Recycled plastics is produced from scrap or waste plastic and is further utilized in manufacturing various products such as storage containers, concrete, and PVC windows for building & construction, packaging, automotive, electrical & electronics, and textile industry. The aim of producing recycled plastics is to reduce pollution caused during manufacture of new or virgin plastics. The plastic recycling process helps to deal problems related to plastics disposal. According to Plastic Oceans International, more than 300 million of plastic is manufactured every year, consequently generating high demand for reuse, recovery, and recycling of plastics. Therefore, the recycled plastics market is expected to witness significant growth over the forecast period.
- Recycled plastics market is expected to be driven by the increasing concerns for disposing virgin plastic and growing awareness about energy saving is expected to drive demand for recycled plastics market over the forecast period (2019-2027).
- Moreover, increasing usage of recycled plastics in various end-use industries such as automotive and building & construction coupled with propelling growth of these industries is expected to boost demand for recycled plastics products, which is expected to drive market growth over the forecast period.
- Based on product type, polyethylene terephthalate (PET), accounted for the largest market share in global recycled plastics market in 2018. Ease of raw material collection in the form of plastics bottle and easy recyclability are the major factors that are expected to drive growth of the PET segment.
- In 2018, Asia Pacific accounted for the largest market share in terms of revenue in the global recycled plastics market, owing to rapid industrialization and growing manufacturing sector in emerging economies such as China and India. For instance, according to the India Brand Equity Foundation (IBEF), the gross value added (GVA) from manufacturing sector in India exhibited at a CAGR of 4.3% during 2012 to 2018.
- According to The Association of Plastic Recyclers, the plastic bottles recycling has been made compulsory in several U.S. states such as North Carolina, Massachusetts, California, New Jersey, Connecticut, Wisconsin, and Pennsylvania. This is expected to drive growth of the recycled plastic market in the U.S. over the forecast period.
- High competition for new or virgin plastics is expected to hinder growth of the market over the forthcoming years. However, new innovations in recycling technologies results in cost-efficiency, offers new opportunities for recycled plastics players for expansion. Reliable detectors and recognition software are few of the latest technologies that help recycled plastics manufacturers to enhance accuracy and productivity in sorting plastics automatically. For instance, FT-MIR and FT-NIR spectrometer systems offered by Bruker Limited, helps recycling plastics manufacturers to achieve desired objectives by classify and identify recyclable materials more efficiently.
Major companies operating in the global recycled plastics market include B&B Plastics, Veolia, Green Line Polymers, Clear Path Recycling, B. Schoenberg & Co., Jayplas, Suez, Custom Polymers, Plastipak Holdings, and KW Plastics.
On the basis of product type, the global recycled plastics market is segmented into:
- Polyethylene Terephthalate (PET)
- High Density Polyethylene (HDPE)
- Low Density Polyethylene (LDPE)
- Polyvinyl Chloride (PVC)
On the basis of source, the global recycled plastics market is segmented into:
- Plastic Bottles
- Plastic Bags & Films
- Synthetic Fiber
- Rigid Plastics & Foams
On the basis of end-use industry, the global recycled plastics market is segmented into:
- Building & Construction
- Electrical & Electronics
On the basis of region, the global recycled plastics market is segmented into:
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East
- Rest of Middle East
- North Africa
- Central Africa
- South Africa