Recycled Plastics Market - Industry Analysis, Market Size, Share, Trends,Application Analysis, Growth and Forecast 2019 - 2025
Recycled Plastics Market Overview:
According to the Pacific Institute, an American think-tank, producing bottles for American consumption, alone, requires energy equivalent to 17 million barrels of oil; and the figure doesn’t include the energy consumed during transportation of the same. Moreover, the institute assessed that producing one unit of bottled water requires three liters of water.[1] The data was documented in 2006, and the consumption of water from plastic bottles has only increased since then, not only in the U.S., but all over the globe. While the world is threatened by the depletion of energy sources, it has become imperative to save energy that is consumed through manufacturing of plastic for various purposes. This is significantly driving the recycled plastics market that achieved a valuation of $39,623m in 2018. The demand for recycled plastics is poised to observe an increment of 6.5% CAGR during the forecast period 2019 to 2025.
Plastic disposal is one of the greatest environmental challenges faced by countries in APAC. Indonesia’s Citarum River has become the most polluted river in the world, and this is commonly attributed to the disposal of tons of plastics into the river. Similarly, many water bodies in the APAC region are contaminated by plastic waste. While plastic production is booming in APAC, the waste management techniques are still lagging, causing a spurt in waste management movements in countries such as Malaysia, India, Indonesia, and others. These movements are encouraging plastic recycling, which is leading to increased growth prospects in the recycled plastics market. In 2018, APAC held the maximum share in the recycled plastic market.
Recycled Plastics Market Outlook:
Recycled plastics are products acquired through processes such as Thermal depolymerization and waste plastic pyrolysis. The plastics obtained by recycling can be polyethylene terephthalate, high-density polyethylene, and Polyvinyl chloride. Recycled plastics find application in a gamut of industries that range from food & beverages, packaging, E-commerce, and others.
The growing packaging machinery market had a lucrative market size ranging between $39 billion to $40 billion in 2018, and the demand is projected to observe a growth of four to five percent during the forecast period 2019 to 2025. The building and construction sector is witnessing steady progress owing to increasing urbanization and growth of the real estate industry. Furthermore, the automotive sector utilizes a lot of plastic in building vehicle components. The application of recycled plastics in packaging, building & construction, and automotive industries is estimated to propel the recycled plastics market at a CAGR of 7.35% through to 2025.
Recycled Plastics Market Growth Drivers:
· The Demand Influx from the E-Commerce Sector –
In the contemporary world, billions of people are using mobile applications for making new purchases, which is leading to a boom in the E-commerce sector. Consequently, this is creating a lot of opportunities for vendors in the recycled plastics market, especially because the e-commerce industry uses a substantial quantity of plastic for packaging goods that are transported from one place to another. The future will see an increased number of transactions in the e-commerce sector, which will further grow the recycled plastic market.
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