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Top News: Recycled Plastic Market to Hit USD 76.23 Billion by 2028 | Fortune Business Insights™

01-27-2023 09:41 AM CET | Industry, Real Estate & Construction

Press release from: Fortune Business Insights

Recycled Plastic Market

Recycled Plastic Market

The global recycled plastic market size was USD 41.13 billion in 2020. The market is projected to grow from USD 44.03 billion in 2021 to USD 76.23 billion by 2028 at a CAGR of 8.2% during the 2021-2028 period. This information is provided by Fortune Business Insights, in its report, titled, "Recycled Plastic Market, 2020-2028."

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A thorough analysis of statistics about the current as well as emerging trends offers clarity regarding the Recycled Plastic Market dynamics. The report includes Porter's Five Forces to analyze the prominence of various features such as the understanding of both the suppliers and customers, the strength of competition, and promising emerging business persons to understand a valuable resource.

Report Coverage:

The report presents a holistic study of the market for recycled plastic along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions, or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the recycled plastic market growth are shared in the report

Competitive Landscape:

Crucial Business-related Declarations by Prime Players to Impact Market

Indispensable corporations in the market often make critical declarations concerning few business moves, which in turn influence the market either affirmatively or adversely. Companies purchase companies, launch novel products, involve in collaborative contracts, sign agreements with government organizations and so on.

Key Industry Development:

May 2021: Plastipak Holdings has capitalized in a novel recycling unit at its production division located in Toledo, Spain. This plant will begin manufacturing in early 2022 and manufacture food-grade recycled PET (rPET) pellets from PET flake for application in preforms, bottles and containers. This unit is stated to manufacture 20 kilotons of food-grade pellet per annum.

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The report covers extensive competitive analysis which includes the following data points -

1. Business Overview
2. Business Model
3. Financial Data
4. Financial - Existing
5. Financial - Funding
6. Product/Service Segment Analysis and specification
7. Recent Development and Company Strategy Analysis
8. SWOT Analysis

Regional Insights:

Asia Pacific to Dominate Stoked by China and India Consuming Great Amount of Material

The market in Asia Pacific stood at USD 24.35 billion in 2020 and is estimated to hold the largest recycled plastic market share throughout the forecast period owing to China and India being the dominating recycled plastic consuming countries.

On the other hand, in Europe, the demand for products from the construction and automotive industry is growing at a substantial rate.

In North America, the U.S. accounted for the larger recycled plastic market share of the market due to the increase in demand from the packaging and automotive industries.

List of Key Players Mentioned in the Report:

Suez (France)
Schoenberg & Co. U.S.)
Fresh Pak Corporation (U.S.)
B&B Plastics (U.S.)
Green Line Polymers (U.S.)
Ultra Poly Corporation (U.S.)
Clear Path Recycling (U.S.)
Jayplas (U.K.)
MBA Polymers (U.S.)
RJM International Inc. (U.S.)
CarbonLite Industries LLC (U.S.)
Envision Plastics Industries LLC (U.S.)
ReVital Polymers (Canada)

Polyethylene Terephthalate to Maintain Position as Leading Type during Forecast Period

On the basis of types, the market is classified into polyethylene terephthalate (PET), high-density polyethylene (HDPE), polypropylene (PP), low-density polyethylene (LDPE), and others.

Non-Food Packaging Segment to Create Greatest Revenue

On the basis of application, the market is categorized into non-food packaging, food packaging, construction, automotive, and others. The non-food packaging segment is anticipated to maintain its largest share throughout the forecast period owing to the great demand for recycled PET for manufacturing bottles and other packaging products such as films and wraps.

Geographically, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Drivers and Restraints:

Growing Implementation in Packaging Industry to Foster Market

The demand for recycled materials is progressing in numerous industries such as food & beverage, and consumer goods. In the food & beverage industry, the utilization of recyclable polymer is surging owing to the huge demand for food-safe packaging material. These materials can effectually substitute conventional plastics as a barrier between the food products and the environmental aspects, which eventually upsurges the market. Recycled polyethylene terephthalate is an ideal material considerably opted in the production of bottles for water and beverage packaging.

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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

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