NEW YORK, Nov. 1, 2023 /PRNewswire/ — The recycled plastics market dimension is estimated to develop by USD 18.37 million tons from 2022 to 2027, in keeping with Technavio. The market is estimated to rise at a CAGR of 4.75%. APAC held the biggest share of the worldwide market in 2022, and the market within the area is estimated to witness an incremental development of 56%. The use of recycled plastics within the industries equivalent to automotive, textile, and development drives the expansion of the regional market. For extra insights on the historic interval (2017 to 2021) and forecast market dimension (2023 to 2027) – Request a sample report
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Special protection on the Russia–Ukraine struggle; world inflation; restoration evaluation from COVID-19; provide chain disruptions, world commerce tensions; and threat of recession
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Global competitiveness and key competitor positions
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Market presence throughout a number of geographical footprints – Strong/Active/Niche/Trivial – buy the report!
Global Recycled Plastics Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market primarily based on kind (PET, HDPE, PP, LDPE, and Others), business utility (packaging, development, automotive, electrical and digital parts, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
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The PET phase will probably be vital in the course of the forecast interval. With the combination of two monomers, specifically modified ethylene glycol, and purified terephthalic acid PET is created, PET is a plastic resin. PET provides recycled plastics which is inexpensive, light-weight, resealable, shatterproof, and recyclable. It additionally has excessive tensile energy, thermostability, and transparency. Moreover, recycled PET plastic is used to make beverage bottles, containers, furnishings, and textiles. Recycled PET plastic is without doubt one of the mostly used plastics in all kinds of purposes equivalent to T-shirt materials, athletic sneakers, luggage, upholstery, sweaters, industrial tapes, auto elements, and plastic containers. Thus, the rising variety of purposes of PET in varied industries will drive the expansion of the worldwide recycled plastics market in the course of the forecast interval.
Insights available on the market contribution of assorted segments, together with nation and area sensible historic knowledge (2017 to 2021), and forecast market dimension (2023 to 2027) – Download a Sample Report
Recycled Plastics Market – Market Dynamics
Key driver
The excessive funding in infrastructure in rising international locations is notably driving the recycled plastics market development. The development business is quickly rising, particularly in rising international locations. In South America and the MEA, governments of rising international locations are investing remarkably in residential houses because of the migration of individuals to city areas. Moreover, recycled plastics are broadly used within the development business. Owing to the excessive infrastructure improvement in creating economies the consumption of recycled plastics within the development sector is excessive. Thus, the development business accounted for a big market share within the recycled plastics market. Hence, the rising demand for infrastructure tasks in rising international locations is anticipated to drive the expansion of the worldwide recycled plastics market in the course of the forecast interval.
Major Trend
The growing demand for recycled plastics within the automotive business is a key pattern shaping the expansion of the recycled plastics market. Plastics and composites are light-weight supplies which might be generally used within the utility course of within the automotive business. Some of those purposes embrace structural, powertrain, exterior and inside, and digital and electrical parts. Automakers are specializing in producing lighter, extra fuel-efficient, and environmentally pleasant autos to fulfill stringent environmental laws. Using recycled plastic reduces automobile weight, gasoline consumption, and greenhouse gasoline emissions. Hence, rising automobile manufacturing the world over will develop the demand for recycled plastics in the course of the forecast interval.
vital problem
The growing demand for biodegradable plastics is the important thing problem impeding the expansion of the recycled plastics market. The choice for biodegradable supplies is growing amongst producers and market gamers, with the rising demand from shoppers for eco-friendly packaging. Moreover, authorities laws relating to the usage of plastic merchandise are motivating producers to push for biodegradable plastics. The development of the biodegradable plastics market is pushed by the emergence of renewable sources, equivalent to biomass and bio-based uncooked supplies. Hence, the rising demand for biodegradable plastics will hinder the expansion of the recycled plastics market in the course of the forecast interval.
Insights on Market Drivers, developments, & Challenges, historic interval(2017 to 2021), and forecast interval(2023 to 2027)- Request a sample report!
What are the important thing knowledge coated on this Recycled Plastics Market report?
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CAGR of the market in the course of the forecast interval
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Detailed info on elements that may drive the expansion of the recycled plastics market between 2023 and 2027
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Precise estimation of the recycled plastics market dimension and its contribution to the market in deal with the mum or dad market
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Accurate predictions about upcoming developments and adjustments in client conduct
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Growth of the recycled plastics market throughout APAC, Europe, North America, Middle East and Africa, and South America
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An intensive evaluation of the market’s aggressive panorama and detailed details about distributors
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Comprehensive evaluation of things that may problem the expansion of recycled plastics market distributors
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Industry Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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SOURCE Technavio
