The global recycled plastic market size is projected to reach USD 72.6 billion by the end of 2026. The increasing concerns surrounding global warming and environmental pollution due to excessive plastic usage has led to a subsequent demand for recycled material. According to a report published by Fortune Business Insights, titled “Recycled Plastic Market Size, Share & Industry Analysis, By Type (Polyethylene Terephthalate, High-density Polyethylene, Polypropylene, Low-density Polyethylene, and Others), By Application (Non-Food Packaging, Food Packaging, Construction, Automotive, and Others), and Regional Forecast, 2019-2026,” the market was worth USD 37.8 billion in 2018 and will exhibit a CAGR of 8.5% during the forecast period, 2019-2026.
Recycled Plastic are products that are made from waste or scrap. The products possess the same properties as normally made plastics and are capped at the same price. The increasing need for recycling of materials, accounting to the depletion of natural resources has created a subsequent demand for Recycled Plastic. As a result, high investments are made in Recycled Plastic and not just by private companies, but also by government organizations. Since most of the plastics used across the world are not degradable, recycling provides an easier and easier alternative to disposing of these non-degradable plastics. This will reduce wastes significantly and cater to increasing concerns regarding environmental preservation. The increasing efforts taken to maximize recycle plastic use will have a direct impact on the growth of the market in the coming years.
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Fortune Business Insights™ lists out a few of the renowned companies present in the recycled plastic market. They are as follows:
- KW Plastics
- Custom Polymers
- Plastipak Holdings
- The Coca-Cola Company Incorporated
- B. Schoenberg & Co.
- Fresh Pak Corporation
- B&B Plastics
- Green Line Polymers
- Ultra Poly Corporation
- Clear Path Recycling
- MBA Polymers
- RJM International Inc.
- CarbonLite Industries LLC
- Envision Plastics Industries LLC
- ReVital Polymers
- Other Players
Nestle’s $2 Billion Plastic Recycling Initiative Has Made a Massive Global Impact
The global concerns surrounding the depletion of natural resources has urged companies to adopt recycling methods. As a result, several large scale companies are looking to invest more in the adoption of recycled methods for manufacturing. In January 2020, Nestle announced that it will be investing around USD 2.07 billion to implement recycled packaging in all of its products. The company announced that it will be investing the aforementioned amount to shift from food-grade packing from virgin plastics to food-grade recycle plastics. Accounting to the massive global customer reach of the company, this step will not only encourage other companies but will encourage consumers to adopt Recycled Plastic in their daily life.
What does the Market Report Offer?
The market report offers an exhaustive study of several factors such as drivers, restraints, challenges, and opportunities that will affect the growth of the market in the forthcoming years. The report covers regional demographics that include qualitative and quantitative information about the regions that are further divided into nations that are contributing to the growth of the market between 2019 and 2026. Furthermore, the competitive landscape has been discussed in-depth that include information of several players operating in the market. Moreover, information on the adoption of strategies such as merger and acquisition, collaboration, partnerships, and joint ventures by the companies that will drive the growth of the market has been included during the projected horizon.
Drivers and Restraints:
Increasing Demand from Packaging Industry to Favor Growth
The data from plastic recycling market Ocean International informs that packaging industry accounts for over 40% of the overall plastic usage globally and is the largest end user segment. The consumption of plastic is increasing backed by high demand for food-safety packaging material. The companies are focusing on adopting recycled plastic that has low energy input and has reduced negative impact on the environment. For instance, recycled polyethylene terephthalate is extensively adopted to manufacture bottles for beverage packaging. Furthermore, increasing demand for packaging sports equipment, toys, and fashion accessories is likely to boost the global recycled plastic market in the forthcoming years.
- Polyethylene Terephthalate (PET)
- High-Density Polyethylene (HDPE)
- Polypropylene (PP)
- Low-Density Polyethylene (LDPE)
- Non-Food Packaging
- Food Packaging
- North America (U.S. and Canada)
- Europe (Germany, UK, France, Italy, Spain, Poland, and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (Saudi Arabia, Turkey, Egypt, and Rest Of Middle East & Africa)
Presence of Established Manufacturers in Asia-Pacific to Aid Growth
Among the regions, the market in Asia-Pacific is likely to witness exponential growth by generating the highest global recycled plastic market revenue during the forecast period. This is ascribable to factors such as presence of established players in the region that is driving the demand for recycled plastic. Furthermore, high consumption of plastic in countries such as India and China in Asia-Pacific will aid the market growth. Europe, on the other hand, is expected to witness growth backed by increasing demand for the product from the construction and automotive industry. Furthermore, stringent regulations by the government to limit single-use of plastic will favor market growth in the region between 2019 and 2026.
Collaboration Strategies by the Companies to Stoke Demand
In March 2019, the Coca Cola Company announced its collaboration with Diageo, Nestle, and Unilever to form an alliance known as the African Plastics Recycling Alliance. The companies came together with an aim to transform plastic recycling infrastructures present in the sub-Saharan African region, while trying to gain foothold in the emerging global marketplace. Adoption of strategies such as collaboration activities, partnership, and expansion of product offering by the companies will bode well for the growth of the market during the forecast period.
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