LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global rigid recycled plastics market provides an analysis of the most important drivers expected to impact the market outlook from 2018-2022. Technavio defines a prominent driver as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global rigid recycled plastics market will grow at a CAGR of close to 7% during the forecast period. The need for sustainability is a major trend that is being witnessed in the market.
Plastic recycling makes an immense contribution to environmental sustainability through its energy saving potential and intrinsic recyclability and energy recovery options. The increasing concerns regarding the environment are expected to drive the growth of the rigid recycled plastics market. The plastic industry is working on various initiatives to increase recycling, reduce energy, and prevent litter. These initiatives aim at increasing the use of polyolefin (PP or PE) and postconsumer resin (PCR) by focusing on objects used in manufacturing trash cans, pallets, and tote boxes.
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In this report, Technavio highlights the increasing demand from developing countries as one of the key factors driving the global rigid recycled plastics market:
Increasing demand from developing countries
The global rigid recycled plastics market is driven by the growth of the packaging, construction, and other industries from emerging economies such as Indonesia, Brazil, India, China, Mexico, and Russia. Several manufacturers of rigid recycled plastics are shifting their operations to these regions because of factors such as cost-effective manpower, increased consumption of recycled plastics, availability of raw materials, low transportation costs, and less stringent government regulations and policies. The plastic scraps are usually imported to APAC countries such as China, India, and Indonesia for their reprocessing. The emerging countries are expected to lead the rigid recycled plastics market due to the economic development, open market, and industrialization.
“The increase in the manufacturing activities in these countries due to the high GDP is expected to drive the growth of the rigid recycled plastics market. The emergence of India and China as manufacturing hubs in APAC is expected to foster the demand for rigid recycled plastics during the forecast period,” says a senior analyst at Technavio for research on plastics, polymers, and elastomers.
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Global rigid recycled plastics market segmentation
This market research report segments the global rigid recycled plastics market into the following products (HDPE, PP, and PET), end-users (packaging, construction, and automotive), and key regions (the Americas, APAC, and EMEA).
The HDPE segment held the largest market share in 2017, accounting for nearly 41% of the market. This segment is expected to post significant growth during the forecast period.
The Americas was the leading region for the global rigid recycled plastics market in 2017, accounting for a market share of almost 48%. The market share for this segment is anticipated to increase to some extent by 2022.
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