Recycled Plastic: Key market research findings
- Growing demand for plastic and plastic packaging materials
- Emerging opportunities for recycled products
Technavio has added released a new market research report on the global recycled plastic market, which is expected to grow at a CAGR of 4% between 2016 and 2020. Government policies and regulations regarding waste management, reuse and recycling of plastic waste, and systematic waste-treatment practices have boosted plastic recycling. The Americas dominate the global recycled plastic market, occupying around 50% of the total market share. Much of this region’s growth comes from the availability of advanced technologies for recycling of polyethylene terephthalate (PET), high-density polyethylene (HDPE), and polypropylene (PP) plastics and due to the availability of skilled workforce.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
The demand for plastic is increasing because of the substitution of other materials and metals by plastics. Plastic has become a preferred materials in several applications including automotive, healthcare, defense, and energy industries. This has pushed manufacturers towards plastic recycling, owing to several environmental concerns. The recycling of plastic materials helps to decrease threats such as global warming, ozone layer depletion, and environmental pollution. Moreover, the market is expected to witness high rate of plastic recycling due to the increased consumption of plastic packaging materials in the coming years,” says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research
The growing demand for plastics from several segments such as healthcare, automotive, food and beverage, oil and gas, construction, and household products has stimulated the need for plastic recycling. Moreover, the scarcity of petrochemicals, rising costs of raw materials, and growing environmental concerns have propelled the need for recycling. Bottles are the leading source material for recycling, and will constitute to more than half of the overall waste plastic consumption for recycling in the coming years. Also, the recycling plastics industry has placed significant efforts on increasing the collection of rigid plastic that includes thermoformed packaging and bulk containers, especially from commercial applications.
The key vendors in the global recycled plastic market include Avangard Innovative, B. Schoenberg & Co, Delta Plastics, and UltrePET. The market is highly fragmented due to the presence of many small and large vendors. Regional vendors dominate the market in many developing regions. The probability for newer players entering the market is high because the market is in its developing stage. There are no direct substitutes for recycled plastics, and this will foster the market for recycled plastics during the forecast period.
A more detailed analysis is available in the Technavio report, Global Recycled Plastic Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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