Dublin, Oct. 17, 2022 (GLOBE NEWSWIRE) -- The "Global Recycled Plastics Market by Type (PET, PE, PP, PVC, PS), Source (Bottles, Films, Fibers, Foams), End-Use Industry (Packaging, Textile, Building & Construction, Automotive, Electrical & Electronics) and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The Recycled Plastics Market is projected to grow from USD 27.9 billion in 2021 to USD 43.5 billion by 2026, at a CAGR of 9.3% from 2021 to 2026. One of the key factors driving the growth of recycled plastics market includes the growing awareness regarding energy saving and government responses. Also, governments around the world are concerned about plastic wastes, especially single-use packaging wastes, and are implementing regulations to both minimize environmental waste and improve waste management processes. This, in turn, is expected to contribute to the growth of the recycled plastics market.
PET is estimated to lead the recycled plastics market, by type in terms of value during the forecast period
By type, PET is estimated to be the largest segment in the recycled plastics market. It is primarily used in fashion products such as polar fleece clothes, backpacks, and carpets. PET can be recovered and recycled repeatedly and remelted to produce new PET products. It can also be chemically broken into its constituent raw materials, which can then be purified and converted into a new PET resin.
Packaging end-use industry is expected to hold the largest market share during the forecast period
By end-use industry, packaging is estimated to be the largest segment in the recycled plastics market. This industry mainly uses PET and HDPE resins for packaging products. Moreover, these resins are the most commonly recycled plastics as they are easy to recycle and have excellent properties, such as strength, thermo-stability, and transparency, which make them a popular choice for use in packaging. Plastics are among the most common materials used for packaging as they have several benefits, such as durability and sealability, which protect the products and increase their shelf life.
Asia Pacific recycled plastics market is projected to be the largest market, by region during the forecast period, in terms of value
Asia Pacific is projected to be the largest market for recycled plastics during the forecast period. 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.
Market Dynamics
Drivers
- Negative Environmental Impact of Plastics Disposal
- Growing Awareness Regarding Energy Savings and Government Responses
- Increasing Use in Packaging, Automotive, and Electrical & Electronics Industries
- Chemical Recycling Process
Restraints
- Stringent Competition from Virgin Plastics
- Effects of Downcycling
Opportunities
- Favorable Initiatives to Promote the Use of Recycled Plastics in Developed Countries
- Increasing Use in the Textile Industry in the Developing Countries of Asia-Pacific
- New Recycling Technologies
- Opportunities for Chemical Industries
Challenges
- Ban on Imports of Waste or Scrap Plastics in China
- Difficulty in the Collection of Raw Materials
- Only Few Recycled Plastics Have Market Demand
- Pigmented Plastics are Not Accepted by Many Recycling Facilities
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Recycled Plastics Market, by Source
7 Recycled Plastics Market, by Type
8 Recycled Plastics Market, by End-Use Industry
9 Recycled Plastics Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Appendix
Companies Mentioned
- Alpek
- B&B Plastics
- B.Schoenberg & Co.
- Biffa
- Cabka Group
- Clear Path Recycling
- Custom Polymers
- Envision Plastics
- Far Eastern New Century Corporation
- Fresh Pak Corporation
- Imerys
- Indorama Ventures Public Ltd.
- Jayplas
- Kk Asia Pte Ltd
- Kw Plastics
- Mba Polymers
- Pet Processors LLC
- Phoenix Technologies
- Plasgran
- Plastipak Holdings
- Remondis Se & Co. Kg
- Replas
- Republic Services
- Stericycle
- Suez
- Ultra Poly Corporation
- Veolia
- Waste Connections, Inc
For more information about this report visit https://www.researchandmarkets.com/r/yivjz9
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