RECYCLED PLASTICS MARKET ANALYSIS

Recycled Plastics MarketSize and Trends

Recycled plastics is produced from scrap or waste plastic and is further utilized in manufacturing various products such as storage containers, concrete, and PVC windows for building & construction, packaging, automotive, electrical & electronics, and textile industry. The aim of producing recycled plastics is to reduce pollution caused during manufacture of new or virgin plastics. The plastic recycling process helps to deal problems related to plastics disposal. According to Plastic Oceans International, more than 300 million of plastic is manufactured every year, consequently generating high demand for reuse, recovery, and recycling of plastics. Therefore, the recycled plastics market is expected to witness significant growth over the forecast period.

Market Outlook

• Recycled plastics market is expected to be driven by the increasing concerns for disposing virgin plastic and growing awareness about energy saving is expected to drive demand for recycled plastics market over the forecast period (2019-2027).
• Moreover, increasing usage of recycled plastics in various end-use industries such as automotive and building & construction coupled with propelling growth of these industries is expected to boost demand for recycled plastics products, which is expected to drive market growth over the forecast period.
• Based on product type, polyethylene terephthalate (PET), accounted for the largest market share in global recycled plastics market in 2018. Ease of raw material collection in the form of plastics bottle and easy recyclability are the major factors that are expected to drive growth of the PET segment.
• In 2018, Asia Pacific accounted for the largest market share in terms of revenue in the global recycled plastics market, owing to rapid industrialization and growing manufacturing sector in emerging economies such as China and India. For instance, according to the India Brand Equity Foundation (IBEF), the gross value added (GVA) from manufacturing sector in India exhibited at a CAGR of 4.3% during 2012 to 2018.