Recycled plastics is produced from scrap or waste plastic and is further utilized in manufacturing various products such as storage containers, concrete, and PVC windows for building & construction, packaging, automotive, electrical & electronics, and textile industry.
Market Overview:
Recycled plastics are plastic materials that have been recycled from post-consumer and post-industrial waste streams. They are increasingly being used in packaging applications as well as in construction materials.
Growing concerns regarding plastic waste and environmental pollution are driving demand for recycled plastics from various end-use industries.
Market Dynamics:
Increasing environmental concerns related to plastic waste as well as strict regulations on plastic disposal are expected to be major drivers for the recycled plastics market during the forecast period. Growing awareness about the need for sustainable plastic recycling processes is encouraging industries and governments to adopt circular economy practices.
At the same time, fluctuating prices of crude oil, which is a key feedstock for virgin plastics, is making recycled plastics a relatively cost-effective option. Furthermore, improving recycling technologies and expanded collection infrastructure are helping drive higher collection rates of post-consumer plastic scrap.
All these factors are expected to significantly boost market revenue for recycled plastics over the forecast period.
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Major Driver: Rising Concerns Regarding Environmental Pollution from Plastic Waste
There has been a significant increase in the amount of plastic waste generated globally in the past few decades due to rampant plastic usage. Plastic takes hundreds of years to decompose and damages the environment badly.
This plastic waste ends up in landfills or leaks into water bodies causing severe pollution. Many countries face issues in managing the large volumes of plastic waste.
Recycling plastics provides an avenue to reduce the burden on landfills and cut down on pollution. The demand for recycled plastics is surging due to stringent regulations being imposed on industries and brands to curb plastic usage.
Also, consumers are increasingly choosing eco-friendly packaging made from recycled plastics to minimize their carbon footprint.
Driver: Strong Demand from Packaging Industry
The packaging industry accounts for a major share of the recycled plastics market. Packaging manufacturers are under pressure to embrace sustainable practices and opt for recycled raw materials.
Post-consumer plastic waste such as plastic bottles, containers, films, and foils are extensively used to manufacture new packaging products. Recycled plastics help packaging companies reduce their reliance on virgin plastics and production costs.
They also enable companies to market their products as eco-friendly. These factors are driving up the adoption of recycled plastics in the packaging of consumer goods, food & beverages, industrial products, and more.
Major Trend: Advancements inMechanical and Chemical Recycling Technologies
While most plastic recycling currently relies on mechanical processes, developing chemical recycling technologies present a promising market trend. Chemical recycling utilizes various processes like depolymerization, pyrolysis and gasification to break down mixed plastic waste into its base chemical components like oils and gases.
These can then be processed to derive virgin-quality plastic polymers and chemicals. With ongoing investments, chemical recycling is emerging asa feasible solution for difficult-to-recycle plastics.
Technology startups are developing innovative methods to scale up production. Such advancements are expected to boost recyclability and drive more robust growth of the recycled plastics industry over the long run.
Worldwide major and leading players within the market are:
★ B&B Plastics
★ Veolia
★ Green Line Polymers
★ Clear Path Recycling
★ B. Schoenberg & Co.
★ Jayplas
★ Suez
★ Custom Polymers
★ Plastipak Holdings
★ KW Plastics.
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Segmental Overview
Recycled Plastics Market segmentation offers an in-depth analysis of the various segments of the market, including application, type, end use, and region. The segmentation overview section offers crucial information about the market share, sales, and growth rate for each of the segments over the forecast period.
Moreover, an examination of the relative multitude of significant sub-portions in the market has been canvassed in the report.Having a knowledge about the various segments and sub-segments helps businesses recognize the importance of factors that drive industry growth.
The titled segments and sub-section of the Recycled Plastics market are illuminated below:
Global Recycled Plastics Market, By Product Type:
★ On the basis of product type, the global recycled plastics market is segmented into:
★ Polyethylene Terephthalate (PET)
★ High Density Polyethylene (HDPE)
★ Low Density Polyethylene (LDPE)
★ Polyvinyl Chloride (PVC)
★ Others
★ On the basis of source, the global recycled plastics market is segmented into:
★ Plastic Bottles
★ Plastic Bags & Films
★ Synthetic Fiber
★ Rigid Plastics & Foams
★ Others
★ On the basis of end-use industry, the global recycled plastics market is segmented into:
★ Building & Construction
★ Textiles
★ Automotive
★ Electrical & Electronics
★ Packaging
★ Others
Regional Analysis for Recycled Plastics Market:
�. North America (United States, Canada, and Mexico)
�. Europe (Germany, France, UK, Russia, and Italy)
�. Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
�. South America (Brazil, Argentina, Colombia,.)
�. The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
Key Highlights of the Report
- Offers a comprehensive and holistic analysis of the Recycled Plastics Market.
- Evaluates the competitive environments, covering partnerships, joint ventures, acquisitions, and organic growth.
- Provides forecast information related to every region and sub-region of the Recycled Plastics market.
- Includes information on the key opportunities and challenges faced by key industry players worldwide.
- Covers the Recycled Plastics market’s current and future market outlook on industry drivers, market restraints, and regional constraints.
The report answers a number of crucial questions, including:
➥ Which companies dominate the global Recycled Plastics market?
➥ What current trends will influence the Recycled Plastics market over the next few years?
➥ What are the market’s opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular Recycled Plastics market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the market economy globally?
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