Published Date : Aug 01, 2016
ALBANY, NY, Aug 01, 2016 – A new report, titled “Global Recycled Plastics Market 2016-2020,” featured on MarketResearchReport.biz, presents a rigorous reports of the global recycled plastics industry and estimates regarding its development during the forecast period. The report gives key qualitative and quantitative insights into the global recycled plastics market, along with a comprehensive study of the opportunities, restraints, and trends. The report also mentions the vendor landscape, the market share of key vendors, and their key contributions. The report talks about various drivers that can potentially bolster the growth of the global recycled plastics market.
Plastic recycling includes melting and casting of plastic products from one form to another in order to reduce the quantity of plastic discarded into landfills. Recycling plastics decreases the amount of natural resources (such as petroleum, natural gas, and water) and energy required to manufacture virgin plastic. Moreover, it prevents dumping of plastics, thus reducing the chances of soil and water pollution.
The report discusses the present scenario and growth prospects of the global recycled plastics market. According to the report, the increasing environmental awareness is crucial in propelling the growth of the market. The growing popularity of plastic recycling is creating opportunities for key vendors in the market. For instance, more than 80% of Americans have easy access to a plastics recycling program. This trend has let companies invest more in the research and development of new ways of recycling. However, the low penetration rate of recycled plastic impedes the growth of the recycled plastics market, since a large number of consumers are still unaware of the benefits of recycling plastics.
According to the report, the global recycled plastics market is anticipated to grow at a CAGR of 4.31% over the forecast period. A large section of the plastic produced or recycled goes into the automotive, defense, healthcare, oil and gas, construction, and FMCG industries. On the basis of product, the recycled plastics market is segmented into polyethylene terephthalate (PET), high-density polyethylene (HDPE), polypropylene (PP), and low-density polyethylene (LDPE) in the report. The PET segment accounted for a dominant 60% of the global market in 2015. The cheaper cost and higher feasibility make PET a preferred type in the manufacturing of plastic bottles and containers and for the packaging of soft drinks, hard drinks, detergents, and edible oils.
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In terms of geography, the report segments the market into the Americas, APAC, and EMEA. Factors such as the availability of skilled labor, advanced technology, and an abundance of the necessary resources have made the Americas the leading recycled plastics market. Consistent growth of the recycled plastics market can also be seen in developing countries. Many regional vendors in developing nations are looking forward to exploiting the growth of the recycled plastics market in response to the increase in demand for plastics. For example, India’s consumption of plastics is estimated to increase to 20.02 mn tons per year in 2020 from the 8.01 mn tons per year recorded in 2015.
The report presents an reports of the market’s fragmented vendor landscape. The key vendors are Avangard Innovative, B. Schoenberg & Co, Custom Polymers, Delta Plastics, UltrePET. However, since the market is still in its developing stage, the report predicts considerable scope for new entrants as well.
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