Nearly 90% of the waste associated with the municipal corporation is plastic. Henceforth, recycled plastics act as the best solution to balance the increasing consumption of plastic and the necessity to preserve the natural resources as well. IndustryARC estimations presented that the global recycled plastics market size was $39,623m in 2018, and set to grow with a CAGR of 6.95% during the forecast period 2019-2025.
The IndustryArc report, titled, “Recycled Plastics Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast (2019 – 2025),” provides a detailed description of several types of recycled plastics obtained from various sources, their usage across varied range of applications at different end use industries, It is helpful to the new market investors to take futuristic business decisions.
Recycled Plastics Market: Leading Segments
Uninhibited waste collection and treatment is still be predominant in various developing countries. Thus, APAC held as a leading region, which accounts for 37% share in the global recycled plastics market in the year 2018. Every year approximately eight million metric tons of plastic dumped into the ocean. China, Indonesia, Thailand, the Philippines, and Vietnam countries are contributing almost 60% of ocean plastic, owing to their mishandled landfills.
Recycled plastic has found fastest growing applications in the packaging, building & construction, and automotive sectors, which are stimulating the global recycled plastics market demand. Growth of recycled plastic in these three sectors has been projected at a CAGR of 7.35% over the aforesaid forecast period. Huge plastic waste generation by these industrial sectors, has influenced its quick growth rate in the near future. In the U.S. presently 300 million tons of new plastic is produced on an annual basis, only 9% of this new plastic are getting recycled and rest of the 91% of new plastic do not undergo any sort of recycling. According to Organisation for Economic Co-operation and Development (OECD), PET (polyethylene terephthalate) and HDPE (high-density polyethylene), polypropylene and polystyrene are mainly used in packaging. Out of which PET, HDPE are recycled at high rates that is up to 19% to 85%, and the other two are less recycled that is about 1% to 21%.
Recycled Plastics Market: Disruptive Trends
o Need for clean and green environment, pure landfills are triggering for the conservation of the environment and natural resources through the adoption of recycled plastics.
o Plastic is the most abundantly available materials on the earth. Furthermore, recycled plastics are stimulating the appropriate employment of plastic waste.
o To avoid the rising public concern regarding their health coupled with the eradication of established plastic pollution, playing a major role in introducing the use of recycled plastic in numerous applications.
o A positive view of the European Food Safety Authority (EFSA) and Government Plastic Collection Schemes has been encouraging the usage of recycled plastic, which is ultimately driving the acceptance of recycled plastic.
Recycled Plastics Market: Competitive Landscape
Veolia, Suez, KW Plastics, B. Schoenberg & Co., Jayplas, B&B Plastics, Green Line Polymers, Clear Path Recycling, Custom Polymers, Plastipak Holdings, Joes Plastics Inc., Ultra Poly Corporation, and UNM International Limited are the foremost recycled plastics market share payers, listed in the global recycled plastics market report.
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