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Recycled Plastic Market Set to Surge Significantly During 2017-2025
The polyethylene terephthalate and high density polyethylene resin types 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 types. Polyethylene terephthalate is popular primarily on account of its low price and versatility. Similarly, a large portion of the plastic scrap generated including margarine tubes, grocery bags, and detergent bottles contain HDPE resins.
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APEJ is estimated to fuel the volume gains in the recycled plastic market over the forecast period with a total incremental opportunity of just under US$ 3.3 billion being attributed to this populous continent. The consumption of recycled plastic products is concentrated in APEJ particularly in the construction and packaging sectors. In China, the raw material availability is very less leading to increased consumption of recycled plastic.
Prominent companies actively involved in the recycled plastic market have been profiled in the report. The companies are B.SCHOENBERG & CO., REPLAS, Advanced Environmental Recycling Technologies, Clear Path Recycling, Wellman Advanced Materials, Reprocessed Plastic, PLASgran Ltd., Custom Polymers, CarbonLITE Industries, Luxus Ltd, Butler-MacDonald, KW Plastic, wTe Corporation, Envision Plastic Industries LLC, Kuusakoski, and Shanghai PRET.
Rapid adoption of recycled plastic in the packaging and textile sectors could propel the recycled plastic market in the near future. The construction 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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