Recycled Plastics Market Overview, Analysis, Outlook and Key Players
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Recycled plastics are made from scrap or waste plastic and are used to make storage containers, concrete, and PVC windows for the building and construction, packaging, automotive, electrical and electronics, and textile industries. The goal of recycling plastics is to reduce pollution that occurs during the production of new or virgin plastics. The plastic recycling process aids in the resolution of issues relating to the disposal of plastics. According to Plastic Oceans International, more than 300 million tonnes of plastic are produced each year, resulting in a huge demand for plastic reuse, recovery, and recycling. As a result, the market for recycled plastics is predicted to increase significantly over the forecast period.
Market Outlook
Over the
projection period, demand for recycled plastics is likely to be driven by
rising worries about disposing of virgin plastic and rising knowledge about
energy conservation (2019-2027).
Furthermore,
rising recycled plastics utilisation in different end-use sectors such as
automotive and building & construction, as well as these industries' rapid
growth, is predicted to raise demand for recycled plastics products, resulting
in market growth throughout the forecast period.
PET
(polyethylene terephthalate) had the biggest
market share in the global recycled plastics market in 2018, according
to product category. The PET segment is expected to grow due to the ease of
collecting raw materials in the form of plastic bottles and its easy
recyclability.
Key Players
B&B
Plastics, Veolia, Green Line Polymers, Clear Path Recycling, B. Schoenberg
& Co., Jayplas, Suez, Custom Polymers, Plastipak Holdings, and KW Plastics
are among the major players in the global recycled plastics market.
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