In 2021, the worldwide recycled plastic market will be worth US$ 37.75 billion. Looking forward, IMARC Group anticipates the market will reach US$ 51.15 billion by 2027, growing at a CAGR of 5.09% between 2022 and 2027.
Plastic recycling is the practice of reusing and recovering plastic rubbish to create usable and valuable things. Plastic goods go through several phases before being recycled, including collecting, sorting, washing, shredding, classifying, and extruding. End users prefer recycled plastics because they decrease trash created and disposed of at landfills while cutting greenhouse gas emissions.
As the new coronavirus (COVID-19) epidemic sweeps the globe, we are constantly monitoring market developments as well as consumer industry behavior, and our projections regarding the current market trends and forecasts are made with the impact of this pandemic in mind.
Global Recycled Plastics Market Trends:
The growing awareness of the detrimental and hazardous effects of plastic waste on the environment and human health is propelling the global recycled plastics sector. As a result of fast industrialization and population expansion, plastic is widely used in the construction, food packaging, and vehicle sectors. As a result, governments in a number of countries are establishing rules and regulations to decrease trash output and promote plastic waste recycling, encouraging end users to gradually transition to recycled plastics. By promoting ecologically acceptable plastic disposal solutions, they are also making it easier to dispose of garbage in a methodical manner.
Furthermore, in order to lessen their carbon footprints, several businesses are switching from virgin to recycled plastics. Furthermore, technical advancements, such as the use of artificial intelligence (AI) for plastic garbage sorting, are favorably boosting the market growth.
The competitive landscape of the market has been examined in the report.
Avangard Innovative, Veolia Environnement S.A. (VEOEY), Suez Recycling & Recovery Holdings, KW Plastics, B. Schoenberg & Co. Inc., Delta Plastics, CarbonLITE Industries, and UltrPET LLC.
- The market is divided into high-density polyethylene (HDPE), polyethylene terephthalate (PET), polypropylene (PP), low-density polyethylene (LDPE), and others based on the type of plastic. The most common kind of recycled plastic is polyethylene terephthalate (PET).
- The market has been divided into raw material categories such as plastic bottles, fibers, plastic films, rigid plastic and foam, and others. Plastic bottles now account for the vast majority of the overall market share.
- The market has been segmented into construction, non-food contact packaging, automotive, food contact packaging, and other applications. Recycled plastics are now largely employed in non-food contact packaging.
- The Asia Pacific is the largest market by region. Latin America, Europe, North America, the Middle East, and Africa are among the other areas.
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