According to a new report published by Fortune Business Insights™, titled “Recycled Plastic Market Size, Share & Industry Analysis, By Type (Polyethylene Terephthalate, High-density Polyethylene, Polypropylene, Low-density Polyethylene, and Others), By Application (Non-Food Packaging, Food Packaging, Construction, Automotive, and Others), and Regional Forecast, 2019-2026.” predicts that the market is likely to hit USD 72.6 billion by 2026 while exhibiting a CAGR of 8.5% between 2019 and 2026. The reports further observe that the market was worth USD 37.8 billion in 2018. The recycled plastic market size is expected to witness significant growth backed by increasing demand from the packaging industry.
The global pandemic, COVID-19, has led to severe repercussion owing to its widespread effects across several economies. Several industries are facing unprecedented losses owing to the lockdown announced by several governments across the globe that has resulted in the complete shutdown of the businesses. The crippling economy, however, is being revived through collective efforts from the government as well as the industries and is expected to bounce back in the coming years.
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Fortune Business Insights profiles some of the prominent companies operating in the recycled plastic market. They are as follows:
- KW Plastics
- Custom Polymers
- Plastipak Holdings
- The Coca-Cola Company Incorporated
- B. Schoenberg & Co.
- Fresh Pak Corporation
- B&B Plastics
- Green Line Polymers
- Ultra Poly Corporation
- Clear Path Recycling
- MBA Polymers
- RJM International Inc.
- CarbonLite Industries LLC
- Envision Plastics Industries LLC
- ReVital Polymers
- Other Players
According to the data by the non-profit organization, Plastic Oceans International, every year around 500 billion plastic bags are used globally. This means that over 1 million bags are being used every minute. Plastic is harmful to the environment in many ways and since most of the plastic material is non-biodegradable, it is important to find a solution to reduce the rampant production of plastic across the globe. Therefore, recycling of the plastic to enable its reuse is vital to prevent environment degradation. Plastic is used across several industries such as packaging, food & beverage, pharmaceuticals, consumer goods, construction, and automotive, among others. A holistic approach to adopt recycled plastic from the end user industries will ensure the safety of the environment.
What does the Market Report Offer?
The market report offers an exhaustive study of several factors such as drivers, restraints, challenges, and opportunities that will affect the growth of the market in the forthcoming years. The report covers regional demographics that include qualitative and quantitative information about the regions that are further divided into nations that are contributing to the growth of the market between 2019 and 2026. Furthermore, the competitive landscape has been discussed in-depth that include information of several players operating in the market. Moreover, information on the adoption of strategies such as merger and acquisition, collaboration, partnerships, and joint ventures by the companies that will drive the growth of the market has been included during the projected horizon.
Drivers and Restraints:
Increasing Demand from Packaging Industry to Favor Growth
The data from the Plastic Ocean International informs that packaging industry accounts for over 40% of the overall plastic usage globally and is the largest end user segment. The consumption of plastic is increasing backed by high demand for food-safety packaging material. The companies are focusing on adopting recycled plastic that has low energy input and has reduced negative impact on the environment. For instance, recycled polyethylene terephthalate is extensively adopted to manufacture bottles for beverage packaging. Furthermore, increasing demand for packaging sports equipment, toys, and fashion accessories is likely to boost the global recycled plastic market in the forthcoming years.
Polyethylene Terephthalate Segment to Witness Significant Growth
Among the segments, the polyethylene terephthalate segment based on (by type) is likely to gain momentum during the forecast period. This is attributable to factors such as high adoption of the segment for food packaging and bottling application. Furthermore, they being non-toxic, durable, and lightweight are preferred mainly for the packaging industry. On the other hand, high-density polyethylene (HDPE) segment will witness growth owing to it being one of the most easily recycled plastic across the globe.
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Presence of Established Manufacturers in Asia-Pacific to Aid Growth
Among the regions, the market in Asia-Pacific is likely to witness exponential growth by generating the highest global recycled plastic market revenue during the forecast period. This is ascribable to factors such as presence of established players in the region that is driving the demand for recycled plastic. Furthermore, high consumption of plastic in countries such as India and China in Asia-Pacific will aid the market growth. Europe, on the other hand, is expected to witness growth backed by increasing demand for the product from the construction and automotive industry. Furthermore, stringent regulations by the government to limit single-use of plastic will favor market growth in the region between 2019 and 2026.
Collaboration Strategies by the Companies to Stoke Demand
In March 2019, the Coca Cola Company announced its collaboration with Diageo, Nestle, and Unilever to form an alliance known as the African Plastics Recycling Alliance. The companies came together with an aim to transform plastic recycling infrastructures present in the sub-Saharan African region, while trying to gain foothold in the emerging global marketplace. Adoption of strategies such as collaboration activities, partnership, and expansion of product offering by the companies will bode well for the growth of the market during the forecast period.
Scope of the Recycled Plastic Market Report:
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing. The financial parameters which are assessed include the sales, profits and the overall revenue generated by the key players of the Market.
The company profiling of leading market players is included this report with Porter’s five forces analysis and Value Chain analysis. Further, the strategies exercised by the companies for expansion of business through mergers, acquisitions, and other business development measures are discussed in the report.
This report focuses on Recycled Plastic Global Market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application. Regional analysis is another highly comprehensive part of the research and analysis study of the global market presented in the report. This section sheds light on the sales growth of different regional and country-level markets. For the historical and forecast period to 2026, it provides detailed and accurate country-wise volume analysis and region-wise market size analysis of the global market.
Key questions answered in the report:
- What is the growth potential of the Recycled Plastic market?
- Which product segment will take the lion’s share?
- Which regional market will emerge as a pioneer in the years to come?
- Which application segment will experience strong growth?
- What growth opportunities might arise in the Recycled Plastic industry in the years to come?
- What are the most significant challenges that the Recycled Plastic market could face in the future?
- Who are the leading companies on the Recycled Plastic market?
- What are the main trends that are positively impacting the growth of the market?
- What growth strategies are the players considering to stay in the Recycled Plastic market?
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