Some of the major driving factors include rising environmental awareness and government initiatives aimed to reduce carbon emissions.

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According to IMARC Group’s latest report, titled “Recycled Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global recycled plastics market reached a value of US$ 37 Billion in 2017. As plastic waste is non-biodegradable, it is essential to recycle plastic and reduce solid waste in the environment. Plastic recycling is the process in which selective scraps of plastic are reprocessed into new products instead of using virgin resin. This process includes collection of scraps, sorting, shredding, cleaning, melting and making of plastic pellets. This recycled plastic is then used in the manufacturing of several products such as toys, bags, plastic chairs, toothbrushes, etc.

Highlights of the global recycled plastics market:

The rising awareness about carbon emissions among the consumers is the major driver of the market.
On the basis of type, Polyethylene Terephthalate (PET) accounts for the majority of the market share.
North America holds the majority of the global share, representing the largest market.
The production of plastic emits huge amounts of carbon dioxide emission in the environment, thereby increasing the level of greenhouse gases in the air. Rising environmental awareness among the consumers worldwide is spurring the demand for recycled plastic products. Further, recycling of plastic reduces oil usage and the amount of discarded waste. On account of this, the recycled plastic market has witnessed a surge. Moreover, government initiatives in numerous countries aimed to reduce carbon emissions and non-biodegradable plastic waste are further contributing to the growth of the market. Owing to these factors, the market is anticipated to reach a value of US$ 52 Billion by 2023, registering a CAGR of 5.7% during 2018-2023.

The market has been segregated on the basis of type. Currently, Polyethylene Terephthalate (PET) accounts for the majority of the global market share. It is followed by High Density Polyethylene (HDPE), Polypropylene (PP) and Low Density Polyethylene (LDPE). The market has been further segmented on the basis of raw materials. The major raw materials used in the production of recycled plastics include bottles, rigid plastic and foam, bags and films, and carpets and fibres. On the basis of applications, non-food contact packaging is the leading segment, followed by food contact packaging, construction and automotive. Region-wise, North America represents the biggest market, accounting for the majority of the global share. Other major regions include Europe, Asia Pacific, Latin America, and Middle East and Africa. On evaluating the competitive landscape of the market, it is found that the key players include Avangard Innovative LP, B. Schoenberg and Co., Inc., Delta Plastics, UltrePET LLC, and CarbonLITE Industries.

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The report has examined the global recycled plastics market on the basis of:

Plastic Type:
Polyethylene Terephthalate (PET)
High Density Polyethylene (HDPE)
Polypropylene (PP)
Low Density Polyethylene (LDPE)
Others
Raw Material:

Bottles
Rigid Plastics and Foam
Bags and Films
Carpets and Fibres
Others

Application:

Non-Food Contact Packaging
Food Contact Packaging
Construction
Automotive
Others

Region:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Major Manufacturers:

Avangard Innovative LP
B. Schoenberg and Co., Inc.
Delta Plastics
UltrePET LLC
CarbonLITE Industries

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