LONDON--(BUSINESS WIRE)--The global rigid recycled plastics market is expected to grow by 558.95 thousand MT during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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 exported 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.
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As per Technavio, the growing need for sustainability will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Rigid Recycled Plastics Market: Growing Need for Sustainability
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). The recycling of unwanted plastic scraps into useful products such as trash cans, pallets, and tote boxes reduces the need for primary extraction of oil and helps conserve non-renewable resources.
“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.
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Rigid Recycled Plastics Market: Segmentation Analysis
This market research report segments the rigid recycled plastics market by product (HDPE, PP, PET and others), end-user (packaging, construction, automotive and others), and geography (North America, Europe, APAC, South America and MEA).
North America led the rigid recycled plastics market share in 2019, followed by Europe, APAC, South America, and MEA. The North America region is expected to register the highest incremental growth due to the increasing demand for plastic recycling in the US and Canada. In addition, the presence of dominant vendors such as Advanced Environmental Recycling Technologies and KW Plastics is expected to drive the market growth in the region. The mandatory plastic recycling legislation from states such as California, Massachusetts, New Jersey, and North Carolina is expected to drive the recycling activities in the US.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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