According to a new market research report, the “Recycled Plastics Market by Type (PET, PE, PP, PVC, PS), Source (Bottles, Films, Fibers, Foams), End-Use Industry (Packaging, Textile, Building & Construction, Automotive, Electrical & Electronics) and Region – Global Forecast to 2026″, size is expected to grow from USD 27.9 billion in 2021 to USD 43.5 billion by 2026, at a CAGR of 9.3% during the forecast period. 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.
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This report also provides a comprehensive analysis of the companies listed below:
Indorama Ventures Public Ltd. (Thailand), Veolia (France), Suez (France), Jayplas (UK), Alpek (Mexico), Biffa (UK), Republic Services (US), Stericycle (US), Far Eastern New Century Corporation (Taiwan), KW Plastics (US), among others
COVID-19 Impact on the Global Recycled Plastics Market
The novel coronavirus (COVID-19) pandemic started from Wuhan, China, and has spread across all the major economies in the world. European countries such as Italy, Spain, France, and Germany; the US in North America; Asia Pacific countries such as China, India, South Korea, Taiwan; Australia; and Saudi Arabia and the UAE in the Middle East are among the most affected economies by the pandemic. The recycled plastic market has been impacted by the outbreak of COVID-19 as most of the recycled plastic services, solutions, and product providers are located in these countries.
Social distancing led to a growth in at-home deliveries, which have increased the packaging rate. The recycling market is drying up due to countrywide lockdowns, and informal waste pickers who play an important role in waste management have either been unable to supply recyclers with raw materials or have been unable to find recyclers ready to shop for their materials.
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Bottles is expected to be the largest and fastest-growing source in the recycled plastics market during the forecast period.
Bottles are the largest and the fastest-growing source of recycled plastics. Post-consumer PET bottles are the most commonly used plastics for plastic recycling on account of their huge availability and technical feasibility to produce PET granules. Moreover, PET bottles have a better collection and sorting network. The majority of bottles are made of PET resin, which is the most commonly recycled resin and has the highest recycling rate in the recycled plastics market. Therefore, waste bottles are expected to remain the biggest source for producing recycled plastics as many countries are foraying into the recycling business and will depend on bottles as their material source.
APAC is expected to hold the largest market share in the global recycled plastics market during the forecast period.
APAC is the largest and market of recycled plastics, with China being the major emerging market. One of the major developments in the recycled plastics market was the ban on waste imports by China. This affected the dynamics of the recycled plastics market, whereby many developed countries were left to find new dumping pits for their growing piles of waste. Developed countries in North America and Europe had to deal with the ever-increasing volume of unprocessed wastes. Although the choice of destinations for exporting these wastes has been other emerging countries such as India, Pakistan, or Southeast Asia, the logistics cost is much higher than that for China. Therefore, the logical solution was to improve their own patchy recycling systems, prompting them to reuse more recycled materials themselves.