Rising Stringent Government Regulations to Upsurge the Recycling Rate of Plastics Presents Opportunities

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North American market for recycled plastics

North American market for recycled plastics

North American market for recycled plastics

Dublin, Nov. 24, 2022 (GLOBE NEWSWIRE) — The “North America Recycled Plastic Market Forecast to 2028 – COVID-19 Impact and Regional Analysis by Type, Source and Application” report has been added to ResearchAndMarkets.com’s offer.

The North American recycled plastics market is expected to grow from USD 9,369.99 million in 2021 to USD 16,889.88 million in 2028; it is estimated to grow at a CAGR of 8.9% from 2021 to 2028.

The growing packaging, automotive and electrical and electronics sectors are a key driver of the recycled plastics market. The automobile sector is witnessing tremendous growth due to increasing passenger car sales and increasing production of new vehicles in emerging economies.

Car companies use recycled plastics in auto parts such as dashboards and gearboxes. The main reason for using recycled plastic in cars is that the components made from recycled plastic are light, and a lighter car uses less fuel, which also results in less exhaust emissions. In addition, plastic parts are not subject to corrosion and offer flexibility and safety compared to other types of plastic. According to the International Organization of Motor Vehicle Manufacturers (OICA), countries in North America recorded over ~16.2 million commercial and passenger vehicle production in 2010, which grew by more than 23% and recorded over ~20 million commercial and passenger vehicle production in 2019.

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The increase in car production increases the demand for recycled plastic and thus drives the market. Furthermore, the packaging industry has created lucrative opportunities for recycled packaging. Recycled materials are on the rise in various industries such as food and beverages, cosmetics and consumer goods. In the food and beverage industry, the consumption of recycled plastic is increasing.

It is used in the form of films, containers and bottles to pack the food. With the increasing population, the demand for recycled plastic increases. Factors such as increased awareness of plastic disposal issues in landfills and increasing formulation regulations are fueling the growth of the recycled plastics market. Recycling other plastics for food packaging is difficult compared to polyethylene terephthalate, resulting in an insufficient supply of food-grade recycled plastics. The current situation of insufficient supply of food-grade recycled plastics encourages investment in the market, which supports the demand for recycled plastics in the packaging industry.

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With new features and technologies, suppliers can attract new customers and expand their footprint in new markets. This factor is likely to drive the recycled plastic market at a remarkable CAGR during the forecast period.

Market dynamics

Market drivers

  • Increasing use of recycled plastics in the packaging, automotive and electrical and electronic industries

  • Increasing expansion of the construction industry

Market Restrictions

Market opportunities

Future trends

Key topics covered:

1. Introduction

2. Key Takeaways

3. Research methodology

4. North America Recycled Plastic Market Landscape

5. North America Recycled Plastics Market – Key Market Dynamics

6. North America Recycled Plastic – Country Market Analysis

7. North America Recycled Plastics Market Analysis – By Type

8. North America Recycled Plastics Market Analysis – By Source

9. North America Recycled Plastics Market Analysis – By Application

10. North America Recycled Plastics Market – Country Analysis

11. Industrial landscape

12. Company Profiles

13. Appendix

Mentioned companies

  • Steak

  • Remondis SE & Co. Kg

  • Veolia

  • Jayplas

  • Alpek SAB de CV

  • Plastipak Holdings Inc.

For more information on this report visit https://www.researchandmarkets.com/r/wp2519

Attached file

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