18-Jul-16 Commenting on the global recycled plastics market report, analysts say the demand for plastic and its related products is increasing significantly, which in turn is attributable to the substitution of other materials and metals by plastics. Plastic is preferred in many automotive, healthcare, defense, and energy industries. This has been one of the primary reasons that have intensified the focus on plastic recycling. The recycling of plastic materials helps to decrease threats such as global warming, ozone layer depletion, and environmental pollution. Moreover, the recycled plastics market is expected to witness high rate of plastic recycling due to the increased consumption of plastic packaging materials in the coming years.
The analysts forecast global recycled plastics market to grow at a CAGR of 4.31% during the period 2016-2020, as per Sandle Research. Government policies and regulations regarding waste management, reuse and recycling of plastic waste, and systematic waste-treatment practices have boosted plastic recycling. The Americas dominate the global recycled plastics market, occupying around 50% of the total market share. Much of this region's growth comes from the availability of advanced technologies for recycling of polyethylene terephthalate (PET), high-density polyethylene (HDPE), and polypropylene (PP) plastics and due to the availability of skilled workforce.
According to the recycled plastics market report, the growing demand for plastics from healthcare, automotive, food and beverage, oil and gas, construction, and household products has stimulated the need for plastic recycling. The scarcity of petrochemicals, rising costs of raw materials and growing environmental concerns are also fostering the need for recycling. Bottles are the leading source material for recycling, and will constitute to more than half of the overall waste plastic consumption for recycling in the coming years. Also, the recycling plastics industry has placed significant efforts on increasing the collection of rigid plastic that includes thermoformed packaging and bulk containers, especially from commercial applications. The recycled plastics market is highly fragmented due to the presence of many small and large vendors. Regional vendors dominate the market in many developing regions. The probability for newer players entering the market is high because the market is in its developing stage. There are no direct substitutes for recycled plastics, and this will foster the market for recycled plastics during the forecast period.
The following companies are the key players in the Global Recycled Plastics Market: Avangard Innovative, B. Schoenberg & Co, Delta Plastics of the South, and UltrePET LLC. Other prominent vendors in the market are: CarbonLITE Industries, Marmax Products, ORBIS, PolyPrime, and Worldwide Recycler Services.
