According to the latest report by Reports and Data, the global market size for Plastic Recycling market was USD 27.96 billion in 2021, and it is expected to register a revenue compound annual growth rate (CAGR) of 9.4% over the forecast period. The increasing use of recycled plastics in various industries such as packaging, automotive, and others is a key driver driving revenue growth in the recycled plastics market. Plastics are a good choice for automobile manufacturers because they are lightweight and economical, offer greater design freedom than metals, and are corrosion-resistant, long-lasting, and flexible. Polypropylene, which is a highly robust polymer derived from propylene, is the most common plastic used in automobiles due to its strength and chemical resistance, driving global revenue growth. PET, on the other hand, is quickly becoming a material of choice for sports brands in the textile business because of its strength, impermeability, and flexibility.
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Market revenue growth is also being driven by rising demand for High Density Polyethylene (HDPE) and Low-Density Polyethylene (LDPE) with and without additives, Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), and polyethylene terephthalate used in packaging products. Rising consumer demand for 100% recyclable bottles, which can be reused for containers and bottles after being recycled, is also boosting market revenue growth. Reusing plastic instead of making it from scratch each time reduces the need for fossil fuels such as coal, natural gas, petroleum, and others, which is further fueling market revenue growth.
The global Plastic Recycling market is divided into bottles, films, fibers, foams, and others, according to the source. In 2021, the bottles category accounted for a sizable revenue share. The Asia Pacific market had the highest revenue share in 2021, and rising demand for non-residential construction projects such as hospitals, schools, and universities is driving the region's market revenue growth. Nestlé announced an investment of up to CHF 2 billion in January 2020 to lead the transition to food-grade recycled plastics from virgin plastics and contribute to the development of novel sustainable packaging solutions.
Companies profiled in the market report include REMONDIS SE & Co. KG, Biffa, Stericycle, Inc., Republic Services, Inc., WM Intellectual Property Holdings, L.L.C., Veolia, Waste Connections, CLEAN HARBORS.INC., Covestro AG., and B & B Plastics Inc. The global recycled plastics industry is segmented into source, type, end-use, and region for the purpose of this report.
Recycled Plastics Market: Notable Innnvation
Some notable innovations in the Plastic Recycling market include the development of new and advanced technologies for sorting and processing recycled plastics, such as advanced optical sorting, melt filtration, and pyrolysis. These technologies have improved the efficiency and quality of recycled plastics, making them more suitable for use in a wider range of industries and applications. Additionally, some companies are exploring the use of bioplastics made from renewable materials as an alternative to traditional plastics, which could further reduce the environmental impact of plastic production and disposal. Other notable innovations include the development of new recycling processes for difficult-to-recycle plastics, such as mixed plastics and flexible packaging, and the use of recycled plastics in 3D printing and other advanced manufacturing processes.
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