Publication Month: May 2022 | Report Code: TIPRE00020347 | No. of Pages: 150 | Category: Chemicals and Materials | Status: Published
Recycled plastics are resins manufactured by reusing waste plastic products such as bottles, containers, films, and sheets. They can be produced by recovering plastic scraps and wastes, and then it is reprocessed into useful products. The process is defined as cleaning, sorting, and processing pre-consumer and post-consumer plastic wastes into resins for various end-use industries. Recycling plastic has become an important part of increasing awareness about the environment. As most plastic is non-biodegradable in nature, it is necessary to recycle plastic and reuse them.
Increasing emphasis on manufacturing materials and methods associated with recycled plastics is also favoring the market growth. Various start-ups are trying to make their position in the market by developing innovative ways of recycling plastics. For instance, the Cat-HTR, a start-up in Australia, is a unique hydrothermal upgrading platform that can economically and easily transform plastic waste and industry residues, and various biomass into a biocrude or synthetic oil for sustainable production of chemicals and fuels, which helps in reduction of carbon emissions.
In 2020, Asia Pacific held the largest share of the global recycled plastics market. The major factor contributing to the growth of the market in this region is the growing demand for recycled plastics from the automotive, packaging, building & construction, and other manufacturing industries. The increasing development of automotive parts and components in the region with the rise in vehicle production, coupled with continuous innovations from automotive fuel manufacturers, creates lucrative opportunities for the recycled plastics market, which, in turn, drives the market growth. Further, growing construction activities, especially in China and India, will likely attract global market players to establish their businesses in Asia Pacific. In construction, recycled plastic is used as an alternative to traditionally used concrete. Recycled plastic is a low-cost alternative in construction and helps save energy and landfill spaces. When it is combined with virgin plastic, recycled plastic helps the reduction of costs significantly without compromising the result. All these factors are driving the market demand for recycled plastics.
|Market Size Value in||US$ 2682.21 Million in 2022|
|Market Size Value by||US$ 4001.37 Million by 2028|
|Growth rate||CAGR of 6.9% from 2022 to 2028|
|No. of Pages||150|
|No. of Tables||84|
|No. of Charts & Figures||81|
|Historical data available||Yes|
|Segments covered||Type, Source, and Application|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The COVID-19 pandemic severely impacted the global market in 2020 due to disrupted supply chains of raw materials used to produce recycled plastics. Ease in lockdown measures in several countries and resumption of operational activities in many industries helped revive the demand for recycled plastics from 2021. In addition, the rapid pace of COVID-19 vaccination programs supported the growth of the recycled plastics market.
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Increasing construction activities in emerging economies are significantly boosting the growth of the recycled plastics market. Rapid urbanization with an increasing global population is driving the demand for recycled plastic in buildings and construction activities. The rising growth of the construction industry is due to the growing population in emerging economies, including India and China. Moreover, these countries use recycled plastic in residential and commercial construction and other infrastructure projects. Growing demand for more environmentally-friendly homes with a lower carbon footprint and open green spaces is augmenting the market growth for recycled plastic. Roofing titles are essential for any building and take a considerable amount of money to install. Recycled plastic is also used to build roofing titles as they are less expensive than other construction materials. Further, rising awareness among investors regarding environmental protection is driving the demand for recycled plastic in construction materials and designs of more ecologically viable homes.
Based on application, the market is segmented into packaging, textile, automotive, building and construction, electrical and electronics, and others. The packaging segment held the largest market share in 2020. Recycled plastics are used in films, sheets, containers, and bottles in the food & beverages industry. The continuous packaging of product manufacturing regarding their production capacity results in the extensive use of recycled plastic for packaging purposes.
Furthermore, recycled plastic packaging survives in extreme environments and does not degrade in extreme temperatures, thus preserving the integrity of products, such as food & beverages. Increasing demand from sports equipment industries, fashion accessories, toys, soaps, surfactants, and other personal care products will create lucrative market opportunities for the packaging industry.
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A few of the key market players in the recycled plastics market are REMONDIS SE & CO.KG; Biffa; Stericycle, Inc.; Veolia; Jayplas; Alpek S.A.B.de C.V.; Republic Services, Inc.; B & B Plastics Inc.; Clear Path Recycling; and PLASTIPAK HOLDINGS, INC. These companies provide a wide range of product portfolios for the recycled plastics market. These companies have their presence in the developing regions, which provides a lucrative opportunity for recycled plastics. These market players are highly focused on developing high-quality and innovative products to fulfil the customer’s requirements.