Increasing awareness and sensitivity toward environmental concerns has largely discouraged the demand for single-use plastics. This has led to stricter government regulations upon Consumer Packaged Goods (CPGs) across various regions. Alongside this, consumer demand for sustainable packaging has inflated, ensuing a widespread requirement for recycled plastics.
Fairfield Market Research finds that the global recycled plastics market was worth US$19.5 Bn in 2019 and is forecasted to reach US$30.2 Bn in 2026, registering a healthy CAGR of 8.1?tween 2022 and 2026. Development of innovative technology through research in the field of synthetic resins becomes a focal area for companies operating in the industry. In the face of such advancements, global market for recycled plastics can expect multiple opportunities for growth under its perusal.
Food packaging will be the fastest growing application category in terms of volume. Polyethylene terephthalate (PET) was found to be a leading category of recycled plastics in 2019. In terms of value, it is projected to reach US$ 14.1 Bn by 2026, growing with a CAGR of 8.7% owing to the higher demand from food as well as non-food packaging applications.
Growing demand for sustainable plastic materials from the automotive industry is likely to boost the demand for recycled plastics as well. To tap this potential, plastic recyclers have developed technologies to effectively separate and recycle plastic from end-of-life vehicles (ELV).
Recycled plastics are being increasingly uses for carpeting, flooring tiles, roofing tiles, indoor insulation, bricks, and fences. Residential as well as commercial construction sectors are benefitting owing to the durability, lighter weight, and high strength in case mix-compound recycled plastics as these materials are cost-competitive compared to virgin plastics.
Continue reading the market outlook: https://www.giiresearch.com/report/fmr1057654-recycled-plastics-market-global-industry-analysis.html
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