The global recycled plastics market size was USD 27.96 Billion in 2021 and is expected to register a revenue CAGR of 9.4% over the forecast period, according to the latest report by Reports and Data.
The key driver driving revenue growth in the recycled plastics market is the increasing use of recycled plastics in various industries such as packaging, automotive, and others. Because they are lightweight and economical, plastics are a good choice for automobile manufacturers. Furthermore, plastics offer greater design freedom than metals and are corrosion-resistant, long-lasting, and flexible.
Polypropylene, a highly robust polymer derived from propylene, is the most common plastic used in automobiles. Polypropylene is used in applications ranging from bumpers to cable insulation to carpet fibres because to its strength and chemical resistance, which is driving global revenue growth. Furthermore, because of its strength, permeability, and flexibility, PET is quickly becoming a material of choice for sports brands in the textile business.
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Some Key Highlights from the Report
- The global recycled plastics market is divided into bottles, films, fibres, foams, and others, according to the source. In 2021, the bottles category accounted for a sizable revenue share. Recycling plastic bottles reduces carbon emissions since it uses far less energy and fossil fuels. Recycling plastic bottles saves around 3.8 barrels of oil each tonne recycled. Furthermore, by utilising recycled materials instead of new ones, greenhouse gas emissions generated during the manufacture of virgin materials are decreased, fueling revenue development in the segment's recycled plastics market.
- In 2021, the Asia Pacific market had the highest revenue share. To some degree, rising demand for non-residential construction projects such as hospitals, schools, and universities is driving the region's market revenue growth. The quantity of environmental rules enforced in this region by international bodies such as the Environmental Protection Agency (EPA) is also driving income growth. Furthermore, government initiatives in countries like as India on environmental conservation, such as the Swachh Bharat Abhiyan and the Namami Gange Program, are boosting revenue development in the recycled plastics market in this region.
Major Companies:
- REMONDIS SE Co. KG
- Biffa
- Stericycle Inc.
- Republic Services Inc.
- WM Intellectual Property Holdings
- L.C.
- Veolia
- Waste Connections
- CLEAN HARBORS.INC.
- Covestro AG.
- B B Plastics Inc.
Competitive Landscape:
The report further sheds light on the competitive landscape and provides in depth information about each market player including its global position, product portfolio, financial standing, revenue growth and company overview. The market players are focused on adopting various inorganic and organic growth strategies such as mergers and acquisitions, joint ventures, collaborations, product launches and partnerships to gain a robust footing in the market.
Key questions addressed in the report:
- What is the expected market size of the global Recycled Plastics market during the forecast period?
- What CAGR is the global market expected to register during the forecast period?
- Which key factors are expected to boost global market growth between 2021 and 2028?
- What are the key restraints that are expected to hamper global market growth?
- Which regional market is expected to register robust CAGR during the forecast period?
- Which key players are operating the global Recycled Plastics market?
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Recycled Plastics Market Segmentation:
Source Outlook:
- Bottles
- Films
- Fibers
- Foams
- Others
Type Outlook:
- Polyethylene terephthalate
- Polyethylene
- Polypropylene
- Polystyrene
- Poly Vinyl Chloride
Regional Outlook:
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- A.E.
- South Africa
- Rest of MEA
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