous favourable initiatives encouraging the use of recycled plastics around the world, provide lucrative opportunities for the recycled plastics market to expand. Recycled plastics are more expensive. The market’s growth is being stifled by stiff competition from virgin plastics in terms of performance.
Industry Definition and Major Segments
The method of collecting and reusing various forms of plastic waste is known as plastic recycling. Sorting, cleaning, shredding, labelling and classification of plastic, and extruding are the five phases that waste and scrap plastic go through before being recycled. Plastic-based products are usually non-biodegradable, which can cause a variety of environmental issues. As a result, recycling plastics reduces the amount of waste disposed at landfill sites, lowering the amount of greenhouse gas emissions emitted by landfills.
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On the basis of plastic type, the global recycled plastics market is segregated into:
- Polyethylene Terephthalate (PET)
- High Density Polyethylene (HDPE)
- Polypropylene (PP)
- Low Density Polyethylene (LDPE)
- Others
Based on the raw material types, the industry is divided into:
- Plastic bottles
- Plastic films
- Rigid Plastic and Foam
- Fibres
- Others
The industry is majorly categorised on the basis of the application segment into:
- Non-Food Contact Packaging
- Food Contact Packaging
- Construction
- Automotive
- Others
Based on region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Many companies have been motivated to pursue green and sustainable solutions as public awareness and concern about the environment and healthy living has grown. As a result, demand for recycled plastics has increased around the world. Furthermore, environmental regulations have prompted many companies to switch to recycled plastics. This also contributes to a greener climate by lowering carbon emissions. Recycled plastics are used in a variety of applications in the packaging industry, including food packaging, plastic containers, bottles, closures, jars, engineered pumps, sprayers, and caps. During the forecast era, packaging is expected to be the recycled plastics market’s fastest-growing end-use sector. The packaging market is growing because recycled plastics are increasingly being used in food and beverage packaging, thanks to technical advances that have made recycled resins ideal for food applications, which was not previously the case. During the forecast era, North America is expected to be the fastest-growing market for recycled plastics. The demand for recycled plastics in North America is expanding as a result of numerous initiatives in the area to increase the use of recycled plastics.
Key Market Players
The major players in the market are B. Schoenberg & Co., Inc, UltrePET, LLC, Carbonlite Inc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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