Global Recycled Plastic Market: Overview
Recycled plastic are materials that undergo the process of plastic waste recovery and reprocessing it into beneficial products. These plastics are also recycled during the manufacture of plastic products such as polyethylene films and bags. A fragment of these plastics are then conveyed to the main production operations. This trend is been followed since the past few decades leading to the production of certain high quality plastic products
The global requirement for recycled plastic has seen a rapid growth over the last few years, wherein major consumers of plastic packaging have begun encompassing different recycled plastics in their products as part of the rising emphasis on recycling. Furthermore, the recycled plastic market has been growing rapidly as the prices of polyethylene terephthalate (PET) and high density polyethylene (HDPE), which are two of the major recycled plastics, continue to hold substantial value in the overall plastic industry.
The global market for plastics has established new applications and markets for recycled plastics from both post-industrial and post-consumer sources, with PET being one of the major manufactured recycled plastic. In the current scenario, the demand for recycled PET has been high and the market on the other hand is under-supplied, with a high number of manufacturers halting expansion plans due to uncertainty of supply. Additionally, the demand for these plastics has been highly prevalent with its increasing application scope.
Global Recycled Plastic Market: Drivers
Increasing prices for conventional plastics, environmental issues and improved quality of recycled plastic is expected to contribute towards the growth of the global recycled plastic market.
The global recycled plastic growth will also be driven by a variety of factors such as the growing emphasis on sustainability amongst the packaging and consumer product manufacturers, improvements in processing and sorting technologies allowing a broader variety of plastic to be recycled into high quality resins, and an improved collection infrastructure which increases the plastic recycling rate.
A shift in recycled plastic production from the matured economies to Asia Pacific region, particularly China, India, and ASEAN countries has occurred owing to the increasing local demand and lower labour costs, along with the lower environmental, health and safety costs, due to the initial absence of regulations and their implementation in both manufacturing and reprocessing. This regional shift is also projected to drive future growth of recycled plastic market.
Global Recycled Plastic Market: Segmentation
The global recycled plastic market is segmented on the basis of source, resin type, end-use industry, and region
On the basis of source, the global recycled plastic market is segmented into:
On the basis of resin type, the global recycled plastic market is segmented into:
On the basis of end-use industry, the global recycled plastic market is segmented into:
In terms of end-use industry, packaging is anticipated to be the largest segment in the recycled plastic market.
Region wise, the global recycled plastic market is segmented into:
Global Recycled Plastic Market: Region-wise Outlook
In emerging economies such as Asia Pacific, growing demand for post-consumer bottles has prevented the buildup of inventories which has reduced the pressure for the collection industry. While the market for recycled plastic has been soft over the past few years, flake prices of PET have been stable since 2013, with China dominating the industry, primarily on domestic front. New entrants are expected to have a two stage production facility due to several factors such as scarcity of recycled PET resins and maximizing profit potential.
Consumers in North America are increasingly adapting the practice of collecting and separating discarded packages in order to make the product more disposable, and are also spending for a recycled item.
In the developed regions such as the U.S., the demand for recycled plastic will continue to develop with the emergence of new market due to efficient segregation and reprocessing of high purity resins.
Global Recycled Plastic Market: Key Players
Some of the key players identified in the global recycled plastic market are:
The report covers exhaustive analysis on:
Regional analysis for recycled plastic market includes
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.