Chicago, June 17, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, the global Recycled Plastics Market size is expected to grow from USD 27.9 billion in 2021 to USD 43.5 billion by 2026, at a CAGR of 9.3% during the forecast period.
Favorable initiatives to promote the use of recycled plastics in developed countries, growing acceptance of recycled plastics consumption in the textile industry as fibers in developing countries of Asia Pacific, and cost-effective, sophisticated recycling technologies are some of the major factors driving the global recycled plastics market.
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Bottles is expected to be the largest and fastest-growing source in the recycled plastics market during the forecast period.
Bottles are the largest and the fastest-growing source of recycled plastics. Post-consumer PET bottles are the most commonly used plastics for plastic recycling on account of their huge availability and technical feasibility to produce PET granules. Moreover, PET bottles have a better collection and sorting network. The majority of bottles are made of PET resin, which is the most commonly recycled resin and has the highest recycling rate in the recycled plastics market. Therefore, waste bottles are expected to remain the biggest source for producing recycled plastics as many countries are foraying into the recycling business and will depend on bottles as their material source.
Polyethylene Terephthalate: The largest type in the recycled plastics market
Polyethylene Terephthalate (PET) was estimated to be the largest segment of the recycled plastics market, by type in 2021. PET plastics are 100% recyclable, easy to recycle, and have a lower cost, which makes them.
PET is the largest recycled resin worldwide and will continue to be the most demanded recycled resin. It can be recovered and recycled repeatedly and remolded to produce new PET products. They can also be chemically broken into their constituent raw materials, which can then be purified and converted into new PET resins. They can be used in many products such as new containers, carpets, textiles, protective packaging, industrial strapping, automotive parts, and construction materials. PET has the highest recycling rate globally and is only limited by the amount of used PET material collected.
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APAC is expected to hold the largest market share in the global recycled plastics market during the forecast period.
APAC is expected to be the largest market for recycled plastics, with China being the key market in the region. China accounts for a major share of the regional demand for recycled plastics, followed by Japan, India, and South Korea. These countries are expected to witness a steady increase in consumption between 2021 and 2026. According to the World Bank, Asia Pacific is the fastest-growing region in terms of both population and economic growth. The region has experienced significant growth in the last decade and accounted for over a third of the world’s GDP. The high economic growth, coupled with the mounting population, is expected to boost the industrial sector in the region, which will increase the need for plastics from industries. Continuous and easy availability of recycled plastics, low-cost labor, lower price, and environmental benefits are also some of the major factors driving the recycled plastics market in the region
Indorama Ventures Public Ltd. (Thailand), Veolia (France), Suez (France), Jayplas (UK), Alpek (Mexico), Biffa (UK), Republic Services (US), Stericycle (US), Far Eastern New Century Corporation (Taiwan), KW Plastics (US), among others are the leading recycled plastics manufacturers, globally.
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