Recycled plastic are scrap or waste plastic materials that are administered into the useful products. Since most of the polymer materials utilized around the globe are non-biodegradable, recycling of such materials is the solution to decrease the burden of the polymer present in the environment. The growing restrictions on the utilization of single-use polymer, and the initiatives take by the legal authorities in China, Europe, India and Brazil are predicted to promote recycling. In addition, the shift of end-use industries especially packaging and customer goods towards the sustainable or recyclable materials will propel the market growth.
According to the report analysis, ‘Recycled Plastics Market: Current Analysis and Forecast (2021-2027)’ states that the effective augment in demand of on the way product and ready to eat food has augmented the consumption of plastic in customers daily life. Further, owing to its low cost and informal to carry properties, companies are utilizing the single use plastic for packaging purpose. For instance, across the world, one million plastic drinking bottles are bought every minute, while 5 trillion single-use plastic bags are utilized worldwide every year. In total, half of all plastic introduced is designed to be used only once-and then thrown away. However, growing penetration of single use plastic in daily life is generating several environmental and human health related problems. Plastic comprises hormonally active substances and day to day contact with plastic can lead to serious health issues such as thyroid disorder, diabetes, breast cancer, prostate cancer, asthma, and obesity, among others. Due to which, government and public-private entity are progressively focusing on decreasing the consumption of single use plastic. For instance, UK Minister for Pacific and the Environment, Zac Goldsmith, has exposed that the UK is willing to discuss a new international treaty to tackle plastics pollution, which has been assisted by more than two-thirds of UN member states.
Based on type, the market is classified into polyethylene terephthalate, high-density polyethylene, polyvinyl chloride, low-density polyethylene, polypropylene, polystyrene, and others. Among these, polyethylene terephthalate registered for considerable market share and is projected to showcase progressively growth during the review period. Polyethylene terephthalate has high recycling rate due to its less intricate recycling procedure along with they are among the most easily sorted and gathered source of used plastics.
Based on industry, the market is classified into packaging, consumer goods, construction, textile, transport, electrical, and many others. Among these, packaging sector registered for prominent share in the market and is projected to showcase bolstering growth throughout the forecast period. This is owing to the large and increasing demand from packaging industry as plastic packaging assists the industry in managing the product cost. Further, they are light in weight therefore transportation of products becomes convenient. Thus, assisting the packaging industry in decreasing the capital expenditure.
Asia Pacific registered for substantial share in the recycled plastic market. The regional country is among the world greatest producer of plastic waste such as China and India. Therefore, in order to decrease the plastic waste, these countries have taken several initiatives to reduce, reuse and recycle plastic. This helps the region to attain substantial market share.
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Global Recycled Plastics Market
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