Yahoo Finance Recycled Plastic Market to Worth USD 76.23 Billion by 2028 | Global Recycled Plastic Industry Share, Trends, Growth, Research Study by Fortune Business Insights™
Companies covered in the recycled plastic market are KW Plastics (U.S.), Veolia (France), Custom Polymers (U.S.), Plastipak Holdings (U.S.), The Coca-Cola Company Incorporated (U.S.), Suez (France), B. Schoenberg & Co. (U.S.), Fresh Pak Corporation (U.S.), B&B Plastics (U.S.), Green Line Polymers (U.S.), Ultra Poly Corporation (U.S.), Clear Path Recycling (U.S.), Jayplas (U.K.), MBA Polymers (U.S.), RJM International Inc. (U.S.), CarbonLite Industries LLC (U.S.), Envision Plastics Industries LLC (U.S.), ReVital Polymers (Canada), and more players profiled
Pune, India, Dec. 01, 2021 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, the global recycled plastic market size is projected to grow from USD 44.03 billion in 2021 to USD 76.23 billion by 2028, exhibiting a CAGR of 8.2% during the forecast period. The rising demand for sustainable recycled solutions from industries is likely to boost the market growth. We mention this information in the report "Recycled Plastic Market, 2021-2028." The report also revealed that the market was valued USD 41.13 billion in 2020.
Recycled plastics are processed materials that are made from recycled materials such as scrap and waste. Plastics are recycled as they are non-biodegradable to avoid damages to the environment. The incorporation of regulations by governments is likely to boost recycled material adoption. For example, the European Union devised plans to stop the usage of single-use plastic products from 2021. Further, the development of containers, films, packaging bottles, and others is likely to boost the product's adoption. The incorporation of advanced products and services is likely to boost its adoption. In addition, the adoption of recyclable and sustainable products by the packaging and consumer goods industry is likely to boost market progress.
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List of Key Players Profiled in this Recycled Plastics Market Report
KW Plastics (U.S.)
Veolia (France)
Custom Polymers (U.S.)
Plastipak Holdings (U.S.)
The Coca-Cola Company Incorporated (U.S.)
Suez (France)
B. Schoenberg & Co. (U.S.)
Fresh Pak Corporation (U.S.)
B&B Plastics (U.S.)
Green Line Polymers (U.S.)
Ultra Poly Corporation (U.S.)
Clear Path Recycling (U.S.)
Jayplas (U.K.)
MBA Polymers (U.S.)
RJM International Inc. (U.S.)
CarbonLite Industries LLC (U.S.)
Envision Plastics Industries LLC (U.S.)
ReVital Polymers (Canada)
Segments
By type, the market is segmented into Low-density Polyethylene (LDPE), Polypropylene (PP), High-density Polyethylene (HDPE), Polyethylene Terephthalate (PET), and others. Based on application, it is classified into automotive, construction, food packaging, non-food packaging, and others. Geographically, it is grouped into Europe, North America, Asia Pacific, Latin America, and others.
Highlights of the Report
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Drivers and Restraints
Rising Adoption of Recycled Plastic in Packaging Industry to Fuel Recycled Plastics Market Development
Recycled plastics are used extensively in the packaging sector because of their safety and lower costs. The rising demand for safe packaging materials is expected to boost the product's adoption from the food & beverage industry. The product is utilized to manufacture consumer goods such as bottles, tiffins, and others. It is used to package sports goods, toys, fashion items, and others because of its environmental safety. The rising demand for renewable materials is expected to boost its adoption. Recycled materials eliminate dependence on fossil fuels and are extremely cost-effective, which, in turn, can attract consumer demand. These factors are likely to drive the recycled plastic market growth.
However, shifting preferences towards virgin plastics is likely to hinder the progress of the market.
REGIONAL INSIGHTS
Presence of Bottled Water Manufacturers to Boost Recycled Plastics Market Growth in Asia Pacific
Asia Pacific is projected to dominate the recycled plastic market share because of the presence of several bottled water manufacturers. The market stood at USD 24.35 billion in 2020. The market is expected to grow because of the rapid development of the packaging industry in the region. These factors are likely to propel market growth.
In Europe, the demand for recycled materials from the automotive and construction sectors is likely to boost the product's demand. In addition, in 2021, the European Union implemented strategies to reduce the use of single-use plastics. These factors are likely to propel market development.
In North America, the rising demand for recycled plastics from the automotive and packaging industries is expected to boost product sales. These factors are likely to boost market growth.
Competitive Landscape
Companies Incorporate Advanced Packaging to Boost their Recycled Plastics Market Position
Prominent companies operating in the market incorporate advanced packaging to improve their market position. For example, Coca-Cola utilized 100% rPET packaging for all small soft drink bottles in Norway and Netherlands in May 2020 to support its "World Without Waste" strategy. Further, the company implemented rPET packaging in large bottles in 2021, which, in turn, may attract consumers' attention and boost their brand position. Further, the incorporation of partnership, acquisition, product launch, research and development, and expansion strategy may enable companies to compete in the market.
Table of Content
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Emerging Trends – For Major Countries
Key Developments: Mergers, Acquisition, Partnership, etc.
Latest Technological Advancement
Insights on Regulatory Scenario
Porters Five Forces Analysis
Qualitative Insights – Impact of COVID-19 on Global Recycled Plastic Market
Supply Chain Challenges
Steps taken by Government/Companies to overcome this impact
Potential opportunities due to COVID-19 outbreak
TOC Continued…!
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Key Industry Development
February 2021: Coca-Cola announced its novel 13.2-oz bottle that is manufactured by using 100% rPET in the U.S. This strategy may enable the company to curb the adoption of new plastic.
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