Recycled Plastics Market Size, Application Potential, By Product, 2019-2025
The Recycled Plastics Market
demand is expected to grow in the upcoming years due to their increasing usage
in various end-use applications. Recycled plastics are recovered form of
plastics or scraps coming out of municipal, industrial, commercial and consumer
wastes. The key growth driving factor for the recycled plastics industry is
rising impacts of plastic disposal on environment. Plastic products are
non-biodegradable and are often disposed of directly to the landfills. But the
problems associated with its method of disposal are ecologically harmful in the
long term as it takes a significantly long time for decomposition. Disposal in
the water bodies also pose serious threats to the marine ecology. Thus, rising
concerns over the plastic disposal will boost the product demand in the
upcoming years.
Another key growth enabling factor
is rising awareness regarding energy savings. Recycled plastics manufacturing
can reduce the energy consumption by 80% to 90% than virgin plastics. It also
saves consumption of a large amount of petroleum products and emission of
carbon dioxide gases. Many multinational companies have taken an initiative to
use the product instead of virgin plastic products For example, Nestle has
planned to achieve 100% fully recyclable packaging by 2025.
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Though
recycled plastics offers a range of advantages over virgin plastic, but the
challenges associated with collection & sorting are likely to hamper the
market demand in the upcoming years. Further, low awareness of plastic
recycling in the developing countries will further hamper the market demand in
the forecast time period.
On the
basis of type, recycled plastics are categorized into polyethylene (PE),
polypropylene (PP), polyvinyl chloride (PVC), polyethylene terephthalate (PET),
polystyrene (PS), and others. Other recycled plastics includes polycarbonate
(PC), polyamide (PA), etc.
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On the
basis of end-user industry, the market has been segmented into automotive,
packaging, textile, personal care, household and others. Other end-user segment
consists of agriculture, paints & coatings, etc. Packaging industry will
have a significant growth in the recycled plastics market in the upcoming
years. Rising food & beverages demand across the world will drive the need
for packaging products, which will further increase the product demand in the
upcoming years. Automotive industry is also expected to see a considerable
growth in the recycled plastics market. The automotive manufacturers use
plastic materials for producing variety of structural components and body
parts. Increasing demand for lightweight vehicles will further drive the
product demand in automotive industry in the forecast time period.
North
America and Europe are key markets for recycled plastics, and are regulated by
strict norms and legislations for recycling. The American and European nations
have taken strong steps to curb their plastic disposal, thus boosting the
product market significantly. Asia Pacific is also likely to witness a
significant growth in recycled plastics market owing to rising demand from the
regional packaging industry. Many fast developing nations of Asia Pacific, such
as China, India, Japan, Singapore, etc. are taking steps to promote the
recycled plastic demand over the coming years.
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Some of the key market players of recycled plastics market, which
include SUEZ, KW Plastics, B. Schoenberg & Co, Clear Path Recycling, Custom
Polymers, Plastipak, Green Line Polymers, B & B Plastics, Ecosheet and The
Shakti Plastics Industries.
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Recycled Plastics Market Size, Application Potential, By Product, 2019-2025
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Reviewed by GMI
on
July 11, 2019
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