LONDON--(BUSINESS WIRE)--The recycled plastics market is expected to grow by USD 14.74 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Increasing awareness and concern about the environment and healthy living has encouraged many industries to adopt green and sustainable solutions. This has led to a rise in demand for recycled plastics across the world. In addition, environmental protection norms have also led several industries to shift to the use of recycled plastics. This helps to reduce the carbon footprint and contribute to a greener environment. In the packaging industry, recycled plastics are used in a wide range of applications such as the manufacture of the food packaging, plastic containers, bottles, closures, jars, engineered pumps, sprayers, and caps. Recycled plastics are also used for increasing the shelf life of products along with protection. Thus, the increasing demand for recycled plastics from the packaging industry is expected to drive market growth during the forecast period.
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As per Technavio, the rising demand for synthetic textiles 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.
Recycled Plastics Market: Rising Demand for Synthetic Textiles
Recycled plastics, in the form of nylon and polyesters, are commonly used in textiles. Polyester fibers are polymers derived from the chemical reaction of purified terephthalic acid (PTA), dimethyl ester dimethyl terephthalate (DMT), and monoethylene glycol (MEG). These synthetic fibers are used extensively in the manufacture of apparel such as shirts, pants, jackets, and hats, and home furnishings such as bed sheets, blankets, and upholstered furniture fabrics. Polyester fiber is used for cushioning and insulation purposes in comforters, pillows, and upholstery padding. Nylon fiber is exceptionally elastic and stronger than polyester fiber. It has superior abrasion resistance and is easy to wash and dye in a wide range of colors. Fabric made from nylon is smooth, soft, light in weight, and highly resilient and is used for a variety of applications. Thus, the rising demand for synthetic textiles such as Polyester and Nylon is expected to drive the growth of the market.
“Factors such as the need for effective waste management, and the increased demand for recycled plastics from the automotive industry will have a significant impact on the growth of the recycled plastics market value during the forecast period,” says a senior analyst at Technavio.
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Recycled Plastics Market: Segmentation Analysis
This market research report segments the recycled plastics market by end-user (packaging, construction, automotive, electrical and electronics, and others), type (PET, HDPE, LDPE, PP, and Others), and geographic landscape (APAC, Europe, North America, MEA, and South America).
The APAC region led the recycled plastics market in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rising use of recycled plastics in the automotive, textile, and construction industries.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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