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The global recycled plastics market was valued at US$ 39.9 Billion in 2020.
We expect the global recycled plastics market to grow at 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 plastic type, the global recycled plastics market can be bifurcated into polyethylene terephthalate (PET), high density polyethylene (HDPE), polypropylene (PP), 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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