Europe and China Driving the Recycled Plastics Market Growth
" The global recycled plastics market is expected to witness a CAGR of 6.8% during the forecast period to reach a value of $66.73 billion by 2025 "
Bangalore, India, October 31, 2019: With its recently published study “Recycled Plastics Market: Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global market for recycled plastics will continue to grow due to the increasing consumption emerging as a result of regulatory changes in the European Union and China in various packaging applications. The global recycled plastics market is projected to grow at a CAGR of 6.8% during the forecast period to reach a value of $66.73 billion by 2025.
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North America leads the current market for recycled plastics, with the highest per capita plastic consumption providing an opportunity for recyclers. However, Europe and China are expected to lead the market growth driven by regulatory changes aimed at increasing domestic recycling rates of post-usage plastics. The global recycling rate for plastic hovers around 10% of the overall plastic consumption annually, with more than 300 million tons of annual plastic consumption in 2018. Chinese ban on contaminated plastic waste disrupted the global supply chain, and share of incineration in the plastic waste management suddenly witnessed new peaks, especially in the US and the European Union. The market is expected to stabilize to the new reality, starting a new phase for plastic recyclers within these developed markets.
Bottling has been the major application segment, accounting for around one-third of the global recycled plastics. Films were the second largest segment with mostly recycled polyolefin films being used in the secondary and non-contact packaging applications. The developing countries of Asia Pacific and Latin America are expected to witness higher growth of polyolefins recycling, although high value (direct contact applications) grade recyclers would largely emerge in the developed markets.
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New market opportunities are expected to come from the regulatory push of minimum recycled plastic content, providing much-needed demand buffer for recyclers. Although the recycled plastic is still costlier when compared to new ones; however, the demand buffer is expected to attract more investments, creating the possibility for a scenario wherein the technologically driven plastic recycling would be cost-effective than virgin counterparts. More developments are expected to come from the regions of Europe and China.
“Today, with increased options and more spending power, people have forgotten the importance of recycling. The culture of use & throw with a lack of collection & sorting infrastructure has been littering our environment. The steps by the governments in Europe, China, India, Indonesia, and in many other parts of the world are today’s necessity and are in the right direction. The government push for recycling would fuel the growth for recyclers, although the infrastructure seems to be a major hurdle. Current players are likely to have first-mover advantage, but these are too small as compared to the virgin plastic manufacturers and their entry would change the story on its head.” – Ankur Kalra, Research Manager, Infoholic Research
Key Segments of the Report
- The global recycled plastics market has been analyzed based on types
- Polyethylene Terephthalate (PET)
- High-density Polyethylene (HDPE)
- Low-density Polyethylene (LDPE)
- Polypropylene (PP)
- Polystyrene (PS)
- Polyvinyl Chloride (PVC)
- Others (Polyamide; Linear Low-density Polyethylene; Silicone Rubber, etc.)
- The global recycled plastics market has also been analyzed based on application areas
- Others (Fillers, Construction, etc.)
- Industry outlook: Market trends, drivers, restraints, and opportunities