The GMI Research’s latest analysis reveals that the Rigid Recycled Plastics Market is slated to register a higher CAGR over the forecast period. This is attributed to the high demand for lightweight plastic components, rising production and consumption of plastic products, reduced waste generation, and increased awareness of plastic pollution.
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Rigid Recycled Plastics Market’s leading Manufacturers:
- KW Plastics
- Green Line Polymers
- Schoenberg & Co., Inc.
- LyondellBasell Industries N.V.
- Clear Path Recycling
- Centriforce Products Ltd.
- Placon
- Custom Polymer Inc
- Envision Plastics
- Berry Global Group, Inc.
Rigid Recycled Plastics Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
Some of the major factors contributing to the growth of the rigid recycled plastics market size include the high demand for lightweight plastic components, rising production and consumption of plastic products, reducing waste generation, and increasing awareness associated with plastic pollution. Furthermore, the growing application of recycled plastics in automotive, packaging, construction, healthcare, and textile is further augmenting the growth of the rigid recycled plastics market share in terms of revenue.
The Association of Plastic Recyclers, the Plastics Industry Association, Plastics for Change, and Plastic Oceans International, among others, are further encouraging the recycling of plastic waste to decrease its impacts on natural resources. This factor will drive the growth of the rigid recycled plastics market. As per Plastic Oceans International, around 380 million plastic is manufactured each year, and it is projected that more than 10 million tons of plastic are dumped into oceans each year. This driver is expected to surge the growth of the market in the coming years. On the other hand, the factor hindering the growth of the market include the high cost of recycled plastics than virgin plastics. Moreover, wide energy consumption and the production of volatile organic compounds, and harmful carbon emissions during the process of melting down and recycling plastic products will hamper the market growth.
Type Segment Drivers
Based on the type, polypropylene is projected to lead the market in the upcoming years due to the extensive food packaging sector owing to its flexibility, high melting point, good surface finish, and lightweight. In addition to this, polypropylene plastics are rapidly utilized in bumpers, battery cases, and fender liners in the automotive industry due to their resistance to high temperatures, high tensile strength, and corrosion resistance. As per the American Chemistry Council, Inc., polypropylene comprises about 39 percent of all rigid plastics recycling in the US.
Industry Vertical Segment Drivers
Based on the industry vertical, the packaging is anticipated to lead the market in the coming years due to the growing usage of recycled rigid plastics in food packaging, industrial packaging, FMCG product packagings, such as detergents, shampoo, and others. As per Plastic Oceans International, the packaging is the biggest end-use market accounted for around 40% of total plastic use. This factor will further support the growth of the rigid recycled plastics market.
Rigid Recycled Plastics Market Segmentation:
Segmentation by Type:
- Polyethylene Terephthalate (PET)
- Polyethylene
- Polypropylene
- Polyvinyl Chloride (PVC)
- Polystyrene
- Others
Segmentation by Recycling Method:
- Feedstock Recycling
- Mechanical Recycling
Segmentation by Industry Vertical:
- Packaging
- Construction
- Textile
- Automotive
- Electrical & Electronics
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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