August 04, 2022 07:57 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 04, 2022 (GLOBE NEWSWIRE) -- The global recycled plastic market size was USD 41.13 billion in 2020. The market is projected to grow from USD 44.03 billion in 2021 to USD 76.23 billion by 2028 at a CAGR of 8.2% during the 2021-2028 period. This information is provided by Fortune Business Insights, in its report, titled, “Recycled Plastic Market, 2021-2028.”
Plastic recycling industry had a notable influence of the pandemic due to the complications faced in the collection of waste polymer products during the lockdown circumstances. The termination in transportation activities led to further decrease of waste reaching the processing units.
Get a Sample PDF Brochure:
https://www.fortunebusinessinsights.com/enquiry/sample/recycled-plastic-market-102568
Report Scope & Segmentation:
COVID-19 had Substantial Influence on Production and Utilization of Recycled Plastic
Furthermore, the COVID-19 pandemic has escalated the jeopardy of plastic pollution as the governments have relieved limitations over single-use polymer and end-users readopting these materials for health and security aims.
List of Key Players Mentioned in the Recycled Plastic Report:
Inquire Before Buying This Research Report:
https://www.fortunebusinessinsights.com/enquiry/queries/recycled-plastic-market-102568
The report presents a holistic study of the market for recycled plastic along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered.
The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the recycled plastic market growth are shared in the report.
Polyethylene Terephthalate to Maintain Position as Leading Type during Forecast Period
On the basis of types, the market is classified into polyethylene terephthalate (PET), high-density polyethylene (HDPE), polypropylene (PP), low-density polyethylene (LDPE), and others.
Non-Food Packaging Segment to Create Greatest Revenue
On the basis of application, the market is categorized into non-food packaging, food packaging, construction, automotive, and others. The non-food packaging segment is anticipated to maintain its largest share throughout the forecast period owing to the great demand for recycled PET for manufacturing bottles and other packaging products such as films and wraps.
Geographically, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Growing Implementation in Packaging Industry to Foster Market
The demand for recycled materials is progressing in numerous industries such as food & beverage, and consumer goods. In the food & beverage industry, the utilization of recyclable polymer is surging owing to the huge demand for food-safe packaging material.
These materials can effectually substitute conventional plastics as a barrier between the food products and the environmental aspects, which eventually upsurges the market. Recycled polyethylene terephthalate is an ideal material considerably opted in the production of bottles for water and beverage packaging.
Asia Pacific to Dominate Stoked by China and India Consuming Great Amount of Material
The market in Asia Pacific stood at USD 24.35 billion in 2020 and is estimated to hold the largest recycled plastic market share throughout the forecast period owing to China and India being the dominating recycled plastic consuming countries.
On the other hand, in Europe, the demand for products from the construction and automotive industry is growing at a substantial rate.
In North America, the U.S. accounted for the larger recycled plastic market share of the market due to the increase in demand from packaging and automotive industries.
Crucial Business-related Declarations by Prime Players to Impact Market
Indispensable corporations in the market often make critical declarations concerning few business moves, which in turn influence the market either affirmatively or adversely. Companies purchase companies, launch novel products, involve in collaborative contracts, sign agreements with government organizations and so on.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/recycled-plastic-market-102568
May 2021: Plastipak Holdings has capitalized in novel recycling unit at its production division located in Toledo, Spain. This plant will begin manufacturing in early 2022 and manufacture food-grade recycled PET (rPET) pellets from PET flake for application in preforms, bottles and containers. This unit is stated to manufacture 20 kiloton of food-grade pellet per annum.
https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/recycled-plastic-market-102568
Plastic Waste Management Market to Grow at USD 41.58 Billion by 2027
Plastic Market Size to Worth $616.82 Billion by 2021-2028
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower, Baner –