Americas Recycled Plastics Market Size, 2020 Industry Share and Global Demand | 2027 Forecast by Fortune Business Insights™
The Americas recycled plastics marketsize is projected to reach USD 6,330.0 million by 2027, exhibiting a CAGR of7.2% during the forecast period. High plastic waste generation in the UnitedStates and Brazil will be the central factor fueling this market in the comingyears, states Fortune Business Insights™ in its report, titled “Americas Recycled Plastics Market Size, Share& Industry Analysis, By Type (Polyethylene Terephthalate, High-DensityPolyethylene, Polypropylene, Low-Density Polyethylene, and Others), Application(Packaging [Non-Food Packaging and Food Packaging], Construction, Automotive,and Others), and Country Forecast, 2020-2027”. According to theInternational Solid Waste Association (ISWA), the US releases approximately88-242 million pounds of plastic per year. Moreover, the annual InternationalCoastal Cleanup found 3.7 million tons of trash on the US coasts in 2017,majority of which was plastic. Brazil, on the other hand, generates over 11million tons of plastic every year, but recycles only 1.28% of it, as per thefindings of a World Wide Fund (WWF) report published in 2019. More than 7million tons of plastic waste in Brazil goes in landfills, the report furthernotes. With two of the largest economies of the Americas producing massiveamounts of plastic waste every year, the opportunities for companies in plasticrecycling are extensive, boding well for the Americas recycled plastics marketgrowth.
The exponential spread of COVID-19 hasbrought the world to its knees. Industrial growth has stalled, which hasdirectly affected businesses of all sizes. Governments are making franticefforts to salvage the situation, but uncertainty still looms large over thebusiness world. However, humans have boundless resilience and this crisis tooshall pass. At Fortune Business Insights™, we are continuously working toprovide businesses with comprehensive market intelligence to help them steerthemselves out of these hard times. Our expert research is dedicated to equipyour business with the necessary tools to emerge victorious once this crisisabates.
The report states that the globalmarket value stood at USD 3,834.8 million in 2019 and provides the followinginformation:
- In-depth examination of the factors driving and restraining the market;
- Detailed insights into the different market segments;
- Exhaustive analysis of the regional prospects influencing the market; and
- Comprehensive evaluation of the key market players and their strategies.
Market Driver
Development of Innovative RecyclingTechnologies to Boost Market Growth
Plastic recycling is a time-consuming,resource-heavy process. However, extensive research into plastic recycling inAmericas, especially in the US and Canada, is showing potential in making thisprocess more economically viable and convenient. For instance, CornellUniversity in the US has a developed a technique which involves adding a layerof tetra-block copolymer between laminated sheets of polypropylene andpolyethylene, creating a tough plastic that will be easier to recycle. Anothernotable innovation was achieved in 2017, when two Denver-based companies,Alpine Waste & Recycling and AMP Robotics, developed “Clarke”, a robotpowered by Artificial Intelligence (AI). Clarke is embedded with algorithmsthat enable it to identify packaging details of products and isolate them forrecycling. The companies hope that the robot will reduce the plastic wastegoing into landfills in the US. The Americas recycled plastics market stands togain from such technological advancements.
Regional Insights
Massive Demand for Packaged Goods toPropel the Market in the US
The US recycled plastics market sizestood at USD 1,862.2 million in 2019 backed by a robust demand for packagedgoods in the country. Furthermore, companies such as Coca-Cola and Pepsi areextensively utilizing recycled PET for packaging their staple beverages, whichis augmenting the demand for recycled plastics in the country. In Canada, thefederal government is aggressively pushing its agenda to eliminate single-useplastic products by 2021, thereby fueling the adoption of recycled plasticmaterials across the country.
Similar to Canada’s goals regardingsingle-use plastics, Latin American countries such as Colombia and Chile aresteadily lowering their dependence on single-use plastics. Chile, in fact, isthe first Latin American country to sign the Plastics Pact, which is aninitiative to reduce plastic pollution around the world. These measures areallowing countries in the region to fasten their hold on the Americas recycledplastics market share.
Competitive Landscape
Long-Term Partnerships by Key Playersto Fire up Competition
Key companies in this market areentering into collaborations with diverse entities to expand their operationalhorizons and widen their offerings to end-users. In the process, theseparticipants are cementing their place in this niche market and enhancing itspotential.
Industry Developments:
- September 2019: The UK-based consumer goods company, Reckitt Benckiser (RB) Group, announced the formation of the “Healthy You, Healthy Planet” partnership with TerraCycle, the pioneer in waste recycling. Under the partnership, the two companies will offer simple and cost-effective solutions to clients to recycle plastic waste created by consumer goods packaging.
- March 2019: Veolia and Nestle joined forces to cover all aspects of plastic waste management with focus on flexible plastic packaging in 11 priority areas across Europe, Latin America, Asia, and Africa. Their goal is to attain 35% recycled plastic content in bottles and 15% in all packaged products by 2025.
List of Key Players Covered in theAmericas Recycled Plastics Market Report:
- Biocirculo (Colombia)
- Veolia (France)
- Avangard Innovative (U.S.)
- Ultra Poly Corporation (U.S.)
- Fresh Pak Corporation (U.S.)
- Suez Group (France)
- Custom Polymers, Inc. (U.S.)
- UltrePET LLC (U.S.)
- Delta Plastics (U.S.)
- Clear Path Recycling, LLC (U.S.)
- Green Line Polymers (U.S.)
- Schöenberg & Co. (U.S.)
- Plastipak Holdings (U.S.)
About Us:
Fortune Business Insights™ offersexpert corporate analysis and accurate data, helping organizations of all sizesmake timely decisions. We tailor innovative solutions for our clients,assisting them address challenges distinct to their businesses. Our goal is toempower our clients with holistic market intelligence, giving a granularoverview of the market they are operating in.
Our reports contain a unique mix oftangible insights and qualitative analysis to help companies achievesustainable growth. Our team of experienced analysts and consultants useindustry-leading research tools and techniques to compile comprehensive marketstudies, interspersed with relevant data.
At Fortune Business Insights™, we aimat highlighting the most lucrative growth opportunities for our clients. Wetherefore offer recommendations, making it easier for them to navigate throughtechnological and market-related changes. Our consulting services are designedto help organizations identify hidden opportunities and understand prevailingcompetitive challenges.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
