Polyethylene terephthalate (PET) to Hold Largest Market Share in 2020
According to Absolute Markets Insights report, Polyethylene terephthalate (PET) accounted for the higher market share in 2020 and is projected to maintain its dominance over the forecast period (2021-2029) in the recycled plastics market. The growth in this segment can be attributed to high demand for packaging of food & beverage products. The product is widely used for numerous application such as moldings, bottles, jars, fibers etc. on account of its chemical resistance, excellent impact & tensile strength, and thermal stability. Moreover, growing use of food grade recycled polyethylene terephthalate (PET) in bottle-to-bottle processes along with voluntary pledges by producers for recycled polyethylene terephthalate (PET) target content in line with EU Single Use Plastics Directives is projected to further accelerate the production. Furthermore, changing trade flows of plastic waste has impacted the waste volumes positively, such a factor has produced new trade avenues for plastic flakes, bale and food grade recycled polyethylene terephthalate (PET). The aforementioned factors have positively influenced the market growth of recycled plastics especially recycled polyethylene terephthalate (PET).
View Full Report: https://www.absolutemarketsinsights.com/reports/Global-Recycled-Plastics-Market-2021---2029-989
According to UN environment report, currently, 300 million tons of plastic waste is produced annually out of which more than 79% is occupied in landfills and natural environment. 12% of plastics are being incinerated and only 9% of plastic waste is recycled each year. Such factors have pushed industry participants to adopt circular economy on large scale as it provides intangible as well as tangible benefits such as innovation of products, access to new markets and simultaneously improvement of environmental performance while mitigating the risk of resource scarcity. Plastic recycling being crucial part of circular economy along with rising environmental concerns emphasize the strong demand for sustainable products which subsequently is leading for the growth of recycled plastics market.
According to MDPI recycling journal, global food supplies are projected to increase by 50% by 2050. Burgeoning population in 2019 was estimated to be around 7.7 billion and is likely to reach 9.7 billion by 2025. Such growth in population has augmented food demand and consequently drove the demand for food packaging which subsequently increased product demand in food packaging application. Moreover, plastic has excellent strength to weight ratio on account of which it is highly used in non-food packaging applications. High e-commerce sales amid pandemic is one of the major factors which has contributed in the growth of non-food packaging segment in 2020. Apart from packaging applications, building & constructions applications have huge potential in contributing toward circular economy. Repurposing of plastic waste in road constructions and components like pipes, bricks, planks, tanks, sheets, etc. drove the product demand in the recent past. For instance, existing practices in building & construction industry include use of recycled plastic based planks and bricks as an alternative to traditional materials. Moreover, product innovation along with growing awareness pertaining to recycled plastics is further projected to drive recycled plastics market growth in the end-use sectors.
Request For Sample: https://www.absolutemarketsinsights.com/request_sample.php?id=989
From demographic stance, developed countries generate more plastic waste as compared to developing countries on account of high purchasing power for variety of plastic packaged products. However, high adoption of plastic management systems and green initiatives in developed countries is projected to decline mismanaged waste in the extended run. For instance, Circular Plastics Alliance (CPA) initiative in Europe targets around 10 million tons of recycled plastic into final products by 2025. Moreover, bans on single-use-plastics (SUPs) along with economies of scales setting for bio and recycled plastics is further likely to increase the product penetration and drive recycled plastics market growth regionally.
Key Findings:
- By type, the polyethylene terephthalate (PET) segment registered for the major share of revenue in the recycled plastics market in 2020.
- By technique, mechanical recycling segment accounted for the highest market share in recycled plastics market in 2020.
- By end use industry, packaging segment accounted for the major share in 2020
- By region, Asia-Pacific region dominated the market in terms of revenue in 2020.
Competitor Insights:
The key companies profiled in the recycled plastics market are mentioned below:
- Advanced Drainage Systems, Inc.
- Avangard Innovative
- B & B Plastics Inc.
- B. Schoenberg & Co.
- Clear Path Recycling
- Custom Polymers Inc.
- J&A Young (Leicester) Ltd
- KW Plastics
- PLASTIPAK HOLDINGS, INC. AND ITS AFFILIATES
- SUEZ
- Ultra-Poly Corporation
- Veolia
- Other Market Participants.
The industry is characterised by low concentration of market players, especially by region. High degree of integration across supply chain is witnessed among these players. Furthermore, market participants in the industry are focused on collaborations with end-users to improve their product line in conjunction with circular economy. For instance, in April 2021, LyondellBasell and SUEZ renewed collaboration to provide recycled plastics for Samsonite product portfolio. This was intended to reduce carbon footprint by incorporating recycled plastic Samsonite’s Magnum suitcase product portfolio. These factors are boosting the demand for the recycled plastics market.
Enquiry Before Buying: https://www.absolutemarketsinsights.com/enquiry_before_buying.php?id=989
Global Recycled Plastics Market:
By Type:
- Polyethylene Terephthalate (PET)
- High Density Polyethylene (HDPE)
- Polypropylene (PP)
- Low Density Polyethylene (LDPE)
- Polyvinyl chloride (PVC)
- Polystyrene (PS)
- Others
By Technique:
- Mechanical recycling
- Chemical Recycling
- Energy Recycling
By End-Use Industry:
- Packaging
- Food Packaging
- Non-Food Packaging
- Building & Construction
- Automotive
- Electrical & Electronics
- Medical
- Agriculture
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Purchase the Full Report: https://www.absolutemarketsinsights.com/checkout?id=989
Browse More Reports:
Contact Us:
Company: Absolute Markets Insights
Email Id: [email protected]
Phone: IN +91-740-024-2424 , US +1-510-420-1213
Contact Name: Shreyas Tanna
Website: www.absolutemarketsinsights.com/