Press release
Recycled Plastics Market Growth Steady at 6.9% CAGR to Reach US$ 4001.37 million by 2028
Recycled Plastics
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According to our latest market study on "Recycled Plastics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (Polyethylene Terephthalate, Polyvinyl Chloride, Polyethylene, Polystyrene, and Others), Source (Plastic Bottles, Plastic Films, Plastic Foams, Plastic Fibers, and Others), and Application (Packaging, Textile, Automotive, Building and Construction, Electrical and Electronics and Others)," the recycled plastics market is projected to reach US$ 4001.37 million by 2028 from US$ 2682.21 million in 2022; it is expected to grow at a CAGR of 6.9% from 2022 to 2028. The report highlights key factors governing the growth of this market; it also profiles prominent market players, along with their developments, in the recycled plastics market.
Market Insights
Expansion of Construction Industry Favours Recycled plastics Market Growth
Increasing construction activities in emerging economies are significantly boosting the growth of the recycled plastics market. Rapid urbanization with an increasing global population is driving the demand for recycled plastic in buildings and construction activities. The rising growth of the construction industry is due to the growing population in emerging economies, including India and China. Moreover, these countries use recycled plastic in residential and commercial construction and other infrastructure projects. Growing demand for more environmentally-friendly homes with a lower carbon footprint and open green spaces is augmenting the market growth for recycled plastic. Roofing titles are essential for any building and take a considerable amount of money to install. Recycled plastic is also used to build roofing titles as they are less expensive than other construction materials. Further, rising awareness among investors regarding environmental protection is driving the demand for recycled plastic in construction materials and designs of more ecologically viable homes.
Application Insights
Based on application, the market is segmented into packaging, textile, automotive, building and construction, electrical and electronics, and others. The packaging segment held the largest market share in 2020. Recycled plastics are used in films, sheets, containers, and bottles in the food & beverages industry. The continuous packaging of product manufacturing regarding their production capacity results in the extensive use of recycled plastic for packaging purposes.
Furthermore, recycled plastic packaging survives in extreme environments and does not degrade in extreme temperatures, thus preserving the integrity of products, such as food & beverages. Increasing demand from sports equipment industries, fashion accessories, toys, soaps, surfactants, and other personal care products will create lucrative market opportunities for the packaging industry.
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Recycled plastics are resins manufactured by reusing waste plastic products, such as bottles, containers, films, and sheets. They can be produced by recovering plastic scraps and wastes, and then it is reprocessed into useful products. The process is defined as cleaning, sorting, and processing pre-consumer and post-consumer plastic wastes into resins for various end-use industries. Recycling plastic has become an important part of increasing awareness about the environment. The automotive industry is among the ones where plastic consumption is high. In the automotive industry, recycled plastic is used to produce new parts. The primary reason for using recycled plastic in the automotive industry is to reduce vehicle mass, directly linked to reducing carbon emissions. In addition, these plastic parts are not prone to corrosion, offer flexibility and resilience for added safety, and provide thermal insulation. All these factors support the demand for recycled plastics in the automotive industry. A rise in the sales of passenger and commercial vehicles is driving the market in the automotive sector. The use of recycled plastics is on the rise in developing regions, such as Asia Pacific, the Middle East & Africa, and South & Central America, which creates a huge impact on the overall market. Asia Pacific accounts for the largest share of the overall recycled plastics market.
The report covers the prominent players in the market with detailed SWOT analysis, financial overview, and key developments of the products/services from the past three years. Moreover, the report also offers a 360º outlook of the market through the competitive landscape of the global industry player and helps the companies to garner Recycled Plastics market revenue by understanding the strategic growth approaches.
Leading Recycled Plastics Market Players:
REMONDIS SE & Co.KG
Biffa
Stericycle, Inc.
Veolia
Jayplas
Alpek S.A.B. De C.V.
Republic Services, Inc.
B & B Plastics Inc.
Clear Path Recycling
PLASTIPAK HOLDINGS, INC.
Recycled Plastics market - Global Analysis to 2028 is an exclusive and in-depth study which provides a comprehensive view of the market includes the current trend and future amplitude of the market with respect to the products/services. This report provides qualified research on the market to evaluate the key players by calibrating all the relevant products/services to understand the positioning of the major players in Recycled Plastics market.
The report is a combination of qualitative and quantitative analysis of the virtual reality industry. The global market majorly considers five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America (SACM). The report also focuses on the exhaustive PEST analysis and extensive market dynamics during the forecast period.
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This Study Report Offers Following Objectives:
Conjecture and examination of the worldwide Recycled Plastics market deals, share, worth, status and figure
Break down the local just as nation level portions, share development for Global Recycled Plastics
Investigation of Global Recycled Plastics industry-driving makers/players.
Characterize and investigate the market rivalry scene, SWOT examination.
Estimates and investigation of the portions, sub-sections and the provincial business sectors dependent on last of 5 years market history.
Examination of the Recycled Plastics market by Type, by Application/end clients and district insightful.
Estimate and investigation of the Global Recycled Plastics Market Trends, Drivers, Investment Opportunities, Openings, Risk, Difficulties, and suggestions.
Investigate the critical driving elements, patterns which confine market development.
Portray the partner's chances in the market by recognizing the high development fragments.
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Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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