According to the latest research by SkyQuest Technology, the Global Recycled Plastic Market was valued at USd XX billion in 2021, and it is expected to reach USd XX billion by 2028, with a CAGR of XX% during the forecast period of 2022 – 2028. The research provides up-to-date Recycled Plastic market analysis of the current market landscape, latest trends, drivers, and overall market environment.
Plastic waste is the most frequent type of litter in the ocean, accounting for 80% of all marine debris found from the surface to the depths. Plastic litters the shorelines of every continent, with more trash found near popular tourist destinations and densely populated areas. It endangers the health of the ocean, marine creatures, food safety and quality, human health, and coastal tourism, as well as contributing to climate change. Several stakeholders, including governments, manufacturers, and customers, are altering plastic consumption patterns by retooling current manufacturing lines to produce less plastic waste, recycling plastic waste, and creating things that can be easily processed after use.
During the projection period, revenue generated from plastics recycled from packaging materials is predicted to expand at a CAGR of over 8%. This is due to the relative ease with which packaging materials generated from bottles, films, pouches, and wraps may be recycled; the high demand for reprocessed products; and the ease with which commercial recycling of packaging trash can be adopted. Furthermore, government initiatives and laws targeted at incorporating recyclable materials into the packaging industry in order to reduce non-recyclable waste volume are likely to aid future market growth in this area.
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Read market research report, “The Global Recycled Plastic Market is divided into three categories: type, application, and geography. The market is further divided into groups based on the type of plastic used, such as Polyethylene Terephthalate (PET), Polyethylene (PE), Polyvinyl Chloride (PVC), Polypropylene (PP), Polystyrene (PS), and Others. The market is divided into Food Packaging, Construction, Automotive, Electrical & Electronics, and Other sectors based on the application of plastic & By Region – Forecast and Analysis 2022-2028” by SkyQuest.
The increase in oil and gas exploration operations is one of the key factors driving the market’s growth. Furthermore, the sector is being propelled forward by the increased demand for PSVs around the world. During the production stage of offshore drilling, PSVs transport cement, casting and drilling pipes, and completion fluids. Numerous technological advancements in the production processes of offshore support boats, as well as the integration of Dynamic Positioning (DP) systems in marine vessels, are also driving growth. Manufacturers are concentrating their efforts on developing computer-controlled vessels that can autonomously regulate their propellers and thrusters to maintain a specific position.
In 2021, the most popular product group was polyethylene (PE), which accounted for more than 31% of global sales. The increased need for packaging material in consumer goods, food and beverage, industrial, and other industries has resulted in this high share. Laundry detergent containers, milk cartons, cutting boards, and garbage cans all contain it. The packaging application category dominated the market in 2021, accounting for almost 36% of global sales. This high percentage is due to rising demand for packaged meals and beverages, electrical and electronic items, and textiles. Personal hygiene devices, such as shavers and electric trimmers, as well as clothes and automotive components created from recycled plastics, are the key application areas driving category growth.
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Asia Pacific dominated the market in 2021, accounting for over half of all global sales. The Asia Pacific construction sector is predicted to develop dramatically as the need for non-residential construction projects such as hospitals, schools, and colleges grows. Demand for roofing tiles, insulation, fences, floor tiles, carpets, and a range of other building products will increase as a result. Europe ranks in second in terms of revenue behind Asia Pacific. Leading the market is the adoption of a circular economy to lower the carbon footprint associated with traditional plastic manufacture. Landfill prohibitions in Europe have resulted in a positive boost in plastic recycling. North America is third in terms of revenue. The market is being driven by the growth of main end-use sectors such as electrical and electronics, building, and packaging. Rising demand for packaged and processed goods as well as a rapidly increasing construction industry in the United States, Mexico and Canada are expected to drive market expansion throughout the forecast period.
Report Scope & Segmentation
|Growth Rate||CAGR of XX% from 2022 to 2028|
|The base year for estimation||2021|
|Historical data||2016 – 2020|
|Forecast period||2022 to 2028|
|Report coverage||Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis|
|Regional scope||North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)|
|Country scope||U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, South Africa|
|Key companies profiled||
|Customization scope||Free report customization (15% Free customization) with purchase. Addition or alteration to country, regional & segment scope.|
|Pricing and purchase options||Reap the benefits of customized purchase options to fit your specific research requirements.|
What does this Report Deliver?
- Market Estimation for 20+ Countries
- Recycled Plastic Market demand by Region, Sub-Region, and Country
- Customization on Segments, Regions, and Company Profiles
- 100+ tables, 150+ Figures
- Global, Regional and Country specific Recycled Plastic Market Trends
- Comprehensive Mapping of Recycled Plastic Industry Parameters
- Attractive Investment Proposition in the Global Recycled Plastic Industry
- Competitive Strategies Adopted by Recycled Plastic Market Key Players
- Drivers, Restraints, Opportunities, Challenges and the impact on the Recycled Plastic Market Size
- Market growth rate till 2028
- Regulatory scenario, regional dynamics, and Recycled Plastic market insights of leading countries in each region
- In-depth Market insights by Region and Country
- Market Segmentation Trend Analysis, Opportunities and Growth
- Porter’s five force analysis to know the market’s condition
- Pricing Analysis and Recycled Plastic Market Sales
- Parent market analysis
- Product portfolio benchmarking
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SkyQuest has segmented the Global Recycled Plastic Market based on Region:
- Global Recycled Plastic market by Type (Revenue, USd billion, 2021 – 2028)
- Polyethylene Terephthalate (PET)
- Polyethylene (PE)
- Polyvinyl Chloride (PVC)
- Polypropylene (PP), Polystyrene (PS)
- Global Recycled Plastic market by Application (Revenue, USd billion, 2021 – 2028)
- Food Packaging
- Electrical & Electronics
- Global Recycled Plastic Market by region (Revenue, USd Million, 2022 – 2028)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Central & South America
- Rest of CSA
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
- North America
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