Recycled Plastic Market Growth

By Author: Aarkstore Market Research
Total Articles: 40
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Plastic is present around us in huge quantities and accounts for almost 90% of the global municipal waste. This waste gets accumulated on land that can be used for other purposes, and thus recycling plastic offers an effective solution for clearing these landfill spaces. Plastic recycling includes the reprocessing of post-consumer or post-industrial plastics instead of the virgin resin. Plastic is also recycled during the manufacture of plastic products such as polyethylene films and bags.
A significant fraction of these plastics is further used in the manufacturing of several products such as footwear, bags, toys, fabrics, toothbrushes, etc. According to latest report, titled “Recycled Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global recycled plastics market reached a value of US$ 37 Billion in 2017.

Increasing prices of conventional plastics along with the growing concern for the environment represent the key factors driving the market. Recycling plastics reduces the amount of energy and natural resources needed to create virgin plastic. Therefore, shifting focus towards sustainability is boosting the demand for recycled plastics across the globe. Moreover, increasing local demand and lower labour costs has expanded the market in the emerging regions such as Asia Pacific, particularly in China, India, and the ASEAN countries. Owing to the aforementioned factors, the market is expected to reach a value of US$ 52 Billion by 2023, exhibiting a CAGR of 5.7% during 2018-2023.

The report has segmented the market on the basis of type including Polyethylene Terephthalate (PET), High Density Polyethylene (HDPE), Polypropylene (PP), Low Density Polyethylene (LDPE) and others. Amongst these, Polyethylene Terephthalate (PET) represents the most popular type. The market is further segmented on the basis of raw materials used. Bottles, rigid plastic and foam, bags and films, and carpets and fibers are the major raw materials used in the production of recycled plastics. On the basis of applications, non-food contact packaging represents the largest segment, followed by food contact packaging, construction, automotive and others. Region-wise, North America is the largest market, accounting for the majority of shares. Other major regions include Europe, Asia Pacific, Latin America, and Middle East and Africa. The report has also analysed the competitive landscape of the market with some of the key global players being
Avangard Innovative LP
B. Schoenberg and Co., Inc.,
Delta Plastics
UltrePET LLC
CarbonLITE Industries.

This report provides a deep insight into the global recycled plastics market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the recycled plastics industry in any manner.
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