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Recycled plastics are resins that are manufactured by reusing waste plastic products. They are produced by recovering plastic scraps and wastes and then reprocessing them into useful products. It can be defined as the process of cleaning, sorting and processing pre-consumer or post-consumer plastic wastes into resins for various applications. Recycled plastic is used to make many different types of products. The type of product that is made out of recycled plastic depends on the type of plastic resin. There are several different types of plastic resin used to make different products, such as PET, PP, HDPE and LDPE.
Recycling plastics market has had a boost ever since there has been widespread awareness about the environment. Most of the plastics are non-biodegradable in nature. Thus, the only way to dispose these plastics is to recycle them. With the rising awareness, there has been a growth in the demand for this market. The resins manufactured from the plastic wastes can be used for several purposes. This versatility of application makes it an attractive option. These resins can be used in various industries such as packaging, building and constructions, electronics and electricals, automotive, furniture, textiles etc.
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Key manufacturers are included based on company profile, sales data and product specifications etc.: Clean Tech Incorporated, Clear Path Recycling, Mohawk Industries Incorporated, CarbonLite Industries, Envision Plastics Industries, Advanced Environmental Recycling Technologies Incorporated, Greentech, Veolia Polymers, Hahn Plastics, CeDo, PLASgran, APR2 Plast, Luxus, Visy, Ripro Corporation, OOTONE PLASTIC, Wellpine Plastic Industical, Fuqing Topway Plastics Industrial, Shandong Power Plastic, Intco, Jiangsu Zhongsheng, Suzhou Jiulong Recy & Tech, Da Fon Environmental Techology
Key Coverage of the Report:
• Region and country-wise assessment from the period 2016-2026. For the study, 2016-2017 has been utilized as historical data, 2018 as the base year, and 2019-2026, has been derived as forecasts.
• Regional Competitors pipeline analysis
• Demand and Supply GAP Analysis
• Market share analysis of the key industry players
• Strategic recommendations for the new entrants
Packaging: The fastest-growing segment of the recycled plastics market, by end-use industry
Packaging is estimated to be the fastest-growing end-use industry of the recycled plastics market during the forecast period. The market for packaging is increasing because recycled plastics are increasingly witnessing its usage in the food and beverage packaging, as technological advancements has made the recycled resins suitable for food applications, which was not the case, until a few years earlier.
Polyethylene Terephthalate (PET): The fastest-growing segment of the recycled plastics market, by type
Polyethylene Terephthalate (PET) is estimated to be the fastest-growing type of recycled plastics market during the forecast period (2017-2022). PET is expected to have the fastest growth as PET based recycled plastics are easy to recycle and PET bottles are the most easily sorted and collected source of used plastics.
Drivers: Negative environmental impact of plastics disposal
Plastics are lightweight, durable and inexpensive materials, which can be readily made into a variety of products. As a result, the production of plastics has increased manifold over the last few decades. However, their present levels of usage have generated huge waste disposals resulting in several environmental problems. Landfill is the conventional method for the disposal of the waste, but landfill area has become scarce in many countries. Although, this method has limited environmental impacts, there are long-term risks of contamination of soils and groundwater, associated with it, thus polluting it.
Major applications as follows:
Textile Fiber / Clothing
Landscaping / Street Furniture
Major Type as follows:
Growing consciousness on energy savings
The use of recycled plastics eliminates the need to make materials from scratch, which in turn saves a lot of energy. Production of any kind of virgin plastics results in an extremely labor intensive and energy expensive process of extracting, transporting and refining the natural resources. Thus, using of the recycled plastics instead of the new resources allows manufacturers to make same products but with much lesser energy.
Increasing use in Packaging, Automotive and Electrical & Electronics industry
The usage of recycled plastics has increased manifold in the packaging industry. Recently, the Association of Plastics Recyclers (US), recruited companies to pledge to use more recycled plastics in their facilities and supply chains. Some of these companies are: Coca-Cola North America, Unilever, Walmart, Target Corp., Procter & Gamble Co., Ecover, Evian, L’Oréal, Mars, M&S, PepsiCo, Campbell Soup, Amcor Werner & Mertz and Keurig Green Mountain Inc. These leading retailers and packaging companies pledged to work towards using 100% reusable, recyclable or compostable packaging by 2025 or earlier. These companies together consume more than 6 million tons of plastic packaging per year.
The use of recycled plastics has also paved its way into the automotive industry as an increasing number of auto parts and components are being made with recycled plastics due to its various environmental benefits. Companies such as Chrysler, Ford, Honda, General Motors, Nissan, and Toyota has increased the consumption of recycled plastics in their manufacturing units.
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