The report “Recycled Plastics Market by Source (Bottles, Films, Fibers, Foams), Type (PET, PE, PP, PVC, PS), End-Use Industry (Packaging, Building & Construction, Textiles, Automotive, Electrical & Electronics) and Region – Global Forecast to 2022″, The global recycled plastics market is estimated at USD 36.93 Billion in 2017 and is projected to reach USD 50.36 Billion by 2022, at a CAGR of 6.4% between 2017 and 2022.
Recycled plastics are formed by reprocessing waste plastics to reduce global plastic waste that pollutes the environment. Recycled plastics can be produced from various sources such as plastic bottles, foams, films, fibers, etc. On the basis of resin type, recycled plastics are classified into Polyethylene Terephthalate (PET), Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), and others. These plastics can be used in many applications in industries such as packaging, building & construction, textiles, automotive, electrical & electronics, etc.
Ask FREE PDF Brochure @ https://www.marketsandmarkets.com/pdfdownload.asp?id=115486722
Growing awareness regarding the negative environmental effect of disposing plastics and consciousness to save energy are driving the growth of the recycled plastics market
The global recycled plastics market is estimated at USD 36.93 billion in 2017 and is projected to reach USD 50.36 billion by 2022, at a CAGR of 6.4% between 2017 and 2022. The market is witnessing growth due to the increasing awareness on the harmful effects of plastic disposal on the environment and the growing consciousness to save energy. The increasing consumption of recycled plastics in end-use industries such as packaging, automotive, and electrical & electronics industry is also contributing to the growth of the recycled plastics market.
North America is projected to be the fastest-growing market, in terms of both value and volume, during the forecast period. The US is projected to be the fastest-growing recycled plastics market in North America, accounting for a major chunk of the market in the region. The high growth rate in North America can be attributed to the growth of its domestic recycling industry, as a consequence of the ban on “foreign plastic garbage” by China to safeguard its environment. Apart from domestic recycling, the US, being one of the major exporter of plastics waste to China, could also use new dumping pits in Southeast Asia. However, due to the higher logistics cost, a feasible solution is to improve its recycling industry.
Request FREE Sample Pages @ https://www.marketsandmarkets.com/requestsample.asp?id=115486722
Recycled Plastics’ application in the packaging, building & construction, automotive, and the electrical & electronics industry drive the growth of recycled plastics market
Bottles are expected to be the fastest-growing source for recycled plastics during the forecast period. Bottles are easy to collect and sort, and as a result, many nations who are foraying into the recycling business will depend on bottles as the primary source material for recycled plastics.
PET-based recycled plastics is estimated to be the fastest-growing segment of the recycled plastics market, by type during the forecast period. PET-based recycled plastics have the highest recycling rate globally and can be used for many applications such as new containers, carpets, textiles, protective packaging, industrial strapping, automotive parts, construction materials, etc.
Packaging is expected to be the fastest-growing end-use industry segment for recycled plastics during the forecast period. Recycled plastics are used in many applications in the packaging industry. Many companies such as Coca-Cola, Unilever, Walmart, Target Corp., Procter & Gamble Co., Ecover, Evian, etc., have pledged to work toward using 100% reusable, recyclable, or compostable packaging by 2025 or earlier.
To speak to our analyst for a discussion on the above findings,
click Speak to Analyst
Major players of the recycled plastics market, such as Veolia (France), Suez (France), KW Plastics (US), Jayplas (UK), B. Schoenberg & Co. (US), B&B Plastics (US), Green Line Polymers (US), Clear Path Recycling (US), Custom Polymers (US), and Plastipak Holdings (US), among others, are profiled in this report. These companies have adopted various organic and inorganic growth strategies to become the major players in the global recycled plastics market.
Veolia (France), Suez (France), KW Plastics (US), and Jayplas (UK) are the leading players in the global recycled plastics market. These companies accounted for the highest number of strategic activities, with expansions, new product launches, mergers & acquisitions, and joint ventures being the most preferred.