The latest trend grasping momentum in the recycled plastic market size is the increasing usage of recycle plastic in end-use industries. The concerns regarding contamination of plastic waste and disposal are driving the consumption of recycled plastics by various end-use industries.
Plastic recycling has become a significant part of recycling but it is a cumbersome declaration of plastic recycling as a success story especially from environmental perspective. Owing to the fact that less than 10% of plastic generation from the U.S. is recycled, as well the vigorously growing global challenge of ocean plastic and the long suffering environmental concerns of plastic shopping bags.
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The global recycled plastic market is segmented into several classifications including end-user application, and geographic regions. Based on the end-user application the market is categorized by non-food contact packaging, food contact packaging, construction, and automotive. Whereas, geographically the market is widely range to America, APAC, and EMEA. Geographically, dominating regions are Asia Pacific, Europe, North America, Latin America, and Middle East and Africa. China is anticipated to contribute nearly 50% of the global market alone at the end of 2025. Asia Pacific in importing recycled plastic scrap, with India also accounting for a notable share in the regional market.
North America has initiated to manufacture PET bottles from recycled plastic and these bottles are 100% recycled plastic with the organization aiming to raise the recycle rate of plastic bottles to 60% by end of 2018. The process reduces the consumption of natural gas and is an environmentally-friendly and renewable for harvesting energy.
Key companies are contributing a major role in boosting the needful usage of recycled plastic bottles in lieu of virgin plastic bottles. Small size organizations have also been inspired by this and a few have committed to use 100% recycled plastic bottles by 2020. Nevertheless, this could be one of a major driving factor the market.
Leading players of the global recycled plastic market include Avangard Innotive, Carbon ITE Industries, UltrePET, Custom Polymers B. Schoenberg and more others.
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With the statistics, the known fact is approximately 91 % of plastic that is produced isn’t recycled till now, and nearly 8 million metric tons end up in the water bodies every year. The recycling rate for plastic bottles in the U.S. is near about 30 %. Whereas in the United Kingdom, it’s close to 20 to 45%.
When it comes to recycling plastic waste efficiently, Norway is ahead of the game. As a matter of, the Scandinavian nation has overtook the rest of the world by imparting efficient scheme that insanely recycles 97% of the all plastic bottles. With the help of an organization named Infinitum, Norway is able to recycle the plastic in most efficient and environmental friendly way that it could reuse the material at least 50 times. The outcomes are so satisfying and worthy that other countries have followed the suit.
Polyethylene Terephthalate holds an impressive share in the recycled plastic market by resin type and is anticipated to grow at an effective rate over the forecast period. This particular segment should grasp 180 BPS from 2019-2025, making it an immensely attractive opportunity in the recycled plastic market.
The low generation of microwave, thermal insulation, tape cassettes, electrical appliances, and battery cases i.e. waste containing resins including polystyrene, poly vinyl chloride, and polyamides are likely to decelerate the growth in the recycled plastic market. A minimum amount of generated waste will cause a supply crunch of raw material that is the primary input feed material to manufacture recycled plastic and all of its ancillary products. However, the recycling of plastic is at a crucial stage in emerging economies where the majority of the plastic scrap is sent to other developing nations. PVC bottles in particular contain high doses of chlorine and other contaminates that act as an obstacle to recycling of these products.
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