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 growing awareness regarding the environmental benefits provided by recycled plastics over virgin plastics. Moreover, the energy consumed in recycling plastics is less than that of virgin plastics, which is further driving the demand for recycled plastics in many applications.
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The usage of recycled plastics has increased manifold in the packaging industry. Recently, the Association of Plastics Recyclers (US), recruited companies to pledge to use more recycled plastics in their facilities and supply chains. Some of these companies are: Coca-Cola North America, Unilever, Walmart, Target Corp., Procter & Gamble Co., Ecover, Evian, L’Oréal, Mars, M&S, PepsiCo, Campbell Soup, Amcor Werner & Mertz and Keurig Green Mountain Inc. These leading retailers and packaging companies pledged to work towards using 100% reusable, recyclable or compostable packaging by 2025 or earlier. These companies together consume more than 6 million tons of plastic packaging per year.
The use of recycled plastics has also paved its way into the automotive industry as an increasing number of auto parts and components are being made with recycled plastics due to its various environmental benefits. Companies such as Chrysler, Ford, Honda, General Motors, Nissan, and Toyota has increased the consumption of recycled plastics in their manufacturing units.
The Electrical & Electronics industry has also been witnessing the increased usage of recycled plastics in electric and electronic equipment (EEE). Recycled plastics are currently used in a variety of ICT products as companies implemented the use of recycled plastics as part of voluntary agreements for a green industry initiative. Major companies using recycled plastics in their products are: Dell, HP, Lenovo, Lexmark, Océ- a Canon Company, Samsung Electronics, and Sony.
Thus, the growing consumption of recycled plastics by the major stakeholders in the packaging, automotive and the electrical & electronics industries will directly contribute to the increasing demand of recycled plastics.
Growing awareness to curb the pollution caused by plastic disposal and the environmental benefits such as energy savings are the factors driving the growth of the recycled plastics market
The market is witnessing growth due to a growing preference for recycled plastics over virgin plastics as a result of severe pollution caused by the disposal of used plastics in oceans and the scarcity of landfill areas in many countries. Factors such as increasing use of recycled plastics in many new applications in the packaging, automotive and the electrical & electronics industry and many favorable initiatives promoting the use of recycled plastics worldwide offer lucrative opportunities for the growth of the recycled plastics market. Higher cost of recycled plastics. Stringent competition with virgin plastics in terms of performance is a major factor restraining the growth of the market. The ban on import of certain waste plastic scraps to China and irregular collection of the waste plastics for its reprocessing are some of the factors challenging the growth of the global recycled plastics market globally.
Polyethylene Terephthalate (PET): The fastest-growing segment of the recycled plastics market, by type
Polyethylene Terephthalate (PET) is estimated to be the fastest-growing type of recycled plastics market during the forecast period (2017-2022). PET is expected to have the fastest growth as PET based recycled plastics are easy to recycle and PET bottles are the most easily sorted and collected source of used plastics.
North America: The fastest-growing market for recycled plastics, by region
The North America region is estimated to be the fastest-growing market for recycled plastics during the forecast period. The growth of the recycled plastics market in North America is growing due to many initiatives taken in the region to increase the use of recycled plastics. Many companies such as Coca-Cola North America, Unilever, Walmart, Target Corp., Procter & Gamble Co., Ecover, Evian, L’Oréal, Mars, M&S, PepsiCo, Campbell Soup, Amcor Werner & Mertz and Keurig Green Mountain Inc. pledged to the Association of Plastics Recyclers (US) to increase the use of recycled plastics in their products.
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