The global recycled plastics market reached a value of US$ 35.4 Billion in 2018. The market is further projected to reach US$ 50.5 Billion by 2024, growing at a CAGR of 6.1% during 2019-2024. Plastic recycling refers to the process of collecting and re-using different types of plastic wastes. Before recycling takes place, the waste and scrap undergo a series of five different stages which include sorting, washing, shredding, identification and classification of plastic, and extruding. Products manufactured from plastics are usually non-biodegradable in nature and can lead to various environmental concerns. Thus, recycling plastic helps to reduce the amount of waste disposed of at landfill sites, thereby lowering the amount of greenhouse gas emissions released from landfills.
Global Recycled Plastics Market Drivers:
Breakup by Product Type:
On the basis of type, the market is segregated as polyethylene terephthalate (PET), high density polyethylene (HDPE), polypropylene (PP) and low-density polyethylene (LDPE) and others. At present, polyethylene terephthalate (PET) accounts for the majority of the market share as it is used in the manufacturing of containers, shoes, automobile parts, luggage, etc.
Breakup by Application:
Based on application, the market is segmented as non-food contact packaging, food contact packaging, construction, automotive and others. Amongst these, non-food contact packaging exhibits a clear dominance in the market. This type of packaging is employed in industrial processing products for protecting the products from harsh weather conditions.
Breakup by Raw Material:
On the basis of raw material, the market is divided into plastic bottles, plastic films, rigid plastic and foam, fibres, and others. Currently, plastic bottles represent the major type of raw material for recycled plastics as they find numerous applications in industries for storing carbonated drinks, medicines, oils, etc.
On a geographical front, North America enjoys a leading position in the global recycled plastics market on account of ascending demand for recycled plastics. This can be attributed to various initiatives undertaken by government and other organisations in the region. North America is followed by Europe, Asia Pacific, Latin America, and Middle East and Africa.
The market is fragmented in nature with the presence of several small and large manufacturers who are competing in terms of prices and quality. There prevails a rigid competition in the market which makes it difficult for small players to enter. Some of the key players operating in the market are:
This report provides a deep insight into the global recycled plastics market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the recycled plastics industry in any manner.
Key Questions Answered in This Report:
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