According to a report published by Fortune Business Insights™, the global recycled plastic market size is projected to reach USD 72.6 billion by the end of 2026. The presence of several large-scale companies across the world will have a positive impact on the growth of the market in the coming years. The market was worth USD 37.8 billion in 2018 and will exhibit a CAGR of 8.5% during the forecast period, 2019-2026.
Recycled plastic is a product that possess the same properties as virgin plastics, but is produced from scratch and waste materials. The primary aim of Recycled Plastic is to reduce the total wastes and bring down the adverse effects of plastic wastes on environmental pollution. The high emphasis on manufacturing methods as well as materials associated with Recycled Plastic will emerge in favor of the companies operating in the market. The increasing demand for the product, resulting from its widespread applications across diverse industries, will contribute to the growth of the market. Accounting for the serious effects of plastic wastes on the environment, governments across the world have imposed strict regulations towards their usage.
Increasing Efforts Taken to Maximize the Use of Recycled Products Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Plastic waste has a serious effect on the environment, particularly on aquatic and wildlife. As a result, several large-scale companies are partnering to minimize the use of plastic and make people aware of its negative effects. In March 2019, Coca-Cola, Nestle, and Unilever formed the ‘African Plastics Recycling Alliance’. This alliance was formed to bring about a change in the plastic recycling infrastructure across Sub-Saharan Africa. This alliance will not just influence the regional market, but will also have a direct impact on the growth of the global market.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreaks across industries to help you prepare for the future.
Asia Pacific to Emerge Dominant; High Demand for Bottled Water to Create Several Growth Opportunities
The report analyzes the ongoing beer market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in Asia Pacific is likely to emerge dominant in the coming years. The presence of several bottled water manufacturers will aid the growth of the market. Besides Asia Pacific, the market in North America will witness considerable growth in the coming years driven by the increasing number of government initiatives. As of 2018, the market in North America was worth USD 2.45 billion and this value is projected to increase further in the coming years, owing to the high awareness regarding the use of plastic material.
List of leading companies that are currently operating in the global Recycled Plastic market are:
Moisture Shield
Berkshire Hathaway Incorporated
BioCore LLC
CarbonLite Industries LLC
The Coca-Cola Company Incorporated
Coll Materials Incorporated
Custom Polymers Incorporated
Dart Container Corporation
Entropex
Envision Plastics Industries LLC
Fresh Pak Corporation
Hilex Poly Company LLC
Illinois Tool Works Incorporated
KW Plastics
Marglen Industries Incorporated
Mohawk Industries Incorporated
MRC Polymers Incorporated
NextLife Recycling LLC
Omni Resource Recovery Incorporated
Parallel Products of Kentucky Incorporated
PARC Corporation
Peninsula Plastics Recycling Incorporated
PET Processors LLC
Phoenix Technologies International LLC
Plastic Revolutions Incorporated
Plastipak Holdings Incorporated
Polychem Corporation
Total S.A.
PolyQuest Incorporated
Reynolds Group Holdings Limited
Schupan & Sons Incorporated
Trex Company Incorporated
Wellman Plastics Recycling LLC
WTE CORPORATION
Other Players
Key Industry Developments:
October 2019: Total S.A. announced an expansion of Synova’s recycled polypropylene. This expansion will take its total production capacity up by 20 KT per annum.
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https://www.globenewswire.com/en/news-release/2021/08/17/2282036/0/en/Global-Recycled-Plastic-Market-Size-Share-and-Growth-2019-2026-Industry-Expected-to-Touch-USD-72-6-Billion-at-8-5-CAGR-During-Forecast-Period-Report-by-Fortune-Business-Insights.html