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Recycled Plastic Market size is expected to witness significant growth backed by increasing demand from the packaging industry.
Fortune Business Insights, in its latest report, 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.”, predicts that the market is likely to hit USD 72.6 billion by 2026 while exhibiting a CAGR of 8.55% between 2019 and 2026. The reports further observe that the market was worth USD 37.8 billion in 2018.
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According to the data by the non-profit organization, Plastic Oceans International, every year around 500 billion plastic bags are used globally. This means that over 1 million bags are being used every minute. Plastic is harmful to the environment in many ways and since most of the plastic material is non-biodegradable, it is important to find a solution to reduce the rampant production of plastic across the globe. Therefore, recycling of the plastic to enable its reuse is vital to prevent environment degradation. Plastic is used across several industries such as packaging, food & beverage, pharmaceuticals, consumer goods, construction, and automotive, among others. A holistic approach to adopt recycled plastic from the end user industries will ensure the safety of the environment.
What does the Market Report Offer?
The market report offers an exhaustive study of several factors such as drivers, restraints, challenges, and opportunities that will affect the growth of the market in the forthcoming years. The report covers regional demographics that include qualitative and quantitative information about the regions that are further divided into nations that are contributing to the growth of the market between 2019 and 2026. Furthermore, the competitive landscape has been discussed in-depth that include information of several players operating in the market. Moreover, information on the adoption of strategies such as merger and acquisition, collaboration, partnerships, and joint ventures by the companies that will drive the growth of the market has been included during the projected horizon.
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