Recycled Plastic Market Development Strategy, Research Methodology by Forecast 2022 to 2031 | B&B Plastics B. Schoenberg & Co. Clear Path Recycling Custom Polymers, Inc.

The global recycled plastic market is anticipated to experience noteworthy advancement in the foreseeable future, with projections indicating that the market will surge from US$ 44.5 billion in 2022 to US$ 88.2 billion by 2031, at a CAGR of 8.1% during the forecast period.

Get Free sample copy of this report @ https://www.astuteanalytica.com/request-sample/recycled-plastic-market

The global output of plastic waste is estimated to be around 350 million tons per year. Unfortunately, a significant portion of this waste ends up in landfills or the environment, which causes severe damage to ecosystems and human health. According to a recent study by Astute Analytica, only about 9% of the plastic waste produced worldwide is recycled. The majority of plastic waste is either incinerated or discarded in landfills. However, some countries have made significant progress in recycling plastic waste.

One of the largest countries in the global recycled plastic market is Germany, which recycles around 56% of its plastic waste. Other countries with high recycling rates include Austria, South Korea, and Switzerland. The largest plastic waste producer is China, which generates about 28% of the world's plastic waste. Other major producers include the United States, India, Japan, and Indonesia.

The impact of plastic waste producers on the growth of the recycled plastic market is significant. Countries with high levels of plastic waste production and low levels of recycling contribute to the global waste problem. However, increased awareness and government policies promoting recycling can create demand for recycled plastic and reduce plastic waste.

The future and current landscape of the market are promising. The market for recycled plastic is expected to grow significantly in the coming years due to increased environmental awareness and stricter regulations on plastic waste disposal. Furthermore, advancements in technology have made it easier to recycle plastic and produce high-quality recycled plastic products.

Private Players have Opportunity to Collaborate with Government to Spur Growth of Recycled Plastic Market

Collaboration between private players and governments can play a significant role in spurring the growth of the market. Here are some keyways in which private players can collaborate with governments to drive growth in the market:

Government subsidies: Governments can provide subsidies and tax incentives to private players that invest in recycling infrastructure and develop innovative recycling technologies. This can help to reduce the cost of recycled plastic production and increase the availability of recycled plastic products in the market.
Public-private partnerships: Public-private partnerships can help to accelerate the development of recycling infrastructure and expand the collection and processing of plastic waste in the global recycled plastic market. Private players can work with governments to establish collection systems, recycling facilities, and product manufacturing facilities that use recycled plastic.
Government procurement policies: Governments can adopt procurement policies that favor the use of recycled plastic products in public projects and contracts. This can create a significant demand for recycled plastic products and incentivize private players to invest in the development of new products and applications.
Education and awareness campaigns: Governments and private players can collaborate on education and awareness campaigns to increase consumer awareness of the benefits of recycled plastic and encourage more sustainable purchasing habits.
Packaging Industry to Continue Dominating Global Recycled Plastic Market with More than 55% Market Share

The packaging industry is the largest consumer of recycled plastic, accounting for over 50% of the global market share. Recycled plastic is widely used in the packaging industry due to its versatility, durability, and cost-effectiveness. Here are some of the most potential applications of recycled plastic in packaging:

Bottles: Recycled plastic is commonly used to make bottles for water, soda, juice, and other beverages. This is one of the most significant applications of recycled plastic in the packaging industry, as plastic bottles represent a significant portion of the global plastic waste stream. In 2022, the segment consumed over 70% of the recycled plastic from packaging industry.
Bags: Recycled plastic is used to make a wide range of bags, including grocery bags, trash bags, and reusable shopping bags. These products are highly durable and cost-effective in the recycled plastic market, making them an attractive option for both consumers and businesses.
Containers: Recycled plastic is commonly used to make containers for food, personal care products, and household items. These products are lightweight, shatterproof, and recyclable, making them an ideal option for a wide range of applications.
Some of the major end-users of recycled plastic in the packaging industry include food and beverage companies, consumer goods manufacturers, and retail companies. These companies are increasingly focused on sustainability and environmental responsibility, which has driven significant growth.

In terms of current and future analysis, the demand for recycled plastic in the packaging industry is expected to continue to grow in the coming years. This is driven by a combination of factors, including increasing government regulations, consumer demand for eco-friendly products, and industry initiatives to reduce plastic waste.

Browse summary of the report and Complete Table of Contents (ToC): https://www.astuteanalytica.com/industry-report/recycled-plastic-market

North America is the Third Largest Recycled Plastic Market After Asia Pacific and Europe

North America is a highly lucrative market for recycled plastic, accounting for over 18% of the global market share. This is driven by a combination of factors, including a strong focus on sustainability and environmental responsibility, as well as increasing government regulations and consumer demand for eco-friendly products.

One of the key factors contributing to the growth of the recycled plastic market in North America is the significant plastic waste generated in the region each year. According to a report by the United Nations, North America generates around 120 million tons of plastic waste each year, which is a significant portion of the global plastic waste output.

However, the region also has a strong recycling infrastructure in place, with a high percentage of plastic waste being recycled each year. In the United States alone, around 32% of plastic waste is recycled, which is higher than the global average of 9%. This is driven by a combination of government regulations, industry initiatives, and consumer awareness campaigns.

Despite the high level of plastic recycling in North America, there is still a significant gap between plastic waste production and recycled plastic. This is due to several factors, including limited recycling infrastructure in some areas, a lack of consumer awareness about recycling, and challenges related to the processing and manufacturing of recycled plastic products. To bridge this gap, governments and industry players in the region are increasingly focused on promoting the use of recycled plastic products and reducing reliance on virgin plastics.

Top 8 Players Hold less than 12% of the Highly Fragmented Recycled Plastic Market

Competitive analysis of the global market reveals a highly fragmented landscape. The market is flooded with numerous small and local players, with no major player holding a double-digit market share. Let's take a closer look at some of the key players in the market. As per Astute Analytica, B&B Plastics, B. Schoenberg Co., Clear Path Recycling, Custom Polymers, Inc., Miller Waste Mills, Recycled Plastic Inc., Recyclex S.A. and Green Line Polymers are top players in the market and collectively contribute around 11.53% to the global revenue.

B&B Plastics is a leading player in the global recycled plastic market, with more than 3.56% of the market share. The company specializes in the recycling of polyethylene terephthalate (PET) plastic, which is commonly used in packaging. B&B Plastics has a strong presence in North America and Europe and is known for its high-quality recycled plastic products.

B. Schoenberg Co. is another major player with more than 3% market share. The company is known for its expertise in the recycling of high-density polyethylene (HDPE) plastic, which is used in a wide range of applications, including packaging, construction, and automotive. B. Schoenberg Co. has a strong presence in the United States and Canada and is known for its innovative recycling technologies.

To expand on the competitiveness of the global recycled plastic market, it's important to note that the industry is driven by a combination of factors, including price, quality, product innovation, and sustainability. Price is a significant factor in the market, as recycled plastic products are often priced lower than their virgin counterparts. However, companies that can offer high-quality recycled plastic products are likely to gain an advantage over those that prioritize price over quality.

Some of the Top Market Players Are:

B&B Plastics
B. Schoenberg & Co.
Clear Path Recycling
Custom Polymers, Inc.
Envision Plastics
Green Line Polymers
Green-O-Tech India
Jayplas
Kuusakoski Group Oy
KW Plastics, Inc.
MBA Polymers Inc.
Miller Waste Mills
Recycled Plastic Inc.
Plastipak Holdings
Recyclex S.A.
Seraphim Plastics
UltrePET, LLC
Veolia
Other Prominent Players

Directly Purchase a copy of report with TOC @ https://www.astuteanalytica.com/inquire-before-purchase/recycled-plastic-market

https://www.marketwatch.com/press-release/recycled-plastic-market-development-strategy-research-methodology-by-forecast-2022-to-2031-2023-04-18?mod=search_headline

https://www.marketwatch.com/press-release/south-america-synthetic-rubber-market-analysis-by-top-manufactures-growth-insights-and-forecast-2023-to-2031-2023-04-18?mod=search_headline

https://www.marketwatch.com/press-release/south-america-carbon-black-market-size-share-revenue-prominent-players-developing-technologies-tendencies-and-forecast-2023-to-2031-2023-04-18?mod=search_headline

https://www.marketwatch.com/press-release/weather-forecasting-services-market-trends-opportunities-competitive-analysis-forecast-2023-to-2031-2023-04-18?mod=search_headline

About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

Contact us:
Aamir Beg
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: sales@astuteanalytica.com
Website: www.astuteanalytica.com

This release was published on openPR.