Plastic has become a major environmental concern in the past decades. This has consistently driven the growth of recycled plastics in the overall packaging industry over the forecast period. QY Research has published new report titled, “Global Recycled Plastics Market Size Study and Regional Forecasts 2019-2025”, which provides in-depth information about growth factors influencing the market over the anticipated period. The 111-page report shows that the global plastic recycling market is predicted to reach US$21.8 bn by 2025 from US$21.4 bn in 2018, registering a CAGR of 0.18% during the forecast period.
Packaging Industry to Accelerate Uptake of Recycled Plastics
The demand for recycled plastic material has been constantly rising across various industries such as packaging, construction, clothing, food and beverages, and landscaping. The development of these industries accredited to the growing population, increasing disposable income, and continuous product innovation. In this framework, the higher manufacturing cost of virgin resin has necessitated the use of recycled plastic products, thereby boosting the growth of the global recycled plastics market.
Furthermore, manufacturers and recyclers are focusing on adding value to the burgeoning consumerism with recycled plastic products. Thus, development of innovative products to cater to the demand of the consumer. Companies are also focusing on research and development activities to enhance the quality performance of recycled plastic products and thus augmenting the growth of the market in the coming years.
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The global recycled plastics market is segmented into product type and application. Based on application, the market is segmented into landscaping/street furniture, packaging, textile fiber/clothing, construction, and others. Amongst these, the packaging segment will dominate the recycled plastics market, as it is employed in industrial processing products for protecting products from the bad weather condition.
The product type segment includes LDPE, PET, HDPE, PP, and others. The polyethylene terephthalate (PET) segment is expected to gain the maximum market share, as it is easily available in recycled waste scrap and also it’s cheaper than other recycled plastics
Asia Pacific to Augment the Recycled Plastics Market
Asia Pacific holds the largest market share in the global recycled plastics market. The increasing demand for virgin plastics in emerging economies such as India and China is likely to have a positive impact on the recycled plastics market in this region. On the other hand, Europe is also expected to lead the recycled plastics market due to strengthening frameworks advocating the importance of reducing energy consumption and carbon footprint from various sectors such as automotive. North America is also likely to contribute to the growth of the global recycled plastics market, as companies are focusing on making eco-friendly products with the help of advanced technologies.
Da Fon Environmental Technology, Clear Path Recycling, Suzhou Jiulong Recy & Tech, Clean Tech Incorporated, Jiangsu Zhongsheng, Mohawk Industries Incorporated, Intco, CarbonLite Industries, Shandong Power Plastic, Envision Plastics Industries, Fuqing Topway Plastics Industrial, Advanced Environmental Recycling Technologies Incorporated, Wellpine Plastic Industrial, Greentech, OOTONE PLASTIC, Veolia Polymers, Ripro Corporation, Hahn Plastics, Visy, CeDo , Luxus, PLASgran, and APR2 Plast are the top manufacturers that are operating in the global recycled plastics market.
Growing awareness regarding energy savings to drive market growth
Packaging segment to lead the global recycled plastics market
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