Recycled Plastics Market Emerging Trends and Will Generate New Growth Opportunities Status

According to our latest market study on "Recycled Plastics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (Polyethylene Terephthalate, Polyvinyl Chloride, Polyethylene, Polystyrene, and Others), Source (Plastic Bottles, Plastic Films, Plastic Foams, Plastic Fibers, and Others), and Application (Packaging, Textile, Automotive, Building and Construction, Electrical and Electronics and Others)," the recycled plastics market is projected to reach US$ 4001.37 million by 2028 from US$ 2682.21 million in 2022; it is expected to grow at a CAGR of 6.9% from 2022 to 2028. The report highlights key factors governing the growth of this market; it also profiles prominent market players, along with their developments, in the recycled plastics market. Flourishing Packaging Industry Contributes to Recycled Plastics Market Growth

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Key Companies:
REMONDIS SE & CO.KG; Biffa; Stericycle, Inc.; Veolia; Jayplas; Alpek S.A.B.de C.V.; Republic Services, Inc.; B & B Plastics Inc.; Clear Path Recycling; and PLASTIPAK HOLDINGS, INC.

Recycled plastics are resins manufactured by reusing waste plastic products, such as bottles, containers, films, and sheets. They can be produced by recovering plastic scraps and wastes, and then it is reprocessed into useful products.
The process is defined as cleaning, sorting, and processing pre-consumer and post-consumer plastic wastes into resins for various end-use industries. Recycling plastic has become an important part of increasing awareness about the environment. The automotive industry is among the ones where plastic consumption is high. In the automotive industry, recycled plastic is used to produce new parts. The primary reason for using recycled plastic in the automotive industry is to reduce vehicle mass, directly linked to reducing carbon emissions. In addition, these plastic parts are not prone to corrosion, offer flexibility and resilience for added safety, and provide thermal insulation. All these factors support the demand for recycled plastics in the automotive industry. A rise in the sales of passenger and commercial vehicles is driving the market in the automotive sector. The use of recycled plastics is on the rise in developing regions, such as Asia Pacific, the Middle East & Africa, and South & Central America, which creates a huge impact on the overall market. Asia Pacific accounts for the largest share of the overall recycled plastics market.

The major factor driving the market growth in this region is the high demand for recycled plastics from manufacturing industries, including automotive, packaging, textile, building and construction, and consumer goods. Strong automotive and food & beverages industries in Japan, South Korea, China, and India create a huge demand for recycled plastics. Moreover, these recycled plastics are widely used to manufacture sustainable food packagings such as bottles, containers, and films. Furthermore, increasing purchasing power, especially in developing economies, propels packaged food consumption. Moreover, the massive demand for recycled plastic in the automotive industry will create lucrative opportunities for the market in Asia Pacific.

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Market Insights
Expansion of Construction Industry Favours Recycled plastics Market Growth

Increasing construction activities in emerging economies are significantly boosting the growth of the recycled plastics market. Rapid urbanization with an increasing global population is driving the demand for recycled plastic in buildings and construction activities. The rising growth of the construction industry is due to the growing population in emerging economies, including India and China. Moreover, these countries use recycled plastic in residential and commercial construction and other infrastructure projects. Growing demand for more environmentally-friendly homes with a lower carbon footprint and open green spaces is augmenting the market growth for recycled plastic. Roofing titles are essential for any building and take a considerable amount of money to install. Recycled plastic is also used to build roofing titles as they are less expensive than other construction materials. Further, rising awareness among investors regarding environmental protection is driving the demand for recycled plastic in construction materials and designs of more ecologically viable homes.

Recycled plastics Market Segmentation:
Recycled plastics Market By Type
Polyethylene Terephthalate
Polyvinyl Chloride
Polyethylene
Polypropylene
Polystyrene
Others
Recycled plastics Market By Source
Plastic Bottles
Plastic Films
Plastic Foams
Plastic Fibers
Others

Recycled plastics Market By Application
Packaging
Textile
Automotive
Building and Construction
Electrical and Electronics
Others

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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