Recycled Plastics Market Strategic Initiativest

In 2021, the global recycled plastics market size was valued at USD 46.08 billion. Between 2022 and 2032, it is predicted to grow at a 4.6% compound annual growth rate (CAGR).

Plastic is a material that can be recycled to make light components for a range of industries, such as packaging, construction, and electronics. E-commerce has seen a rapid increase in sales for many consumer goods. E-commerce has witnessed a rapid rise in the demand for packaging materials. Demand for recycled plastic packaging is growing rapidly. The rise in popularity of electronic devices like smartphones, tablets, and laptops via e-commerce has intensified the need for recycled plastic packaging across the globe. In the coming years, there will be an increase in demand for recycled plastic products from the packaging industry.

Plastics are extremely light, durable and cost-effective materials that are easily formed into various products. Plastics have seen a dramatic increase in production over recent years. Their use today has led to a huge amount of waste and environmental concerns. While landfills are the most common method of disposing of trash, they are getting scarcer in several countries. While this method is generally safe for the environment but it can lead to groundwater and soil pollution which can lead to environmental contamination.

With regard to application and quality In terms of application and quality, recycled plastics are an effective alternative to virgin plastics. Virgin plastics are suitable to be used in a variety of ways. Recycled plastics are not able to enjoy this benefit. Because of the contamination resulting from prior uses of recycling, recycled plastics cannot be suggested for food-grade packaging. Though some jurisdictions permit the use of recycled plastic resin with virgin resin for food-grade containers but the quality of the recycled resin is not maintained to the same standard as those used for food-grade applications. Premium products that require precise chemical compositions of plastic are only allowed to make use of virgin plastic.

The governments and regulators in North America and Europe are advocating the use of recycled plastic. European rules for recycling, collection and product innovation encourage polymer manufacturers to recycle. To help reduce the pollution caused by plastics and pollution, the U.S. has banned single-use polymers. This is a benefit to the market.

In 2018, the plastic recycling rates for countries like India, China, and Mexico were 60 percent, 25% 24%, and 24% respectively. Plastic recyclers all over the world are benefiting from growing recycling rates in developing countries. Different initiatives by nations to encourage recycling will help the market.

May 20, 2021: Plastipak has purchased a new recycling facility at their Toledo, Spain manufacturing facility. The PET flake PET pellets will be used in containers, bottles and preforms. Production will start in 2022. Every year the plant is expected to produce 20 kilograms of food-grade pellets.

May 2020: Coca-Cola started using 100 percent rPET packaging on all small plastic bottles that are sold across Norway as well as the Netherlands. This will help the global strategy of World Without Waste. The company planned to use 100% of rPET in large-sized plastic bottles by 2021.

Indorama Ventures Public Ltd. (Thailand), Veolia (France), Suez (France), B&B Plastics (US), Jayplas (UK), Alpek (Mexico), Waste Connections, Inc. (US), Biffa (UK), Republic Services (US), Stericycle (US), Far Eastern New Century Corporation (Taiwan), Clear Path Recycling (US),KW Plastics (US), B. Schoenberg & Co. (US), Remondis SE & Co. (Germany), Remondis SE & Co. (Germany), Custom Polymers (US), Plastipak Holdings (US), MBA Polymers (US) are a few of the largest players in the market of recycled plastics.

Market.US has split the market for recycled plastics in North America, Europe, APAC, South America, the Middle East, Africa and the Middle East. You can further segment the market into Polyethylene Terephthalate Polypropylene and Polyvinyl Chloride by-products. The market could also be divided according to sources into Plastic Bottles or Plastic Films. Polymer Foam and plastic bottles are both sources. According to the type of applications, the market can be further subdivided into Building & Construction, Demand from Packaging, Electrical & Electronics as well as Textiles.

How big is the Recycled Plastics Market?

The Energy Storage Systems Market was estimated at USD 46.08 Billion in 2021. It is projected to grow to $75.57 Billion by 2032.

What is the growth of the recycled plastics market?

The Energy Storage Systems Market is expected grow at a compound annual rate 4.6 percent between 2021-2032 and eventually reach $75.57 billion by 2032.

Which market segment was responsible for the most of Recycled Plastics market?

With a market share of greater than 36% polyethylene was the dominant recycled material market by 2021. This is due to the rising demand for eco-friendly packaging as well as other industries with end-users that reduce carbon emission.

What are the major driving forces that drive the Recycled Plastics Market

The primary factors driving growth in the recycled plastics market include government laws and regulations, increased awareness about the sustainable management of plastic waste, as well as the reduction of plastic production's environmental impact.

Global Personal Protective Equipment Market By Type (Hand Protection, Protective Clothing, and Others), By Application (Manufacturing, Construction, and Others), By Region and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2019–2028