Newark, NJ, May 25, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global recycled plastic market is expected to grow from USD 37.98 billion in 2019 to USD 63.81 billion by 2027, at a CARG of 6.7% during the forecast period 2020-2027. North America is predicted to be the fastest-growing market for recycled plastics. The growth of recycled plastic in this region is due to many initiatives taken by the organizations and government to increase the use of recycled plastics. Many companies have pledged to the association of plastic recyclers to increase the use of recycled plastics in their products.
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The key players of this market are Jayplas, Custom Polymers, Green Line Polymers, Plastipak Holdings, Suez, Clear Path Recycling, KW Plastics, Veolia, B. Schoenbery & Co. and B&B Plastics. Plastipak Holdings has announced new lightweight neck finish for carbonated beverages.
The type segment includes polyethylene terephthalate, low-density polyethylene, polyvinyl chloride, polystyrene, high-density polyethylene, polypropylene and others. Polyethylene terephthalate has the largest share. The application segment includes foams, bottles, fibers, films and others. Bottles section has the highest use. The end-user segment includes Automotive, Packaging, Textile, Building & Construction, Electrical & Electronics, Others. Packaging is predicted to have the fastest growth in the forecast years.
Plastics are very lightweight, inexpensive and durable material which can readily be made into a range of products. So, the production of plastics has increased over the years. But with growing concern of plastic pollution, recycled plastic is fast becoming a solution to limit it, as recycling decreases material usage, improve eco-efficiency and lowers use of energy.
However, stiff competition by virgin plastic in terms of its application and quality hampers the growth of recycled plastics.
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About the report:
The global recycled plastic market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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