Recycled Plastic Market to Discern Magnified Growth During 2015 to 2021

Recycled plastic are materials that undergo the process of plastic waste recovery and reprocessing it into beneficial products. These plastics are also recycled during the manufacture of plastic products such as polyethylene films and bags. A fragment of these plastics are then conveyed to the main production operations. This trend is been followed since the past few decades leading to the production of certain high quality plastic products

The global requirement for recycled plastic has seen a rapid growth over the last few years, wherein major consumers of plastic packaging have begun encompassing different recycled plastics in their products as part of the rising emphasis on recycling. Furthermore, the recycled plastic market has been growing rapidly as the prices of polyethylene terephthalate (PET) and high density polyethylene (HDPE), which are two of the major recycled plastics, continue to hold substantial value in the overall plastic industry.

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The global market for plastics has established new applications and markets for recycled plastics from both post-industrial and post-consumer sources, with PET being one of the major manufactured recycled plastic. In the current scenario, the demand for recycled PET has been high and the market on the other hand is under-supplied, with a high number of manufacturers halting expansion plans due to uncertainty of supply. Additionally, the demand for these plastics has been highly prevalent with its increasing application scope.

Increasing prices for conventional plastics, environmental issues and improved quality of recycled plastic is expected to contribute towards the growth of the global recycled plastic market.

The global recycled plastic growth will also be driven by a variety of factors such as the growing emphasis on sustainability amongst the packaging and consumer product manufacturers, improvements in processing and sorting technologies allowing a broader variety of plastic to be recycled into high quality resins, and an improved collection infrastructure which increases the plastic recycling rate.

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A shift in recycled plastic production from the matured economies to Asia Pacific region, particularly China, India, and ASEAN countries has occurred owing to the increasing local demand and lower labour costs, along with the lower environmental, health and safety costs, due to the initial absence of regulations and their implementation in both manufacturing and reprocessing. This regional shift is also projected to drive future growth of recycled plastic market.

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