The global recycled plastic market size is projected to reach USD 72.6 billion by the end of 2026. The presence of several large-scale companies across the world will have a positive impact on the growth of the market in the coming years. 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 is a product that possesses the same properties as virgin plastics, but is produced from scratch and waste materials. The primary aim of Recycled Plastic is to reduce the total wastes and bring down the adverse effects of plastic wastes on environmental pollution. The high emphasis on manufacturing methods as well as materials associated with Recycled Plastic will emerge in favor of the companies operating in the market. The increasing demand for the product, resulting from its widespread applications across diverse industries, will contribute to the growth of the market. Accounting to the serious effects of plastic wastes on the environment, governments across the world have imposed strict regulations towards their usage.
Increasing Efforts Taken to Maximize the Use of Recycled Products Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Plastic waste have a serious effect on the environment, particularly on aquatic and wildlife. As a result, several large scale companies are partnering to minimize the use of plastic and make people aware about its negative effects. In March 2019, Coca Cola, Nestle, and Unilever formed the ‘African Plastics Recycling Alliance’. This alliance was formed to bring about a change in the plastic recycling infrastructure across Sub-Saharan Africa. This alliance will not just influence the regional market, but will also have a direct impact on the growth of the global market.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
Information source: https://www.fortunebusinessinsights.com/recycled-plastic-market-102568