Market study sees tons of potential for recycled plastic
Saturday, 16 February, 2019
Recycling of plastic is widely defined as collecting waste plastic scraps that are recyclable, processing it with various technologies, and finally treating it with chemicals and additives to produce a newer plastic.
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The developed quality of recycled plastic products over their virgin counterparts, the push from different companies, and strict governmental regulations are the main drivers of the recycled plastic market.
Resin Type – PET and HDPE Segment Critical in Recycled Plastic Market
The polyethylene terephthalate (PET) and high-density polyethylene (HDPE) resin categories had a market share approaching 2/3rd of the recycled plastic market and should gain 180 and 40 BPS respectively, largely at the expense of other resin categories. Polyethylene terephthalate is famous primarily on account of its low price and versatility. Similarly, a large portion of the plastic scrap generated comprising margarine tubes, grocery bags, and detergent bottles comprise HDPE resins.
Application – Packaging Industry Demands a Great Deal of Recycled Plastic
The packaging industry is expected to hold the maximum share in the recycled plastic market by application type in terms of both value and volume. There is dense demand for recycled plastic in the packaging industry because most waste scrap is produced by the packaging sector and then reused to manufacture PET comprise ers, bottles, carpet fibers, and clothes. Firms such as Nestle and Coca Cola have begun to use recycled plastic bottles for packing beverages and they have pledged to use more recycled plastic content in their beverage bottles instead of virgin plastic.
Source Type – Plastic Bottles to Exhibit High Growth in Recycled Plastic Market
Plastic bottles are on the path to witness a CAGR of 4.8% from 2017 to 2025 and should exceed 17,000 KT by the end of the eight-year study, making it imperative for key investors in the recycled plastic market to target.
Region – Focus on APEJ in Recycled Plastic Market
APEJ is estimated to grow the volume gains in the recycled plastic market over the forecast period with a whole incremental opening of just under US$ 3.3 billion being attributed to this populous continent. The consumption of recycled plastic products is focussed in APEJ particularly in the building and packaging sectors. Quick adoption of recycled plastic in the packaging and textile sectors could drive the recycled plastic market in the near future. The creation and automotive industries have also seen a boom period that in turn spurs spending on safe plastic products directly benefiting demand for recycled plastic. In conclusion, industrial production in emerging economies has contributed to the global recycled plastic market.
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