Recycled plastics Market 2019: Worldwide Opportunities, Emerging Trends and Latest Innovations
Seattle, WA -- (SBWIRE) -- 10/22/2019 -- Recycled plastics are resins that are manufactured by reusing waste plastic products. They are produced by recovering plastic scraps and wastes and then reprocessing them into useful products. It can be defined as the process of cleaning, sorting and processing pre-consumer or post-consumer plastic wastes into resins for various applications. Most of the plastics are non-biodegradable in nature. Thus, the only way to dispose these plastics is to recycle them.
Recycled plastics can be used in a wide range of goods. Some of these goods are plastic bottles, bin liners, carrier bags, fiber filling for sleeping bags and duvets, office accessories, drainage pipes, ducting and flooring, fleeces, seed trays, garden sheds, compost bins, fences, and furniture. These goods find applications in several industries such as packaging, textile, building & construction, transportation, and others.
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Global Recycled Plastics Market Drivers:
Reduction of plastic wastes and numerous recycling programmes have become a priority for both developed and developing nations across the globe. Owing to this, governments in different regions are implementing policies and regulations for controlling waste production, encouraging the reuse and recycling of plastic wastes, and encouraging systematic waste treatment. Governments are also enforcing landfill taxes, waste disposal taxes, recycling credit schemes, deposit refund systems, etc. to promote effective waste management. These measures by governments in various countries and states are expected to further facilitate the growth of the recycled plastics market.
The demand for plastic material has been constantly increasing across several industries like food and beverage, automotive, packaging and healthcare. The development of these industries can be accredited to rising population, inflating disposable incomes and continuous product innovations. In this context, higher manufacturing cost of virgin resins has necessitated the use of recycled plastic products, thereby bolstering the growth of the global recycled plastics market.
Global Recycled Plastics Market Segmentation:
By Product Type:
On the basis of type, the market is segregated as polyethylene terephthalate (PET), high density polyethylene (HDPE), polypropylene (PP) and low-density polyethylene (LDPE) and others. At present, polyethylene terephthalate (PET) accounts for the majority of the market share as it is used in the manufacturing of containers, shoes, automobile parts, luggage, etc.
Based on application, the market is segmented as non-food contact packaging, food contact packaging, construction, automotive and others. Amongst these, non-food contact packaging exhibits a clear dominance in the market. This type of packaging is employed in industrial processing products for protecting the products from harsh weather conditions.
On a geographical front, North America enjoys a leading position in the global recycled plastics market on account of ascending demand for recycled plastics. This can be attributed to various initiatives undertaken by government and other organisations in the region. North America is followed by Europe, Asia Pacific, Latin America, and Middle East and Africa.
Key Players Analysis:
Avangard Innovative, B. Schoenberg & Co., Inc., Delta Plastics, UltrePET LLC, CarbonLITE Industries, Veolia, Suez Recycling & Recovery Holdings, KW Plastics
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