The Global Recyclable plastics market is forecast to reach USD 67.55 Billion by 2028, according to a new report by Reports and Data. Increasing awareness about the adverse impact of plastic pollution on environmental stability is on a constant rise. The rise in awareness about its harmful effect has been the result of experiencing the real-life complications associated with plastic pollution along with government initiatives. Such increased awareness about plastic pollution has acted as a significant driving force for the growth of the market. Apart from that, an increased number of research on enhancing recycling technologies and rise in social enterprises that are dealing with the issue of plastic pollution like UrbanR Recycle+ positively impacts the growth of the sector.
There has been a rise in demand for plastic in various regions like China being one of the leading nations. However, in these regions, the need for plastics is comparatively high in proportion to the plastic raw materials required to cater to this demand of these countries. Such disparity between increased demand and low supply of plastic raw materials bolsters the growth of the sector. Expansion of this sector can be established with the fact that till 2015, only 0.5 Billion tons i.e., only 6% of the total plastic produced was recycled. However, within only three years, i.e., by 2020, 1.3 Billion tons of the total produced plastic was recycled.
Key participants include Avangard Innovative, B. Schoenberg & Co., Inc. Delta Plastics, UltrePET LLC, CarbonLITE Industries, Veolia, Suez Recycling & Recovery Holdings, KW Plastics, Clear Path Recycling, Jayplas.
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In context to region, Asia Pacific can be seen to be leading the market. In this region, continuous development in the manufacturing sector, increased availability of labor, shortage of plastic raw materials have contributed to the region’s market dominance.
Further key findings from the report suggest
- The Recyclable plastics market held a market share of USD 44.18 Billion in the year 2020 that is forecasted to grow at a rate of 5.8% during the forecast period.
- In regards to Type, Polyethylene Terephthalate (PET) segment can be seen to generate the highest revenue of USD 13.43 Billion in 2020 with the highest CAGR of 6.5% during the forecast period. Growth of this segment has been the result of the fact that PET is wholly recyclable and have low recycling cost as compared to other types of plastic.
- In context to Source of production of recyclable plastics, Bottles segment generated the highest revenue of USD 24.89 Billion in the year 2020 with a considerable growth rate of 6.2% during the forecast period. The revenue generated by this segment has been the result of the presence of well-regulated and established collection infrastructure and deposit laws in specific nations.
- In regards to Recycling processes, Mechanical recycling segment is seen to lead the market that generated a higher revenue of USD 25.68 Billion in 2020 with the growth rate of 5.6% during the forecast period. The fact that this type of recycling process is effective in recycling products without much hassle and it is simple in terms of its operation has resulted in its high rate of incorporation for recycling household plastic waste, which contributed to the revenue generated by it.
- In context to End-Use Industry, the Packaging segment can be seen to have generated the highest revenue of USD 15.02 Billion in 2020 with the growth rate of 6.1% during the forecast period. The revenue generated by this segment has been the result of the rise in consumption of packed food and expansion of the food and beverage sector.
- While discussing End-Use Industry, it is mentionable that the Automotive segment is forecasted to witness the highest growth rate of 7.7% during the forecast period. Key factor contributing to the growth rate of this segment is, a rise in the consumption of recycled plastics in the manufacturing units of renowned automotive companies like Nissan, General Motors, Chrysler, and Ford, among others. The focus on corporate social responsibility by these companies has also contributed to the growth rate of this segment.
- In regards to the region, Asia Pacific is forecasted to yield the highest revenue of USD 13.43 Billion in 2020 with a growth rate of 6.2% during the forecast period. The revenue generated by this region has been the result of continuous development in the manufacturing sector, increase in demand among the consumers and shortage of plastic raw materials and easy availability of labor.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/recyclable-plastics-market
For the purpose of this report, Reports and Data have segmented the global Recyclable plastics market according to Type, Source, Recycling processes, End-Use Industry, and Region:
Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Polyethylene (PE)
- Polyethylene Terephthalate (PET)
- High-Density Polyethylene (HDPE)
- Low-Density Polyethylene (LDPE)
- Polypropylene (PP)
- Polystyrene (PS)
- Polyvinyl Chloride (PVC)
- Others
Source type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Films
- Bottles
- Foams
- Fibers
- Others
Recycling processes Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Chemical recycling
- Mechanical recycling
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End-Use Industry Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Building & Construction
- Packaging
- Automotive
- Electrical & Electronics
- Textiles
- Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- North America
- U.S.
- Europe
- U.K
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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