The global recycled plastics market was worth a value of US$ 37 Billion in 2017. The market is further projected to reach US$ 52 Billion by 2023, at a CAGR of around 6% during the year 2018-2023. 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:
- Reduction of plastic wastes and numerous recycling programmes have become a priority for both developed and developing nations across the globe. Owing to this, governments in different regions are implementing policies and regulations for controlling waste production, encouraging the reuse and recycling of plastic wastes, and encouraging systematic waste treatment. Governments are also enforcing landfill taxes, waste disposal taxes, recycling credit schemes, deposit refund systems, etc. to promote effective waste management. These measures by governments in various countries and states are expected to further facilitate the growth of the recycled plastics market.
- The demand for plastic material has been constantly increasing across several industries like food and beverage, automotive, packaging and healthcare. The development of these industries can be accredited to rising population, inflating disposable incomes and continuous product innovations. In this context, higher manufacturing cost of virgin resins has necessitated the use of recycled plastic products, thereby bolstering the growth of the global recycled plastics market.
- Plastic manufacturers and recyclers are now being more focused on adding value and consumerism to the recycled plastic products. They are coming up with secondary containment products, laundry carts, bulk storage containers etc. through roto moulding methods.
- Several brands are investing in research and development to enhance the quality performance of recycled plastic products and incorporate them in every plastic component that they use.
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:
- Avangard Innovative
- B. Schoenberg & Co., Inc.
- Delta Plastics
- UltrePET LLC
- CarbonLITE Industries
- Suez Recycling & Recovery Holdings
- KW Plastics
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 market in any manner.
Key Questions Answered in This Report:
- How has the global recycled plastics market performed so far and how will it perform in the coming years?
- What are the key regions in the global recycled plastics market?
- Which are the popular product types in the global recycled plastics market?
- What are the key application segments in the global recycled plastics market?
- What are the major raw materials in the global recycled plastics market?
- What are the various stages in the value chain of the global recycled plastics market?
- What are the key driving factors and challenges in the global recycled plastics market?
- What is the structure of the global recycled plastics market and who are the key players?
- What is the degree of competition in the global recycled plastics market?
- How is recycled plastic manufactured?