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The global recycled plastic market size is expected to exhibit remarkable growth by reaching USD 76.23 billion by 2028. Fortune Business Insights™, in its report, titled, "Recycled Plastic Market Size, Share & COVID-19 Impact 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, 2021-2028.", observes that the market size stood at USD 41.13 billion in 2020 and USD 44.03 billion in 2021. It is projected to exhibit a CAGR of 8.2% during 2021 and 2028. The rising demand for this type of plastics is expected to boost the market growth.
Merlin Plastics Receive Funds for the Production of Food-Grade Plastics
In May 2021, Merlin Plastics received approval from CleanBC Plastics Action Fund for the production of food-grade plastics. This strategy shall boost the capacity of plastic processing. It is expected to enable the company to upgrade its manufacturing equipment and boost the production of high-quality recycled plastic products. The adoption of plastic in food packaging may enable the company to improve adoption and support the environment. These factors can boost the company's market position.
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Robust Demand for Recycled Plastic in Packaging Industry to Fuel Market Growth
The rapid adoption of recycled plastic in the packaging sector is expected to boost their sales. Its lower costs are expected to increase adoption from small sectors. Increasing demand for renewable materials is expected to boost its adoption. Recycled materials eliminate dependence on fossil fuels and are extremely cost-effective, which, in turn, can attract consumer demand. Further, the demand for safe packaging materials is expected to boost recycled plastic from the food & beverage industry.
It is utilized to manufacture consumer goods such as bottles, tiffins, and others. In addition, the product is used to package sports goods, toys, fashion items, and others because of its environmental safety. These factors are likely to drive the recycled plastic market growth.
Companies Incorporate Advanced Packaging to Boost their Market Position
Prominent companies operating in the market incorporate advanced packaging to improve their market position. For example, Coca-Cola utilized 100% rPET packaging for all small soft drink bottles in Norway and Netherlands, in May 2020, to support its "World Without Waste" strategy. Further, the company implemented rPET packaging in large bottles in 2021, which in turn, may attract consumer's attention and boost their brand position. Further, the incorporation of research and development may enable companies to tackle limitations and boost their brand image.
List of Key Players Profiled in the Market
Further Report Findings
Table of Segmentation
Recycled Plastic Market Scope
Value (USD Billion); Volume (Million Ton)
By Type, By Application, and By Geography