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The global recycled plastics market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to reach a value of US$ 56.5 Billion by 2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
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.
IMARC Group provides an analysis of the key trends in each sub-segment of the global recycled plastics market report, along with forecasts for growth at the global, regional and country-level from 2021-2026. Our report has categorized the market based on region, product type, application and raw materical.
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.
The global recycled plastics market was valued at US$ 39.9 Billion in 2020.
We expect the global recycled plastics market to exhibit a CAGR of 6.0% during 2021-2026.
Higher manufacturing cost of virgin resins has necessitated the use of recycled plastic products which represents one of the key factors catalyzing the global recycled plastics market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary shutdown of numerous manufacturing units, thereby negatively impacting the growth of the global recycled plastics market.
Based on the product type, the global recycled plastics market can be bifurcated into polyethylene terephthalate (PET), high density polyethylene (HDPE), polypropylene (PP) and low-density polyethylene (LDPE), and others. Among these, polyethylene terephthalate (PET) holds the largest market share.
Based on the application, the global recycled plastics market has been segmented into non-food contact packaging, food contact packaging, construction, automotive and others. Currently, non-food contact packaging exhibits a clear dominance in the market.
Based on the raw material, the global recycled plastics market can be categorized into plastic bottles, plastic films, rigid plastic and foam, fibres, and others. Among these, plastic bottles currently represent the largest segment.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global cheese market include Avangard Innovative, B. Schoenberg & Co., Inc., Delta Plastics, UltrePET LLC, CarbonLITE Industries, Veolia, Suez Recycling & Recovery Holdings, and KW Plastics.
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