Pune, Oct 17, 2022: Maximize Market Research has published a report on the “Recycled Plastics Market” that provides a detailed analysis for the forecast period of 2022 to 2029. According to the report, the Recycled Plastics Market size was valued at USD 26.8 Bn. in 2021 and the total market revenue is expected to grow by 8.9 percent from 2022 to 2029, reaching nearly USD 53.01 Bn.
Recycled Plastics Market Overview:
Due to their widespread use in the global economy, the relatively low recovery rates that they presently accomplish, and the environmental effects of current disposal techniques, plastics have received a lot of attention recently. As so much packaging is now made for single use, the value of recycled packaging plastic sales is expected to increase at a healthy rate in the coming years. The market for plastic packaging is growing together with the volume of waste plastic as a result of the rising demand for packaged consumer goods. In addition, governments in a number of countries have put regulations into place that aim to reduce the amount of plastic garbage that cannot be recycled.
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Recycled Plastics Market Dynamics:
Lightweight parts used in a variety of industries, including construction, packaging, and electronics, are created using recycled plastic. Sales of numerous consumer goods have surged as a result of the worldwide e-commerce market’s explosive growth. The need for diverse packaging products has quickly expanded due to the growth of e-commerce sales. As a result, the need for recycled plastic in product packaging is increasing quickly. In addition, the need for recycled plastic as a packaging material has grown significantly due to the increasing popularity of online shopping for gadgets like computers, mobile phones, and tablets. Thus, in the next years, the market for recycled plastic is expected to rise due to the rising demand from the packaging industry.
Recycled Plastics Market Regional Insights:
The regions of the global Recycled Plastics Market include North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. In terms of revenue, Asia Pacific dominated the world market for recycled plastic in 2021, and it is expected that it would continue to do so during the forecast period. Building and construction, e-commerce, and a number of other industries have grown quickly, which has greatly aided the region’s growth. The increased use of recycled plastic in Asia Pacific is mostly due to rising government initiatives and policies to encourage FDIs and promote industrial development in this region. However, after North America, Europe is the second-largest market for recycled plastic. In the next years, it is expected that the need for recycled plastic in this region is expected to be driven by the developing e-commerce sector, the growing construction sector, and the quickly increasing automobile sector.
Recycled Plastics Market Competitive Landscape:
Due to the presence of numerous local businesses, the market is moderately fragmented. These market participants are pursuing methods like investments, collaborations, acquisitions, and mergers in an effort to increase their market share. In addition, firms are investing in the creation of enhanced products. They are also concentrating on keeping their prices competitive. The numerous development tactics, such as the introduction of new products with cutting-edge characteristics, promote market growth and present profitable growth prospects to market participants.
Leading companies are actively encouraging the usage of recycled plastic bottles in place of virgin plastic bottles. The Coca-Cola Company has stated that it plans to invest millions of pounds in its production facility in Lincolnshire to ensure that all of its bottles include 50% recycled plastic. This has also encouraged other smaller businesses, and a number of them have made the commitment to use only recycled plastic bottles by the year 2021.
Recycled Plastics Market Segmentation:
Based on Product, the Recycled Plastics Market is segmented into Bottles, Films, Fibers, Foams, and Others.
Based on Type, the Recycled Plastics Market is segmented into Polyethylene Terephthalate (PET), Polyethylene (PE), Polyvinyl Chloride (PVC), Polypropylene (PP), Polystyrene (PS), and Others.
Based on Application, the Recycled Plastics Market is segmented into Packaging, Building & Construction, Textile, Automotive, Electrical & Electronics, and Others.
Recycled Plastics Market Key Competitors:
Key players in the Recycled Plastics Market include:
- Indorama Ventures
- Veolia
- Suez
- Jayplas
- Alpek
- Biffa
- Republic Services
- Stericycle
- Far Eastern New Century Corporation
- KW Plastics
- B. Schoenberg & Co.
- B&B Plastics
- Remondis SE & Co. KG
- Clear Path Recycling
- Custom Polymers
- Plastipak Holdings
- Waste Connections, Inc.
- MBA Polymers
Key Questions answered in the Recycled Plastics Market Report are:
- What is the competitive Landscape of the Recycled Plastics Market?
- Which are the key factors aiding the Recycled Plastics Market growth?
- Which region is expected to hold the largest share in the Recycled Plastics Market by 2029?
- What will be the CAGR of the Recycled Plastics Market during the forecast period?
- Which are the prominent players in the Recycled Plastics Market?
- What is the expected Recycled Plastics Market size by 2029?
- Which company held the largest share in the Recycled Plastics Market in 2021?
Related Report Published by Maximize Market Research:
Global Post Recycled-fiber Market
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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