Recyclable Plastics Market is Projected to Reach USD 67.42 Billion by 2028: Reports and Data

The global recyclable plastics market size was USD 44.14 Billion in 2020 and is expected to register a revenue CAGR of 5.5% during the forecast period. Increasing awareness about negative effects of plastic disposal on the environment, increasing initiatives by governments of various countries across the globe to increase use of recyclable plastics, especially in developed countries, growing awareness about importance of energy saving, and rapid growth of textile industry are some factors expected to drive market revenue growth during the forecast period.

Plastic waste is a threat to the environment. Recognizing this, several governments across the globe are taking initiatives to reduce plastic waste and focus on plastic recycling, which is expected to increase demand for recyclable plastics around the world. For instance, the Indian government has announced ban on single-use plastics. The Department of Science and Technology (DST) has undertaken various initiatives to recycle plastic waste in response to the government's effort to reduce plastic pollution. Various technologies for recycling polystyrene waste and recycling plastics have been developed with the help of DST to prevent plastic pollution. In May 2021, the US Department of Energy (DOE) announced a USD 14.5 Million investment in research & development to lower plastic waste and reduce energy consumed while recycling single-use plastics such as plastic bags, wraps, and films. This investment in plastic recycling technology supported DOE's efforts to solve the issue of plastic waste recycling, while supporting the administration's efforts to establish a green power economy and ensure the United States achieves net-zero carbon emissions by 2050.

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Single-use plastics are the most common type of plastic found in landfills, and are among the most difficult to recycle. Several regulations have been implemented in countries in Europe and North America to encourage plastic recycling, including high landfill tax. This isexpected to result in increasing investments and initiatives by public sector in waste-related issues. In order to reduce ocean pollution, the European Union has imposed tax on plastic bags and packages, and such initiatives undertaken by governments in developed countries are expected to boost demand for recyclable plastics over the forecast period.

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Some Key Highlights in the Report

• Polypropylene (PP) segment is expected to account for largest market share in the global recyclable plastics market during 2021-2028. Polypropylene components are fatigue resistant, which is advantageous in the construction sector for making plastic hinges, pipelines, consumer-grade daily-use items, manufacturing carpets, and mats and rugs among many other things. Demand for recycled polypropylene is expected to be driven by increasing usage in automotive, packaging, and construction industries.

• High-density Polyethylene (HDPE) segment is expected to register a significantly steady revenue growth over the forecast period. Different sorts of bottles and containers are made from HDPE. Unpigmented bottles are transparent, have high barrier qualities, and are rigid, making them ideal for packing items with a short shelf life.

• The recyclable plastics market in North America is expected to account for largest revenue share in the global market over the forecast period due to robust presence of major market players such as B. Schoenberg & Co., Inc., Kw Plastics, Inc., Avangard Innovative LP, and Clear Path Recycling, LLC in countries in the region.

• Major companies profiled in the global market report include Suez Recycling & Recovery Holdings Pty Limited, B. Schoenberg & Co., Inc., CarbonLite Industries LLC, Veolia Environnement S.A., Jayplas, Clear Path Recycling, LLC, Avangard Innovative LP, Ultrepet LLC, Kw Plastics, Inc., and Biffa plc.

• In September 2020, for all of the Buxton water bottles, Nestlé UK has collaborated with waste management company Biffa to secure 100.0% recycled plastic. The partnership will benefit both parties by increasing the ability to recycle PET.

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For the purpose of this report, Reports and Data has segmented the global recyclable plastics market based on type, source, recycling processes, application, and region:

Type Outlook (Revenue, USD Billion, Volume, Kilotons; 2018-2028)

• Polyethylene Terephthalate (PET)
• Polyethylene (PE)
• Low-density Polyethylene (LDPE)
• High-density Polyethylene (HDPE)
• Polypropylene (PP)
• Polyvinyl Chloride (PVC)
• Polystyrene (PS)
• Others

Source Outlook (Revenue, USD Billion, Volume, Kilotons; 2018-2028)

• Plastic Films
• Plastic Bottles
• Polymer Foam
• Synthetic Fibers
• Others

Recycling Processes Outlook (Revenue, USD Billion, Volume, Kilotons; 2018-2028)

• Mechanical Recycling
• Chemical Recycling

Application Outlook (Revenue, USD Billion, Volume, Kilotons; 2018-2028)

• Packaging
• Building & Construction
• Textiles
• Electrical & Electronics
• Automotive
• Others

Regional Outlook (Revenue, USD Billion, Volume, Kilotons; 2018-2028)

• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Italy
o Spain
o Sweden
o BENELUX
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o South Korea
o Rest of APAC
• Latin America
o Brazil
o Rest of LATAM
• Middle East & Africa
o Saudi Arabia
o UAE
o South Africa
o Israel
o Rest of MEA

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