Recycled Plastic Market Size, 2020 Industry Share and Global Demand | 2027 Forecast by Fortune Business Insights™
Recycled Plastic Market size isexpected to witness significant growth backed by increasing demand from thepackaging industry.
Fortune Business Insights, in itslatest report, titled “Recycled Plastic Market Size,Share & Industry Analysis, By Type (Polyethylene Terephthalate,High-density Polyethylene, Polypropylene, Low-density Polyethylene, and Others),By Application (Non-Food Packaging, Food Packaging, Construction, Automotive,and Others), and Regional Forecast, 2019-2026.”, predicts that the marketis likely to hit USD 72.6 billion by 2026 while exhibitinga CAGR of 8.55% between 2019 and 2026. The reports furtherobserve that the market was worth USD 37.8 billion in 2018.
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According to the data by the non-profit organization, Plastic OceansInternational, every year around 500 billion plastic bags are used globally.This means that over 1 million bags are being used every minute. Plastic isharmful to the environment in many ways and since most of the plastic materialis non-biodegradable, it is important to find a solution to reduce the rampantproduction of plastic across the globe. Therefore, recycling of the plastic toenable its reuse is vital to prevent environment degradation. Plastic is usedacross several industries such as packaging, food & beverage,pharmaceuticals, consumer goods, construction, and automotive, among others. Aholistic approach to adopt recycled plastic from the end user industries willensure the safety of the environment.
What does the Market Report Offer?
The market report offers an exhaustivestudy of several factors such as drivers, restraints, challenges, andopportunities that will affect the growth of the market in the forthcomingyears. The report covers regional demographics that include qualitative andquantitative information about the regions that are further divided intonations that are contributing to the growth of the market between 2019 and2026. Furthermore, the competitive landscape has been discussed in-depth thatinclude information of several players operating in the market. Moreover,information on the adoption of strategies such as merger and acquisition,collaboration, partnerships, and joint ventures by the companies that willdrive the growth of the market has been included during the projected horizon.
Drivers and Restraints:
Increasing Demand from PackagingIndustry to Favor Growth
The data from the Plastic OceanInternational informs that packaging industry accounts for over 40% of theoverall plastic usage globally and is the largest end user segment. Theconsumption of plastic is increasing backed by high demand for food-safetypackaging material. The companies are focusing on adopting recycled plasticthat has low energy input and has reduced negative impact on the environment.For instance, recycled polyethylene terephthalate is extensively adopted tomanufacture bottles for beverage packaging. Furthermore, increasing demand forpackaging sports equipment, toys, and fashion accessories is likely to boostthe global recycled plastic market in the forthcoming years.
Segmentation:
Polyethylene Terephthalate Segment toWitness Significant Growth
Among the segments, the polyethyleneterephthalate segment based on (by type) is likely to gain momentum during theforecast period. This is attributable to factors such as high adoption of thesegment for food packaging and bottling application. Furthermore, they beingnon-toxic, durable, and lightweight are preferred mainly for the packagingindustry. On the other hand, high-density polyethylene (HDPE) segment willwitness growth owing to it being one of the most easily recycled plastic acrossthe globe.
Regional Analysis:
Presence of Established Manufacturersin Asia-Pacific to Aid Growth
Among the regions, the market inAsia-Pacific is likely to witness exponential growth by generating the highestglobal recycled plastic market revenue during the forecast period. This isascribable to factors such as presence of established players in the regionthat is driving the demand for recycled plastic. Furthermore, high consumptionof plastic in countries such as India and China in Asia-Pacific will aid the marketgrowth. Europe, on the other hand, is expected to witness growth backed byincreasing demand for the product from the construction and automotiveindustry. Furthermore, stringent regulations by the government to limitsingle-use of plastic will favor market growth in the region between 2019 and2026.
Competitive Landscape:
Collaboration Strategies by theCompanies to Stoke Demand
In March 2019, the Coca Cola Companyannounced its collaboration with Diageo, Nestle, and Unilever to form analliance known as the African Plastics Recycling Alliance. The companies cametogether with an aim to transform plastic recycling infrastructures present inthe sub-Saharan African region, while trying to gain foothold in the emergingglobal marketplace. Adoption of strategies such as collaboration activities,partnership, and expansion of product offering by the companies will bode wellfor the growth of the market during the forecast period.
List of the Key Companies Operating inthe Recycled Plastic Market are:
- KW Plastics
- Veolia
- Custom Polymers
- Plastipak Holdings
- The Coca-Cola Company Incorporated
- Suez
- B. Schoenberg & Co.
- Fresh Pak Corporation
- B&B Plastics
- Green Line Polymers
- Ultra Poly Corporation
- Clear Path Recycling
- Jayplas
- MBA Polymers
- RJM International Inc.
- CarbonLite Industries LLC
- Envision Plastics Industries LLC
- ReVital Polymers
- Other Players
Browse Detailed Research Insights with Table of Content: https://www.fortunebusinessinsights.com/recycled-plastic-market-102568
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Global Recycled Plastics Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Polyethylene Terephthalate (PET)
- High-Density Polyethylene (HDPE)
- Polypropylene (PP)
- Low-Density Polyethylene (LDPE)
- Others
- Market Analysis, Insights and Forecast – By Application
- Non-Food Packaging
- Food Packaging
- Construction
- Automotive
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
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