LONDON--(BUSINESS WIRE)--The rigid recycled plastics market size 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 in 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. Hence, emerging countries are expected to lead the rigid recycled plastics market growth 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 rigid recycled plastics market 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 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.
“Factors such as the increasing demand for lightweight technology, and the growing emphasis on plastic recycling by prominent vendors will have a significant impact on the growth of the rigid recycled plastics market value 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).
The North American region led the rigid recycled plastics market share in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increasing demand for plastic recycling, use of advanced technology used to produce recycled HDPE and PP resins, and legislation mandating the recycling of plastic across the region.
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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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