NEW YORK, Aug. 25, 2023 /PRNewswire/ -- The recycled plastics market size is estimated to increase by USD 18.37 million tons from 2022 to 2027, with a CAGR of 4.75%, according to a recent market study by Technavio. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region. Discover some insights on market size before buying the full report -Request a sample report
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak. The Bargaining Power of Buyers & Suppliers and the Threat of New Entrants, Rivalry, and Substitutes have also been analyzed and rated between LOW-HIGH to provide a holistic view of market favorability.
Find technavio's Exclusive Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria.
- One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage.
- Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
- Furthermore, market adoption rates for all regions have been covered.
The Global Recycled Plastics Market also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 vendors listed Below -
Altium Packaging, B and B Plastics Inc., Covestro AG, Custom Polymers, HAHN Kunststoffe GmbH, Imerys S.A., Indorama Ventures Public Co. Ltd., J and A Young (Leicester) Ltd., Kuusakoski Oy, KW Plastics, MBA Polymers Inc., NaturaPCR, PET Processors LLC, REMONDIS SE and Co. KG, Republic Services Inc., Revolution Co., Ultra Poly Crop., Veolia Environnement SA, Waste Connections Inc., and Berry Global Inc.
Chart & Data Table on 5-Year Historic (2017-2021) Market Size, Comparative Analysis of Segments, and Y-O-Y Growth of recycled plastics market
This report extensively covers market segmentation by type (PET, HDPE, PP, IDPE, and others), industry application (packaging, construction, automotive, electrical and electronic components, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
- The PET segment will account for a major share of the market's growth during the forecast period. Two monomers, modified ethylene glycol and purified terephthalic acid, are combined to create PET, a plastic resin. This PET is extracted from waste materials and then processed into flake-like particles through grinding. After undergoing grinding, cleansing, and separation from disinfectants, these flakes undergo further transformation into pellets. These recycled pellets find utility in the creation of diverse items, including bottles and containers. In 2022, recycled PET commanded a notable portion of the global recycled plastics market, finding extensive application in a wide array of uses such as T-shirt fabric, athletic shoes, upholstery, industrial strapping, automotive components, and plastic containers. Its appeal for packaging applications is enhanced by attributes such as stability, transparency, surface gloss, barrier properties, pressure resistance, and lightweight design. With PET's increasing integration across industries, the global recycled plastics market is poised for growth during the forecast period.
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Market Dynamics
Key Drivers
High investment in infrastructure in emerging countries is notably driving market growth. The rapid expansion of the global construction sector is notably propelled by substantial contributions from emerging nations. Countries in South America and the Middle East and Africa (MEA) are making significant investments in residential properties, driven by a considerable influx of people migrating to urban centres for better job prospects, enhanced lifestyles, and improved amenities. The construction industry, a key player, held a considerable share of the global recycled plastics market in 2022, largely due to the extensive utilization of recycled plastics in construction projects. Notably, the surge in infrastructure development in developing economies like India and China has led to heightened demand for recycled plastics, thus further supporting the growth of the global recycled plastics market during the forecast period.
Major Trends - The increasing demand for recycled plastics in the automotive industry is an emerging market trend.
Significant Challenge - Major plastic and packaging manufacturers are opting for biodegradable materials in response to the growing consumer demand for eco-friendly packaging.
Chart & Data Table on Historical Market Size (2017-2021, Historic Industry Size & Analysis of 15 Vendors and 7 Countries
The market is segmented by region into APAC, Europe, North America, Middle East and Africa, and South America. An analysis of key leading countries has been included
- APAC is estimated to account for 56% of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In 2022, the Asia-Pacific region played a significant role in the global recycled plastics market, primarily attributed to its burgeoning automotive manufacturing, rising textile requisites, and thriving construction sector. China is the largest producer of automobiles in APAC. By integrating recycled plastics, the automotive domain achieves a reduction in overall vehicle mass while concurrently enhancing fuel efficiency. Therefore, the growing automotive production in APAC will fuel the demand for recycled plastics in the region during the forecast period.
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What are the key data covered in this Recycled Plastics Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Recycled Plastics Market between 2023 and 2027
- Precise estimation of the size of the Recycled Plastics Market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behaviour
- Growth of the Recycled Plastics Market industry across APAC, Europe, North America, Middle East and Africa, and South America
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Recycled Plastics Market vendors
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Related Reports:
The post-consumer recycled plastics market share is expected to increase by USD 5.44 billion from 2021 to 2026, at a CAGR of 6.6%. This report extensively covers post-consumer recycled plastics market segmentation by material (PET, HDPE, PP, and others) and geography (North America, APAC, Europe, Middle East and Africa, and South America). One of the key factors driving growth in the post-consumer recycled plastics market is the increased demand for recycled plastics from the packaging industry.
The recycled plastics market share is expected to increase by 623.86 thousand MT from 2020 to 2025, at a CAGR of 7.52%. This report extensively covers market segmentation by type (HDPE, PP, PET, and others) and geography (North America, Europe, APAC, South America, and MEA). The global recycled plastics market is driven by the growth of packaging, construction, and other industries from emerging economies.
Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Industry Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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