London, April 05, 2023 (GLOBE NEWSWIRE) -- Recycled plastics are rapidly gaining traction as a material of choice for packaging among world leaders like Coca-Cola, PepsiCo, Unilever, and Nestlé. With more brands determined to adhere to their sustainable packaging goals, global recycled plastics market is expected to observe an impressive outlook over the next few years. A new study of Fairfield Market Research expects the market to experience over 8% growth in revenue between 2022 and 2026, reaching an estimated valuation of US$30.2 Bn.
“China has recently imposed a ban on plastic waste imports. While this primarily reflects a responsible gesture, this ban has in fact created a roadblock facing the US which is the world’s largest plastic waste exporter (for recycling). It is now more likely that the US will amplify investments in its own plastic waste collection and recycling capabilities for assured supply security in future,” states a Fairfield analyst.
Key Research Insights
- Non-food packaging application segment of the recycled plastics market accounts for more than 39% revenue share
- Collectively with HDPE, the PET segment represents more than 75% value share
- Over 50% revenue is contributed by Asia Pacific
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Insights into Segmental Analysis
Recycled polyethylene terephthalate (PET) has been gaining ground within the consumer goods industry for packaging application. Demand for recycled PET is poised to witness nearly 7.4% growth between 2022 and 2026, says the recycled plastics market report. Sales of containers, PET bottles, sheets, and thermoformed trays will especially heighten. In addition, high density polyethylene (HDPE) will remain a material of choice among end users. The collective revenue share of PET, and HDPE segments is currently more than 75%. These materials also offer a cost benefit in the long run. Engineered plastics like ABS, nylon, and polystyrene will also be in high demand. In terms of plastic waste generation, packaging industry leads, followed by food packaging sector. The study identifies the latter as the fastest growing application segment.
Key Report Highlights
- Growing significance of sustainable packaging formats, and stringent sustainability targets uphold North America’s position in recycled plastics market
- Europe’s market thrives in the light of a supportive policy framework
- Recycled plastics will continue to outweigh their virgin counterparts on the back of their competitive costs
Insights into Regional Analysis
The European Union’s supportive initiatives (e.g., The EU’s Plastics Tax 2021) extend heavy contribution toward recycled plastics market of Europe. The various regulatory norms in favor of circular economy model, and green strategy adoption further strengthen the market of this continent. Asia Pacific however is identified to lead with over 50% of the global recycled plastics demand. Favorable growth environment that has been developing across China, India, and a majority of the southeast Asian countries over the recent past. While this is likely to uphold attractiveness of Asia Pacific in recycled plastics market, the report also highlights measurably high consumption of virgin plastics by the region. The domestic plastics recycling sector is thriving, several governments are imposing improvements in plastics collection and recycling rates, which will continue to push Asian markets up.
Key Market Players
Borealis AG, KW Plastics, Indorama Ventures Public Company Limited, LyondellBasell Industries N.V., and ALPLA Group are some of the prominent players leading the competition space of recycled plastics market.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2021 | |
| Forecast Year | 2022 – 2026 | |
| Market Size in 2019 | US$19.5 Bn | |
| Estimated Market Size in 2026 | US$30.2 Bn | |
| CAGR | 8.1% | |
| Key Players | KW Plastics, Borealis AG, Indorama Ventures Public Company Limited, LyondellBasell Industries N.V., ALPLA Group | |
The Global Recycled Plastics Market is Segmented as Below:
Product Coverage
- PET
- HDPE
- PP
- LDPE
- Misc. (PVC, PS, PUR, etc.)
Application Coverage
- Food Packaging
- Non-food Packaging
- Construction
- Automotive
- Textile
- Misc. (Electronics, Agriculture, etc.)
Geographical Coverage
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Leading Companies
- Indorama Ventures Public Company Limited
- Covestro AG
- Borealis AG
- LyondellBasell Industries N.V.
- Phoenix Technologies International, LLC
- UltrePET, LLC.
- Extrupet Group (Pty) Ltd
- KW Plastics
- Envision Plastics
- ALPLA Group
Inside This Report You Will Find:
1. Executive Summary
2. Market Overview
3. Production Output and Trade Statistics
4. Price Trends Analysis and Future Projects, 2018 - 2026
5. Global Recycled Plastics Market Outlook, 2018 - 2026
6. North America Recycled Plastics Market Outlook, 2018 - 2026
7. Europe Recycled Plastics Market Outlook, 2018 - 2026
8. Asia Pacific Recycled Plastics Market Outlook, 2018 - 2026
9. Latin America Recycled Plastics Market Outlook, 2018 - 2026
10. Middle East & Africa Recycled Plastics Market Outlook, 2018 - 2026
11. Competitive Landscape
12. Appendix
Learn More About the Report Inclusions, and Research Methodology: https://www.fairfieldmarketresearch.com/report/recycled-plastics-market/more-information
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