Recycled Plastics Market Grow Steady at 6.4% CAGR to 2022, Led by Plastic Disposal and Waste Plastic Scraps
“Polyethylene Terephthalate (PET): The fastest-growing segment of the recycled plastics market, by type”
North America region is estimated to be the fastest-growing market for recycled plastics during the forecast period. The growth of the recycled plastics market in North America is growing due to the several initiatives taken in the region to increase the use of recycled plastics. Many companies such as Coca-Cola, Unilever, Walmart, Target Corp., Procter & Gamble Co., Ecover, Evian, L’Oréal, Mars, M&S, PepsiCo, Campbell Soup, Amcor Werner & Mertz, and Keurig Green Mountain Inc. have pledged to the Association of Plastics Recyclers (US) to increase the use of recycled plastics in their products.
“Packaging: The fastest-growing segment of the recycled plastics market, by end-use industry”
Asia Pacific was estimated to be largest market for recycled plastics market in 2017. Region’s flourishing manufacturing sector, ample availability of labor, competitive cost base, & increasing consumer demand are expected to drive industrialization in region. Several industries use plastics for many applications & therefore, industrialization, in turn, would drive demand for recycled plastics in region as they provide a cost advantage over virgin plastics.
The global recycled plastics market is witnessing significant growth. Factors restraining and challenging the growth of the recycled plastics market are the stringent competition from virgin plastics, global market leader China banning the imports of plastics scraps, and inefficient collection of plastics wastes.
Key Target Audience:
- Regional Manufacturers’ Associations
- Plastics Scraps Suppliers
- Traders, Distributors, and Suppliers of Recycled Plastics
- Government and Regional Agencies and Research Organizations
Packaging was estimated to be largest segment of recycled plastics market in 2017. The packaging industry, being largest user of virgin plastics, is also largest user of recycled plastics. Increasing population & subsequent need for more consumer goods drives demand for plastics from this industry. Increasing consciousness regarding environmental benefits provided by recycled plastics has been major factor contributing to growing use of recycled plastics in this industry.
The recycled plastics market is witnessing growth due to the increasing awareness regarding the use of recycled plastics due to their environmental benefits such as energy savings over virgin plastics. Low cost and increasing use in industries such as packaging, automotive, electrical & electronics, and textiles will further accelerate the growth of the recycled plastics market.