Pune, India, Feb. 01, 2023 (GLOBE NEWSWIRE) -- The global recycled plastic market is projected to grow from USD 44.03 billion in 2021 to USD 76.23 billion by 2028 at a CAGR of 8.2% during the 2021-2028 period. The global recycled plastic market size was USD 41.13 billion in 2020. This information is provided by Fortune Business Insights, in its report, titled, “Recycled Plastic Market, 2020-2028.”
Recycled plastic is plastic material that has been processed to remove impurities and contaminants, then melted and re-formed into new products. The goal of recycling plastic is to reduce waste, conserve resources, and reduce greenhouse gas emissions. It has grown in recent years due to increasing environmental awareness and demand for sustainable products. The market is driven by factors such as government regulations, consumer demand, and technological advancements in recycling processes.
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Regional Insights:
Asia Pacific to Dominate Stoked by China and India Consuming Great Amount of Material
The market in Asia Pacific stood at USD 24.35 billion in 2020 and is estimated to hold the largest recycled plastic market share throughout the forecast period owing to China and India being the dominating recycled plastic consuming countries.
On the other hand, in Europe, the demand for products from the construction and automotive industry is growing at a substantial rate.
In North America, the U.S. accounted for the larger recycled plastic market share of the market due to the increase in demand from packaging and automotive industries.
Recycled Plastic Market Growth Factors-
- Increase in plastic waste generation
- Awareness about the environmental impact of plastic waste
- Government regulations and incentives for recycling
- Technological advancements in recycling processes
- Rising demand for sustainable products
- Increase in cost of raw materials
- Growing consumer preference for recycled plastic products
- Increase in investment in recycling infrastructure.
Report Coverage:
The report presents a holistic study of the market for recycled plastic along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the recycled plastic market growth are shared in the report.
Industry Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 8.2% |
| 2028 Value Projection | USD 76.23 Billion |
| Base Year | 2020 |
| Flooring Market Size in 2021 | USD 44.03 Billion |
| Historical Data | 2017-2022 |
| No. of Pages | 300 |
| Segments Covered | By Type, End-user and Regional Insights |
| Recycled Plastic Industry Growth Drivers | Growing consumer preference for recycled plastic products |
| Non-Food Packaging Segment to Create Greatest Revenue |
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List of Key Players Mentioned in the Report:
- Plastipak Holdings (U.S.)
- The Coca-Cola Company Incorporated (U.S.)
- Suez (France)
- B. Schoenberg & Co. U.S.)
- Fresh Pak Corporation (U.S.)
- B&B Plastics (U.S.)
- Green Line Polymers (U.S.)
- Ultra Poly Corporation (U.S.)
- Clear Path Recycling (U.S.)
- Jayplas (U.K.)
- MBA Polymers (U.S.)
- RJM International Inc. (U.S.)
- CarbonLite Industries LLC (U.S.)
Segmentation:
Polyethylene Terephthalate to Maintain Position as Leading Type during Forecast Period
On the basis of types, the market is classified into polyethylene terephthalate (PET), high-density polyethylene (HDPE), polypropylene (PP), low-density polyethylene (LDPE), and others.
Non-Food Packaging Segment to Create Greatest Revenue
On the basis of application, the market is categorized into non-food packaging, food packaging, construction, automotive, and others. The non-food packaging segment is anticipated to maintain its largest share throughout the forecast period owing to the great demand for recycled PET for manufacturing bottles and other packaging products such as films and wraps.
Geographically, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers and Restraints:
Growing Implementation in Packaging Industry to Foster Market
The demand for recycled materials is progressing in numerous industries such as food & beverage, and consumer goods. In the food & beverage industry, the utilization of recyclable polymer is surging owing to the huge demand for food-safe packaging material.
Drivers:
- Government regulations and policies promoting recycling and sustainability.
- Increasing demand for recycled plastic products due to environmental concerns.
- Growing demand for sustainable packaging materials.
- The rising cost of raw materials.
Restraints:
- Lack of proper recycling infrastructure in many regions.
- Low-quality recycled plastic products lead to limited market acceptance.
- Lack of consumer awareness about recycled plastic products.
- High cost of recycled plastic products compared to traditional plastic products.
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Competitive Landscape:
Crucial Business-related Declarations by Prime Players to Impact Market
Indispensable corporations in the market often make critical declarations concerning few business moves, which in turn influence the market either affirmatively or adversely. Companies purchase companies, launch novel products, involve in collaborative contracts, sign agreements with government organizations and so on.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Global Recycled Plastic Industry
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Recycled Plastic Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- By Type (Volume/Value)
- Polyethylene Terephthalate (PET)
- High-Density Polyethylene (HDPE)
- Polypropylene (PP)
- Low-Density Polyethylene (LDPE)
- Others
- By Application (Volume/Value)
- Non-Food Packaging
- Food Packaging
- Construction
- Automotive
- Others
- By Region (Volume/Value)
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
TOC Continued…!
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