According to the latest report by IMARC Group, titled “North America Recycled Plastics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the North America recycled plastics market size reached US$ 7,190 Million in 2021. Plastic recycling refers to the method of reprocessing waste virgin plastics into reusable and durable products. During recycling, waste plastic products collected from municipal wastes or landfills are deposited in processing plants and separated into different types, along with contaminants and other wastes. The five stages in the recycling process involve sorting, washing, shredding, identifying and categorizing plastic, and extruding waste and scrap. Plastic pellets are produced as an end-product, which have excellent properties such as easy molding and filmability. Since plastics are largely non-biodegradable, recycling them is essential to reducing the pollution that results from their use.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
North America Recycled Plastics Market Trends:
The market in North America is primarily driven by increasing environmental concerns with an enhanced focus on sustainable development. This can be attributed to the rising awareness regarding the adverse effects of using virgin plastic. In addition to this, the augmenting levels of harmful emissions from the use of petrochemicals are also providing an impetus to the market. Moreover, the rising product adoption in numerous end-use industries, including packaging, electrical and electronics, textiles, automotive, and construction, is also fueling the market. A considerable rise in crude oil prices across the region is also creating a positive outlook for the market. The market is further driven by the continual technological developments in the process of recycling. Some of the other factors contributing to the market include favorable initiatives undertaken by the government, the escalating demand for conventional plastic alternatives, inflating disposable income levels, and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 9,326 Million by 2027, exhibiting a CAGR of 4.35% during 2022-2027.
- Based on the plastic type, the market has been segmented into Polyethylene Terephthalate (PET), High Density Polyethylene (HDPE), Low Density Polyethylene (LDPE), and others.
- On the basis of the raw material, the market has been divided into plastic bottles, plastic films, rigid plastic and foam, fibres, and others.
- Based on the application, the market has been categorized into non-food contact packaging, food contact packaging¸ construction, automotive, and others.
- On the geographical front, the market has been segregated into the United States and Canada.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players.
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