"We Envision Growth Strategies Most Suited
to Your Business"
The global recycled plastic market size is projected to reach USD 72.6 billion by the end of 2026. The increasing concerns surrounding global warming and environmental pollution due to excessive plastic usage has led to a subsequent demand for recycled material. According to a report published by Fortune Business Insights, titled “Recycled Plastic Market Size, Share & Industry Analysis, By Type (Polyethylene Terephthalate, High-density Polyethylene, Polypropylene, Low-density Polyethylene, and Others), By Application (Non-Food Packaging, Food Packaging, Construction, Automotive, and Others), and Regional Forecast, 2019-2026,” the market was worth USD 37.8 billion in 2018 and will exhibit a CAGR of 8.5% during the forecast period, 2019-2026.
Recycled Plastic are products that are made from waste or scrap. The products possess the same properties as normally made plastics and are capped at the same price. The increasing need for recycling of materials, accounting to the depletion of natural resources has created a subsequent demand for Recycled Plastic. As a result, high investments are made in Recycled Plastic and not just by private companies, but also by government organizations. Since most of the plastics used across the world are not degradable, recycling provides an easier and easier alternative to disposing of these non-degradable plastics. This will reduce wastes significantly and cater to increasing concerns regarding environmental preservation. The increasing efforts taken to maximize recycle plastic use will have a direct impact on the growth of the market in the coming years.
Nestle’s $2 Billion Plastic Recycling Initiative Has Made a Massive Global Impact
The global concerns surrounding the depletion of natural resources has urged companies to adopt recycling methods. As a result, several large scale companies are looking to invest more in the adoption of recycled methods for manufacturing. In January 2020, Nestle announced that it will be investing around USD 2.07 billion to implement recycled packaging in all of its products. The company announced that it will be investing the aforementioned amount to shift from food-grade packing from virgin plastics to food-grade recycle plastics. Accounting to the massive global customer reach of the company, this step will not only encourage other companies but will encourage consumers to adopt Recycled Plastic in their daily life.
To get a detailed report summary and research scope of this market, click here:
Growing Adoption of Recycled Plastic in Packaging Industry Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. The rising concerns surrounding plastic wastes has urged companies to adopt recycling methods. Among all end-use applications, plastic is most widely used in the packaging industry. As a result, governments, as well as public organizations, have imposed strict regulations towards the use of recycled plastic in the packaging industry. These factors will fuel the demand for Recycled Plastic, subsequently contributing to the growth of the overall market.
Major Companies Are Focused on Product Innovations
Due to the massive potential held by Recycled Plastic, several large scale companies are looking to invest more towards introducing innovative products. The emphasis on recycled plastic use is driven by government initiatives and awareness programs as well as the efforts put in by private organizations to promote the use of these materials.
List of leading companies that are currently operating in the global recycled plastic market are:
Further Report Findings:
The report analyzes the ongoing recycled plastic market trends across:
The market is segmented based on:
The global Recycled Plastic market is segmented based on:
Value (USD Billion) and Volume (Million Ton)