Recycled Plastics Market Is Booming Worldwide | SUEZ, KW Plastics, B. Schoenberg & Co, Clear Path Recycling
Another key growth enabling factor is rising awareness regarding energy savings. Recycled plastics manufacturing can reduce the energy consumption by 80% to 90% than virgin plastics. It also saves consumption of a large amount of petroleum products and emission of carbon dioxide gases. Many multinational companies have taken an initiative to use the product instead of virgin plastic products For example, Nestle has planned to achieve 100% fully recyclable packaging by 2025.
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Similarly, Amcor has committed to increase the use of recycled plastics in its manufacturing process and to make all of its packaging to be reusable or recyclable by 2025. Thus, the increasing awareness for saving the energy along with rising participation of individual will drive the product demand in the upcoming years.
Recycled plastics market has been segmented based on the source, type, end-user industry and region. Based on the source, the industry has been categorized bulky rigids, fiber, foam, bottles. Among these, bottles are expected to grow significantly in the upcoming years.
On the basis of type, recycled plastics are categorized into polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polyethylene terephthalate (PET), polystyrene (PS), and others. Other recycled plastics includes polycarbonate (PC), polyamide (PA), etc.
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On the basis of end-user industry, the market has been segmented into automotive, packaging, textile, personal care, household and others. Other end-user segment consists of agriculture, paints & coatings, etc. Packaging industry will have a significant growth in the recycled plastics market in the upcoming years. Rising food & beverages demand across the world will drive the need for packaging products, which will further increase the product demand in the upcoming years.
Automotive industry is also expected to see a considerable growth in the recycled plastics market. The automotive manufacturers use plastic materials for producing variety of structural components and body parts. Increasing demand for lightweight vehicles will further drive the product demand in automotive industry in the forecast time period.
North America and Europe are key markets for recycled plastics, and are regulated by strict norms and legislations for recycling. The American and European nations have taken strong steps to curb their plastic disposal, thus boosting the product market significantly. Asia Pacific is also likely to witness a significant growth in recycled plastics market owing to rising demand from the regional packaging industry. Many fast developing nations of Asia Pacific, such as China, India, Japan, Singapore, etc. are taking steps to promote the recycled plastic demand over the coming years.
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Some of the key market players of recycled plastics market, which include SUEZ, KW Plastics, B. Schoenberg & Co, Clear Path Recycling, Custom Polymers, Plastipak, Green Line Polymers, B & B Plastics, Ecosheet and The Shakti Plastics Industries.
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