US recycled thermoplastic market estimated to exceed US$16 bln by 2025

19-Jul-19

The U.S Recycled thermoplastic market is estimated to exceed US$16 billion by 2025, amid expansion in various industries such as packaging, medical and automotive & transportation, as per a report by Global Market Insights. Steady growth in the Asian automotive industry owing to significant production and sales of vehicle in the region will boost the recycled thermoplastic market as the product are used in the indispensable parts of every automobile. The construction industry output is anticipated to reach over USD 4.5 trillion over the forecast timeframe in Asian region. This is all due to the extensive inflow of FDI and supportive government regulations and will substantially stimulate the market demand in coming years.

The prominent players in the recycled thermoplastic market include: Suez, JP Industrial, Replas, KW Plastics, Plastipak Holdings, Merlin Plastics Alberta, Clear Path Recycling. Unceasing growth in gross domestic product and improved living standards in the Asian countries will drive recycled thermoplastics demand in the automobile industry. In 2016, developing countries such as India, China and Japan accounted around 40% of the global private and commercial automotive sales. This positive trend is anticipated to continue and will bolster the recycled thermoplastic market in future. Upsurge in construction activities in emerging economies due to the substantial population growth coupled with increasing demand for housing facilities will act as booster for industry growth over the next few years. The product is mostly used to make doors, panels, window railings, fixtures, sidings, etc. and these products are further used in construction sector for building designing.