According to the latest report by IMARC Group, titled “Recycled Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global recycled plastics market size reached US$ 35.4 Billion in 2018. Plastic recycling refers to the resource-efficient utilization of plastic waste by reprocessing it into functional and useful products. It helps to optimize the lifespan of plastics by recycling and reusing them and involves various processes like collecting, sorting, shredding, washing, melting and pelletizing. Today, it has become essential to recycle all plastic waste as it is toxic and harmful for both human health and the environment.
Global Recycled Plastics Market Trends:
Recycled plastics reduce the rate of plastic pollution, help to conserve resources and divert plastics from landfills and other water bodies, and utilize lesser energy than new virgin polymers. These benefits, along with the growing awareness about sustainability and consciousness regarding environment protection across the globe, have created a positive impact on the industry. As a result, several advancements have been made to develop innovative technologies that will help to improve the management and processing of plastic waste and allow for a wider variety of plastic to be recycled into high-quality resins. Furthermore, the continuous support by the governments of various countries for recycling and processing plastic waste will continue to provide a significant thrust to the market growth in the coming years. Looking forward, the market value is projected to reach US$ 50.5 Billion by 2024, growing at a CAGR of 6.1% during 2019-2024.
- Based on the type, polyethylene terephthalate (PET) is the most popular type of recycled plastic. Other major segments include high density polyethylene (HDPE), polypropylene (PP), low density polyethylene (LDPE) and others.
- On the basis of the raw material, the market has been segregated into plastic bottles, plastic films, rigid plastic and foam, fibers and others. Amongst these, plastic bottles currently account for the majority of the total market share.
- The market has been categorized based on the application into non-food contact packaging, food contact packaging, construction, automotive and others. At present, recycled plastics are mostly used for non-food contact packaging.
- Region-wise, North America exhibits a clear dominance in the market. Other major regions are Asia Pacific, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined, with some of the key players being Avangard Innovative LP, B. Schoenberg & Co., Inc., Delta Plastics, UltrePET LLC, CarbonLite Industries LLC, Veolia Environment S.A, Suez Recycling & Recovery Holdings Pty Limited and KW Plastics.
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