Pune, India, Oct. 07, 2021 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, The global recycled plastics 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 recycled plastics industry was worth USD 37.8 billion in 2018 and will exhibit a CAGR of 8.5% during the forecast period, 2019-2026.
Key Market Driver:
Recycled plastics are products that possess the same properties as virgin plastics, but are produced from scratch and waste materials. The primary aim of recycled plastics 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 plastics 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 to the serious effects of plastic wastes on the environment, governments across the world have imposed strict regulations towards their usage.
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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 have 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 about its negative effects. In March 2019, Coca Cola, Nestle, and Unilever formed the ‘African Plastics Recycling Alliance’. This alliance was formed with the aim of bringing 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.
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 recycled plastics 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.
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List of companies that are currently operating in the global recycled plastics 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
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