Favorable Initiatives to Promote the Use of Recycled Plastics across Industries likely to propel the growth of the Recycled Plastics Market| UnivDatos Market Insights

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NOIDA, India, Oct. 17, 2022 /PRNewswire/ --  According to a new report published by UnivDatos Markets Insights, the Recycled Plastics Market was valued at more than USD 40 billion in 2020 and is expected to grow at a CAGR of around 6% from 2022-2028. The analysis has been segmented into Type (Polyethylene Terephthalate, High-Density Polyethylene, Polyvinyl Chloride, Low-Density Polyethylene, Polypropylene, Polystyrene, and Others); Source (Bottles, Films, Fibers, Rigid Plastics & Foams, and Others); Industry (Packaging, Consumer Goods, Construction, Textile, Transport, Electrical, and Others); Region/Country.

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The Recycled Plastics market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Recycled Plastics market. The recycled plastics market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Recycled Plastics market at the global and regional levels.

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Market Overview

Emerging trend of reduce, reuse, and recycle of non-biodegradable things in order to protect the environment and simultaneously improving human health has increased the focus on consumers and public & private bodies on plastic recycling activities. For instance, in 2018, Coca Cola pledged to make 100% of its packaging recyclable by 2025, and to use 50% recycled material in bottles and cans by 2030. similarly, in 2020, PepsiCo committed to eliminate all virgin plastic from its Pepsi brand beverage bottles sold in nine European Union markets by 2022. Further, by 2030, it plans to halve its use of "virgin" plastic, which is not made from recycled goods. Furthermore, Nestle is working on the same path by ensuring that all of its packaging, including plastics, is recyclable or reusable by 2025. Such initiatives would further promote the plastic recycling activities in the foreseeable future. Further, plastic is made up of fossil fuels, for instance, Over 99% of plastic is made from chemicals sourced from fossil fuels. Therefore, increasing focus on reducing reliance on fossil fuels to promote sustainable future is fueling the growth of the recycled plastic market.

COVID-19 Impact

In light of COVID-19, industrial capex had decreased in order to sustain during the pandemic. Several industrial settings were bankrupting or closed their operation owing to the liquidity crunch or labor unavailability. Moreover, border closure disrupted the raw materials supply-demand. Since, recycling of plastics requires a fully efficient supply chain which had been broken down in the light of COVID-19, thus affecting the market performance.

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https://univdatos.com/report/recycled-plastics-market/

The global Recycled Plastics market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• Based on source, bottles accounted for significant share in the recycled plastic market. Large and growing usage of single use plastic bottles owing to easy to use and carry is one of the key attributable factors for its high market share. Further, many industries like oil, carbonated drinks, sports drinks, functional beverages are commonly used these bottles owing to its low cost, transparency, and easy transportation. Since bottles has becomes an important part of industries ecosystem, therefore companies are focusing on recycling of bottles rather than its substitutes. For instance, in 2020, PepsiCo committed to eliminate all virgin plastic from its Pepsi brand beverage bottles sold in nine European Union markets by 2022. Further, by 2030, it plans to halve its use of "virgin" plastic, which is not made from recycled goods.
• On the basis of industry, packaging industry accounted for largest share in the global recycling market. Packaging industry is the largest consumer of plastics owing to increasing demand of packaged products across the globe due to its easy-to-use property. Further, in developing economies per capita consumption of plastic is quite low compared to developed nation therefore with growing disposable income, consumption of plastic would also increase, as a result demand of recycled plastics in packaging industry would increase in the future. For instance, as per a study, an Indian consumes 11 kg plastic every year whereas an average American 109 kg.

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Recycled Plastics Market Geographical Segmentation Includes:

• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Spain, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, and the Rest of Asia-Pacific)
• Rest of the World

Asia Pacific accounted for substantial share in the recycled plastic market. The regional countries are among the world largest producer of plastic waste like China and India. Therefore, in order to reduce the plastic waste, these countries has taken various initiative to reduce, reuse and recycle plastic. This helps the region to attain considerable market share.

The major players targeting the market include

• Veolia
• Suez
• KW Plastics
• Jayplas
• B. Schoenberg & Co.
• Royal Dutch Shell plc
• Waste Connections
• Covestro AG
• Clear Path Recycling
• Custom Polymers.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Recycled Plastics Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Recycled Plastics market?
• Which factors are influencing the Recycled Plastics market over the forecast period?
• What are the global challenges, threats, and risks in the Recycled Plastics market?
• Which factors are propelling and restraining the Recycled Plastics market?
• What are the demanding global regions of the Recycled Plastics market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

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Recycled Plastics Market Report Coverage

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