The objective of the report "Recycled Plastics Market by Source (Bottles, Films, Fibers, Foams), Type (PET, PE, PP, PVC, PS), End-Use Industry (Packaging, Building & Construction, Textiles, Automotive, Electrical & Electronics) and Region - Global Forecast to 2022", is to analyze and forecast the global recycled plastics industry, in terms of value and volume. The global recycled plastics market size was valued at USD 34.8 billion in 2016 and is expected to reach USD 50.4 billion by 2022, at a CAGR of 6.4% during the forecast period. The growing understanding of the negative environmental impact of plastics disposal and increasing awareness regarding energy savings is driving market growth. Recycled plastics are used increasingly in packaging, automotive, and electrical & electronics industries.
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According to the research-based on the source, as of 2017, bottles were estimated to be the largest segment. The most commonly recycled post-consumer plastics are plastic bottles, specifically PET bottles. Used bottles are sourced effortlessly as they can be collected easily through organized network of sorting and collection post-consumer use. There is a well-established collection network for these bottles, which drives the growth of the bottles segment.
According to research based on type, polyethylene terephthalate (PET) was the largest segment of the global recycled plastics market share in 2017. The large market size is due to its easy recyclability and ease of collection in the form of PET bottles. PET plastics are easy to recycle, 100% recyclable, and are priced lower, thus, making them an appealing recyclable plastic product.
According to the research-based on end-user industry, packaging industry is expected to grow in the future. In 2017, packaging was the largest market segment of recycled plastics. There has been an increase in the use of recycled plastics in the packaging business. The Association of Materials Recyclers (US) has recently encouraged companies to utilize more recycled materials in their facilities and supply chains. Coca-Cola North America, Walmart, Unilever, Target Corp., Ecover, Procter & Gamble Co., Evian, Mars, L’Oréal, M&S, Campbell Soup, PepsiCo, Keurig Green Mountain Inc., and Amcor Werner & Mertz are a few of these companies. These leading retailers and packaging companies have pledged to work toward using 100% reusable, recyclable, or compostable packaging by 2025 or earlier. These companies together consume more than 6 million tons of plastic packaging per year.
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Moreover, the Asia Pacific region was the largest recycled plastics market in terms of value and volume in 2017. Increasing industrialization and the growing use of cheaper substitutes of virgin plastics in the form of recycled plastics in growing end-user industries in Asia Pacific is driving market growth. It is anticipated that the booming manufacturing sector in the region, adequate labor supply, favorable cost base, and growing consumer demand would push industrialization. Several industries use plastics for many applications, and therefore, industrialization, in turn, would drive the demand for recycled plastics in the region as they provide a cost advantage over virgin plastics.
Bundle Reports:
- Plastic Waste Management Market
- Trash Bags Market
- Postconsumer Recycled Plastics Market
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