Recycled Plastics market Projected to Grow at a Steady Pace During 2021-2027 | Veolia, Suez, KW Plastics, Jayplas, B. Schoenberg & Co.
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Emerging trend of reduce, reuse, and recycle of non-biodegradable things in order to protect the environment and simultaneously improving human health has increased the focus on consumers and public & private bodies on plastic recycling activities. For instance, in 2018, Coca Cola pledged to make 100% of its packaging recyclable by 2025, and to use 50% recycled material in bottles and cans by 2030. similarly, in 2020, PepsiCo committed to eliminate all virgin plastic from its Pepsi brand beverage bottles sold in nine European Union markets by 2022. Further, by 2030, it plans to halve its use of “virgin” plastic, which is not made from recycled goods. Furthermore, Nestle is working on the same path by ensuring that all of its packaging, including plastics, is recyclable or reusable by 2025. Such initiatives would further promote the plastic recycling activities in the foreseeable future. Further, plastic are made up of fossil fuels, for instance, Over 99% of plastic is made from chemicals sourced from fossil fuels. Therefore, increasing focus on reducing reliance on fossil fuels to promote sustainable future is fueling the growth of the recycled plastic market.
In light of COVID-19, industrial capex had decreased in order to sustain during the pandemic. Several industrial settings were bankrupting or closed their operation owing to the liquidity crunch or labor unavailability. Moreover, border closure disrupted the raw materials supply-demand. Since, recycling of plastics requires a fully efficient supply chain which had been broken down in the light of COVID-19, thus affecting the market performance.
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Global Recycled Plastics market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Source, the market is primarily divided into:
• Rigid Plastics & Foams
Based on source, bottles accounted for significant share in the recycled plastic market. Large and growing usage of single use plastic bottles owing to easy to use and carry is one of the key attributable factors for its high market share. Further, many industries like oil, carbonated drinks, sports drinks, functional beverages are commonly used these bottles owing to its low cost, transparency, and easy transportation. Since bottles has becomes an important part of industries ecosystem, therefore companies are focusing on recycling of bottles rather than its substitutes. For instance, in 2020, PepsiCo committed to eliminate all virgin plastic from its Pepsi brand beverage bottles sold in nine European Union markets by 2022. Further, by 2030, it plans to halve its use of “virgin” plastic, which is not made from recycled goods.
By Industry, the market is mainly categorized into:
• Consumer Goods
On the basis of industry, packaging industry accounted for largest share in the global recycling market. Packaging industry is the largest consumer of plastics owing to increasing demand of packaged products across the globe due to its easy-to-use property. Further, in developing economies per capita consumption of plastic is quite low compared to developed nation therefore with growing disposable income, consumption of plastic would also increase, as a result demand of recycled plastics in packaging industry would increase in the future. For instance, as per a study, an Indian consumes 11 kg plastic every year whereas an average American 109 kg.
Global Recycled Plastics Market Geographical Segmentation Includes:
• North America (United States, Canada, Rest of North America)
• Europe (Germany, UK, France, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, Rest of APAC)
• Rest of World
Based on the estimation, Asia Pacific held the significant share in the global recycled plastics market owing to large population base and growing people per capita income which improving spending power of people. Regional countries such as India, China, Indonesia, and Japan are among the largest plastic waste generators, globally. Owing to which, several governments has taken various initiatives to reduce the use of virgin plastic and promote plastic recycling. For instance, the Japanese government announced the adoption of a policy package in May 2019 to reduce plastic waste and emissions of greenhouse gases, which involves the reduction of emissions coming from burning waste. Further, China was the largest importer of used plastic but with the ban on import of used plastic by China in 2017, several regional countries has increased the focus on plastic recycling. All these factors helped the region to held significant market share in global recycled plastics market.
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• KW Plastics
• B. Schoenberg & Co.
• Royal Dutch Shell plc
• Waste Connections
• Covestro AG
• Clear Path Recycling
• Custom Polymers
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global Recycled Plastics market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the global Recycled Plastics market?
• Which factors are influencing the global Recycled Plastics market over the forecast period?
• What are the global challenges, threats, and risks in the global Recycled Plastics market?
• Which factors are propelling and restraining the global Recycled Plastics market?
• What are the demanding global regions of the global Recycled Plastics market?
• What will be the market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by the companies?
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