Recycled Plastics Market worth 50.36 Billion USD by 2022

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Recycled Plastics Market worth 50.36 Billion USD by 2022

“Recycled Plastics Market  (Bottles, Films, Fibers, Foams), Type (PET, PE, PP, PVC, PS), End-Use Industry (Packaging, Building & Construction, Textiles, Automotive, Electrical & Electronics) and Region – Global Forecast to 2022”,  the global 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.

Bottles: The largest source of recycled plastics

Bottles were estimated to be the largest segment of the Recycled Plastics Market, by a source in 2017. Plastic bottles, especially PET bottles, are the most commonly-recycled post-consumer plastics due to a well-established collection network for these bottles.

Polyethylene Terephthalate: the largest type in the Recycled Plastics Market

Polyethylene Terephthalate (PET) was estimated to be the largest segment of the Recycled Plastics Market, by type in 2017. PET plastics are 100% recyclable, easy to recycle, and have a lower cost, which makes them an attractive plastic material to recycle.

Packaging: The largest end-use industry of recycled plastics

Packaging was the largest segment of the Recycled Plastics Market, by end-use industry in 2017. The segment’s largest share can be attributed to the use of recycled plastics in many applications in the packaging industry such as bottles, bags, foam protective packaging, and cartons, among others.

Asia Pacific: the largest Recycled Plastics Market

The Asia Pacific region was the largest market for recycled plastics, in terms of value and volume, in 2017. The large market size of the Asia Pacific region is due to increasing industrialization in the region and the increasing use of cheaper substitutes of virgin plastics in the form of recycled plastics in growing end-use industries.

Major recycled plastics producers, such as Veolia (France), Suez (France), KW Plastics (US), Jayplas (UK), B. Schoenberg & Co. (US), B&B Plastics (US), Green Line Polymers (US), Clear Path Recycling (US), Custom Polymers (US), and Plastipak Holdings (US) are covered in the report.

 

Source: MarketsandMarkets™

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