Recycled Plastics Market By Type, By Geography — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2019–2026

The Global Recycled Plastics Market is valued to reach USD 66.4 billion by 2025, growing at a CAGR of 6.5% over forecast period 2020–2026. Factors such as increasing use of recycled plastics in packaging, automotive, electrical & electronics industries, growing emphasis on sustainability among packaging and improved collection infrastructure are influencing the market growth.

Get Sample Report: https://dataintelo.com/request-sample/?reportId=82613

Recycled plastics account for a strong commercial position from the commercial perspective as the market witness a huge potential for recycling initiatives. In broader terms, waste plastics are collected for recycling purpose with various technologies incorporated. The waste plastic undergoes a chemical process to generate a newer plastic intended for the next purpose. Therefore, the quality of new plastic is much better than the earlier counterparts. As plastics dominate the packaging industry, resin PET is highly used as an application thus making it an inseparable component for any industry in the packaging process. Recycled plastics thus prove to be cost-effective for the packaging industry. As plastic constitute to be a major household component, 10% constitutes as plastic and more than 35% continues to be plastic bottles.

As the industrial waste attains a peak level as landfills are getting large by 3% every year as a result of business process and activities, the demand for recycling activities are expected to shoot up. For instance, plastic waste in the UK accounts for more than 3 million tonnes, out of which more than 5% gets recycled. This is anticipated to have more than 8 million tonnes of plastic disposal each year. Ultimately, more than 150,000 tonnes of plastic rubbish is being sent to China for recycling.

Recycled Plastics Market Trends, Drivers and Opportunities:

The recycled plastics market is highly driven by the rise in user adoption for recycled plastics for several applications. User consciousness towards environment and government role helps in setting a high benchmark. In addition, the market is significantly influenced by recycle initiatives undertaken at the local levels in the market and use of products from recycled plastics is highly encouraged. For instance, Adidas has recently stepped up into launching of sport shoes and apparels made from ocean plastics. This move has not only resulted in manufacture of better products but also helps in reducing the carbon footprint to a vast extent.

On contrary, the market witness a setback in the developing countries such as negligence towards sustainable environment and low awareness. Additionally, the market also experiences hindrance such unfair trade practices followed in regional market which is equally contributing against eco-friendly initiatives for sustainable development.