Global Recycled Plastics Market:
About this market
Technavio’s recycled plastics market analysis considers sales from packaging, construction, automotive, electrical and electronics, and others. Our analysis also considers the sales of recycled plastics in APAC, Europe, North America, South America, and MEA. In 2018, the packaging segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as high demand for plastic products for packaging in various industries will play a significant role in the packaging segment to maintain its market position. Also, our global recycled plastics market report looks at factors such as increasing demand for recycled plastics from the packaging industry, volatility in crude oil, and environment-friendly nature of recycled plastics. However, stringent government regulations, ban on plastic recycling in China, and increasing demand for biodegradable plastics may hamper the growth of the recycled plastics industry over the forecast period.
Global Recycled Plastics Market: Overview
Increasing demand for recycled plastics from the packaging industry
Many industries are adopting green and sustainable solutions owing to the increase in awareness about healthy living. This has led to the rise in demand for recycled plastics across the world, reducing carbon footprints and contributing to a healthy environment. Recycled plastics offer new possibilities of reducing waste, lowering energy consumption and carbon emission, and decreasing water consumption. This increase in the adoption of green options for various applications will lead to the expansion of the global recycled plastics market at a CAGR of almost 6% during the forecast period.
Growing demand for synthetic textiles
Recycled plastics, in the form of nylon and polyesters, are commonly used in textiles. These synthetic fibers are used for manufacturing apparels and home furnishings. Polyester fibers are used for cushioning and insulation purposes in comforters, pillows, and upholstery padding. Whereas, nylon fibers are soft, light in weight, and highly resilient used in carpets, racket string, parachutes, and various engineering materials. This growing demand for synthetic fibers is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global recycled plastics market during the forecast period 2019-2023, click here.
With the presence of several major players, the global recycled plastics market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading milk chocolate manufacturers, that include B. Schoenberg & Co. Inc., Envision Plastics, Imerys SA, Kuusakoski Group Oy, KW Plastics, MBA Polymers Inc., PLASgran Ltd., SUEZ SA, UltrePET LLC, Veolia Environment.
Also, the recycled plastics market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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