Recycled Plastics Market Global Industry Trends, Share, Size and Forecast Report By 2028
Research Nester published a report titled “Recycled Plastics Market: Global Demand Analysis & Opportunity Outlook 2028″, which delivers a detailed overview of the global recycled plastics market in terms of market segmentation by recycled plastic type, resin, scrap, recycling process, end-use, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with the detailed discussion on current and future market trends that are associated with the growth of the market.
The use of recycled plastic by the end user industries helps to lower their production costs as the extraction, refining, production, and transportation of virgin plastic requires more energy as compared to the latter. Owing to such a factor, as well as for factors such as the stringent regulatory norms of the government and the rise in awareness about the benefits of using recycled plastics, manufacturers across different industry verticals are widely using these plastics to lower their operational costs as well as to adopt a sustainable production process.
Moreover, growing concern for the environment caused due to wastes generated from single use plastics, along with the numerous government initiatives to promote recycling, are some of the additional factors anticipated to drive the market growth. The global recycled plastics market is anticipated to grow with a CAGR of 4.5% over the forecast period, i.e., 2021-2028. The market, which garnered a value of USD 36,186.0 Million, is further expected to touch USD 45,748.1 Million by the end of 2028.
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The global recycled plastics market is segmented by scrap into rigid and non-rigid. Out of these segments, the non-rigid plastics segment in the global recycled plastics market is estimated to grow with the highest CAGR of around 5.8%, while the rigid plastics segment is estimated to be the leading revenue-generating segment during the forecast period. The market is also segmented by recycled plastic type into bottles, collapsible & squeezable tubes, films, polymer foams, bags, caps & lids, and others, out of which, the bags segment is expected to garner the largest revenue of USD 9183.4 Million by the end of 2028.
Geographically, the global recycled plastics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the market in the Asia Pacific held the leading market share in 2019 and is projected to attain a revenue of USD 15,723.6 Million in 2021. The growth of the market in this region can be primarily be attributed to the favourable government policies for plastic recycling such as Swachh Bharat Abhiyan, Plastic Shopping Bag Charging Scheme, and Zero Waste Masterplan, and others that promote recycling of plastics. Moreover, the market is also expected to garner a revenue of USD 22,097.8 Million by the end of 2028.
However, the complex process of recycling plastics is anticipated to operate as a key restraint to the growth of the global recycled plastics market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global recycled plastics market which includes company profiling of Veolia Environnement SA, Suez S.A., Imerys S.A., Plastipak Holdings, Inc., D S Smith Plc, Polindo Utama, B. Schoenberg & Co., Inc., Advanced Drainage Systems, Inc. (Green Line Polymers), KW Plastics, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global recycled plastics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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