Companies Driving the Shift Towards Use of Recycled Plastic Products

Prominent companies are playing a major role in promoting use of recycled plastic bottles in lieu of virgin plastic bottles. The Coca Cola Company has announced its intention to invest millions of pounds in its Lincolnshire manufacturing unit to ensure the use of 50% recycled plastic in all of its bottles. Smaller companies have also been inspired by this and a few have pledged to use 100% recycled plastic bottles by 2020. This may well fuel the global recycled plastic market in the medium term. Nestle Waters North America has begun to manufacture PET bottles from recycled plastic and these bottles are 100% recycled plastic with the company aiming to increase the recycling rate of plastic bottles to 60% by end 2018. The Dow Chemical Company has been able to successfully harness energy from recycled plastic. This process reduces the consumption of natural gas and is a renewable and environmentally-friendly method of energy harvesting.

Recycling of plastic is broadly defined as collecting waste plastic scraps that are recyclable, processing it with various technologies, and finally treating it with chemicals and additives to produce a newer plastic. The improved quality of recycled plastic products over their virgin counterparts, the push from different companies, and strict governmental regulations are the main drivers of the recycled plastic market. Persistence Market Research in its upcoming report titled ‘Recycled Plastic Market: Global Industry Analysis 2012 – 2016 and Forecast 2017 – 2025’, projects the recycled plastic market to be worth just over US$ 30 billion by 2025.

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Resin Type – PET and HDPE Segment Critical in Recycled Plastic Market

The polyethylene terephthalate and high density polyethylene resin types had a market share approaching 2/3rd of the recycled plastic market and should gain 180 and 40 BPS respectively, largely at the expense of other resin types. Polyethylene terephthalate is popular primarily on account of its low price and versatility. Similarly, a large portion of the plastic scrap generated including margarine tubes, grocery bags, and detergent bottles contain HDPE resins.

Application – Packaging Industry Demands Great Deal of Recycled Plastic

The packaging industry is anticipated to hold the maximum share in the recycled plastic market by application type in terms of both value and volume. There is heavy demand for recycled plastic in the packaging industry because most waste scrap is generated by the packaging sector and then recycled to manufacture PET containers, bottles, carpet fibers, and clothes. The packaging industry is predicted to record a CAGR of 4.8% throughout the forecast period. Companies such as Nestle and Coca Cola have begun to use recycled plastic bottles for packing beverages and they have pledged to use more recycled plastic content in their beverage bottles instead of virgin plastic.

Source Type – Plastic Bottles to Exhibit High Growth in Recycled Plastic Market

Plastic bottles are on track to witness a CAGR of 4.8% from 2017 to 2025 and should exceed 17,000 KT by the end of the eight-year study, making it imperative for key stakeholders in the recycled plastic market to target.

Region – Focus on APEJ in Recycled Plastic Market

APEJ is estimated to fuel the volume gains in the recycled plastic market over the forecast period with a total incremental opportunity of just under US$ 3.3 billion being attributed to this populous continent. The consumption of recycled plastic products is concentrated in APEJ particularly in the construction and packaging sectors. In China, the raw material availability is very less leading to increased consumption of recycled plastic.

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Competition Dashboard in the Recycled Plastic Market

Prominent companies actively involved in the recycled plastic market have been profiled in the report. The companies are B.SCHOENBERG & CO., REPLAS, Advanced Environmental Recycling Technologies, Clear Path Recycling, Wellman Advanced Materials, Reprocessed Plastic, PLASgran Ltd., Custom Polymers, CarbonLITE Industries, Luxus Ltd, Butler-MacDonald, KW Plastic, wTe Corporation, Envision Plastic Industries LLC, Kuusakoski, and Shanghai PRET.

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