Global Recycled Plastic Market is Driven by Processing of Recycled Products helps in Conservation of Energy and Natural Resources is Driving this in the Forecast period of 2019 to 2026
Global recycled plastic market is expected to register a substantial CAGR of 9.8% in the forecast period of 2019 -2026. Some of the major players operating in this market are CUSTOM POLYMERS, B&B PLASTICS INC, B. Schoenberg & Co., Inc., ENVISION PLASTICS, Jayplas, Joe's Plastics, K K Asia (HK) Ltd., Berry Global Inc., MBA Polymers Inc., Plastipak Holdings, Inc., SUEZ, Ultra-Poly Corporation, Veolia, KW Plastics, Birch Plastics Inc., RJM INTERNATIONAL, INC., Asia plastics renewable resources holdings co., ltd., CLEAR PATH RECYCLING, Green Line Polymers and Imerys among others.
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The recycling process of plastics refers to the recovering of waste or scrap left out of plastic products and reprocessing it back into useful products. Since, plastic material is non-biodegradable, so it is recycled to reduce the harmful effects caused due to dumping of plastic products in the soil. The process of recycling goes through six major steps, collection, sorting, shredding, cleaning, melting and making of pellets. The dumped waste plastic is collected by waste collectors and brought to the sorting facilities for further processing where, the plastic products are segregated on the basis of their color and the content of resin in them. The differentiated plastics go through the shredder where products are grinded and cut into small pieces so that they can easily be cleaned and made into pellets for further manufacturing of products.
Global Recycled Plastic Market By Type (Polyethylene Terephthalate, Polyethylene, Polypropylene, Polyvinyl Chloride, Polystyrene, Others), Source (Bottles, Bags, Films, Fibers, Foams, Others), Industry (Packaging, Building & Construction, Textile, Automotive, Electrical & Electronics, Household Goods, Agriculture, Healthcare, Others), Geography (North America, South America, Europe, Asia-Pacific and Middle East& Africa) - Industry Trends and Forecast to 2026
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Global Recycled Plastic Market is segmented into three notable segments which are based on type, source and industry.
On the basis of type, the market is segmented into polyethylene terephthalate, polyethylene, polypropylene, polyvinyl chloride, polystyrene and others. Polypropylene type segment is dominating in the market as this type has the capability of easy recycling and can be used in almost all the industries.
On the basis of source, the market is segmented into bottles, bags, films, fibers, foams and others. Bags are the most common source from where recycled plastic can be generated and almost all the bags used in grocery and various other things are made of plastic materials.
On the basis of industry, the market is segmented into packaging, building & construction, textile, automotive, electrical & electronics, household goods, agriculture, healthcare and others
Drivers: Global Recycled Plastic Market
Processing of recycled products helps in conservation of energy and natural resources
Rising awareness among people and actions taken by government regarding plastics disposal
Generation of volatile organic compounds (VOCs) and other harmful chemicals during recycling process
Recycling downgrades the quality of products
Generation of raw materials from plastic bottles recycling process that can be used for production of textiles
Less recyclability of certain plastic materials
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In June 2019, Veolia announces the launch of a new tool for the energy, water, & waste sectors. This new tool will help to achieve a low carbon future and will be beneficial for environment and is cost friendly
In February 2018, Envision Plastics announced the launch of a bottle which uses their Ocean Bound plastic at 100 percent content and as the sole colorant carrier. Through this, the company will be able to expand its product portfolio in the market
In January 2015, Jayplas launched a new plastic film packaging division. The main aim for this launch is to provide a closed-loop solution and ensure that plastic is recycled in the U.K. instead any other region
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