SAN FRANCISCO, Dec. 2, 2020 /PRNewswire/ -- The global recycled plastic market size is anticipated to reach USD 66.6 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.0% over the forecast period. Rapid urbanization & industrialization and rising concerns regarding reducing the carbon footprint in the manufacturing of virgin plastic resins are expected to drive the demand for recycled plastics over the forecast period. The product demand is expected to increase majorly in the packaging application, which includes the packaging of processed foods & beverages, medical devices, electronics, and various other products.
Key suggestions from the report:
- The global market was valued at USD 45.1 billion in 2019 and is estimated to register a CAGR of 5.0% from 2020 to 2027
- Packaging application is expected to account for the largest revenue share by 2027 due to rising demand for high-quality packaging solutions for food & beverages, personal care, and electronics products
- The electrical & electronics application segment accounted for over 12% of the overall revenue share in 2019 due to rising demand for lightweight, durable electronics to improve the performance of the electronic components and products
- Asia Pacific accounted for the highest revenue share of over 46% in 2019 and will expand further at the fastest CAGR from 2020 to 2027
- India is the fastest-growing country while China accounts for the largest revenue share in the APAC regional market
Read 110 page research report with ToC on "Recycled Plastic Market Size, Share & Trends Analysis Report By Product (PET, PVC, PE), By Source (Polymer Foam, Plastic Bottles), By Application (Packaging, Building & Construction), By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/recycled-plastics-market
The demand for medical & healthcare products has increased owing to the growing number of COVID-19 positive cases. Moreover, the demand for electrical & electronic products, such as laptops and mobiles, has increased as educational institutions have shifted from classroom learning to online classes. Asia Pacific market is anticipated to witness the fastest CAGR over the forecast period.
The presence of government initiatives, such as Make in India, Atmanirbhar Bharat (self-dependent India), rising number of manufacturers operating in the electrical & electronics, automotive, and textile industries, and increasing R&D investments for developing new applications for recycled plastics by private as well as public organizations are projected to boost the regional market growth. In addition, various electronic products and automotive components product manufacturing companies are planning to establish manufacturing facilities in the region post the COVID-19 pandemic, which will support market growth.
Grand View Research has segmented the global recycled plastic market on the basis of product, source, application, and region:
- Recycled Plastics Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Polyethylene (PE)
- Polyethylene Terephthalate (PET)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Others
- Recycled Plastics Source Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Plastic Bottles
- Plastic Films
- Polymer Foam
- Others
- Recycled Plastics Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Building & Construction
- Packaging
- Electrical & Electronics
- Textiles
- Automotive
- Others
- Recycled Plastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- The U.K.
- France
- Italy
- Asia Pacific
- China
- India
- Japan
- Southeast Asia
- Malaysia
- Indonesia
- Thailand
- Central & South America
- Brazil
- Middle East & Africa
- South Africa
List of Key Players of Recycled Plastic Market
- REMONDIS SE & Co. KG
- Biffa
- Stericycle
- Republic Services, Inc.
- WM Intellectual Property Holdings, L.L.C.
- Veolia
- Shell International B.V.
- Waste Connections
- CLEAN HARBORS, INC.
- Covestro AG
Find more research reports on Plastics, Polymers & Resins Industry, by Grand View Research:
- Paint Packaging Market– The market is driven by the increasing construction and infrastructure spending coupled with the rising consumption of exterior paints globally.
- Silicone Sealants Market – The market growth is majorly driven by the growing consumption of silicone sealants in the construction industry.
- Fresh Food Packaging Market– The packaging prevents contamination and changes of physical, biological or chemical form to the food items. The market is mainly driven by increasing food transportation and demand for food safety.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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