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Rising awareness regarding environmental impact due to improper disposal of plastics and increasing initiatives to encourage use of recyclable plastics are some key factors expected to drive market growth
NEW YORK , Dec. 9, 2021 /PRNewswire/ -- Reports and Data has published its latest report titled "Recyclable Plastics Market By Type (Polyethylene Terephthalate (PET), Polyethylene (PE), and Others), By Source (Plastic Films, Plastic Bottles, Polymer Foam, Synthetic Fibers, Others), By Recycling Processes, By Application, and By Region Forecast to 2028."
According to latest analysis, the global recyclable plastics market size was USD 44.14 billion in 2020 and is expected to reach USD 67.42 billion in 2028 and register a revenue CAGR of 5.5% during the forecast period, 2021-2028.
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Plastics are synthetic or semi-organic polymers made from oil or petroleum and are widely used for various applications. Steady increase in the use of plastics across the globe has led to rising concerns regarding management of plastic waste and rapid adoption of recyclable plastics. Recovery and recycling of plastics is rapidly increasing in various countries across the globe and is contributing significantly to growth of the global recycled plastics market. Recycling of plastics enables reduced need for petroleum feedstocks to produce more plastic, minimizes carbon emissions, and reduces volume of solid waste generated. In addition, recycling of plastics can reduce energy and material usage per unit of output and reduce environmental impact and depletion of natural resources and these key factors are boosting adoption of recycled plastics and the trend is expected to continue to drive market revenue growth over the forecast period.
Plastics are cost-effective, lightweight, and high durability and can be molded into a vast variety of products for a broad spectrum of applications. Production of plastics has drastically increased over the last few decades with growing use of plastics across the globe. Substantial quantities of end-of-life plastic waste continues to accumulate as debris in landfills and ecosystems worldwide, which makes recycling one of the most crucial actions to reduce associated negative impacts. Advancements in technologies and systems for collection, sorting, and reprocessing of recyclable plastics have led to increased recycling of packaging materials. Demand for high-quality recycled plastics products is expected to increase significantly over the coming years due to implementation of new legislations by governments in countries across the globe. High quality recycled plastic products such as pellets can be used in various applications that are directly associated with consumers such as cosmetic packaging, personal care products packaging, kitchenware, and car interior parts, among others. Mixed plastic packaging can also be mechanically recycled in a cost-effective way that also benefits the environment. Recyclable plastics are used to produce carrier bags, damp proof membranes, reusable crates and pallets, composters and wormeries, and polyester fabric for clothing, among other applications, and this is expected to further fuel revenue growth of the market going ahead.
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Increasing focus on using waste products in concrete to increase strength and alleviate disposal challenges has contributed to rising application of recyclable plastics in concrete or asphalt concrete. Development of new construction materials using recyclable plastics has contributed to growth of plastics and construction industries and increasing research to reuse bulky wastes is another key factor expected to drive market growth. However, limited use of recyclable plastics in food-grade packaging applications and increasing challenges associated with recycling technologies can hamper market growth to a significant extent over the forecast period.
Polyethylene (PE) Segment to Lead in Terms of Revenue Share:
Polyethylene (PE) segment is expected to account for a significantly larger revenue share over the forecast period, attributable to increasing use of polyethylene in packaging films, wiring and cable insulating, shopping bags, and household goods among others.
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Increased Recycling of Plastic Bottles Supporting Market Growth:
Plastic bottles are the most commonly recycled plastic products and are widely used in various end-use industries such as packaging industry for the manufacture of packages to store water, oil, carbonated beverages, and medications and these are some key factors expected to contribute to revenue growth of the segment.
Mechanical Recycling Segment Revenue to Expand Significantly:
Mechanical recycling segment revenue is expected to expand at a significantly rapid CAGR over the forecast period, attributable to increasing use of mechanical recycling to recycle post-consumer plastic packaging waste, can reduce amount of solid wastes, and minimize carbon emissions and energy consumption during recycling processes.
Asia Pacific to Account for Largest Revenue Share:
Asia Pacific is expected to account for largest revenue share over the forecast period, attributable to increasing demand for recyclable plastics due to rapid growth of construction, packaging, electronics, and automotive industries in the region. In addition, ban on single use plastics in countries in Asia Pacific and increasing government initiatives to encourage use of recyclable plastics are some other key factors expected to drive revenue growth of the market in the region.
North America to Register Steady Revenue Growth Rate:
North America is expected to register steady revenue CAGR over the forecast period owing to increasing application of recyclable plastic products in various end-use industries, growing demand for packaged and processed foods, technological advancements in recycling processes, rapid growth of the construction and building industry, implementation of regulations regarding use and disposal of plastic and plastic products, and presence of key players in the region.
Major Companies in the Market Include:
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For the purpose of this report, Reports and Data has segmented the global recyclable plastics market based on type, source, recycling processes, application, and region:
Type Outlook (Revenue, USD Billion, Volume, Kilotons; 2018-2028)
Source Outlook (Revenue, USD Billion, Volume, Kilotons; 2018-2028)
Recycling Processes Outlook (Revenue, USD Billion, Volume, Kilotons; 2018-2028)
Application Outlook (Revenue, USD Billion, Volume, Kilotons; 2018-2028)
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Regional Outlook (Revenue, USD Billion, Volume, Kilotons; 2018-2028)
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