The new report by Expert Market Research titled, ‘North America Recycled Plastics Market Report and Forecast 2022-2027’, gives an in-depth analysis of the North America recycled plastics market, assessing the market based on its segments like types, raw materials, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 5.2%
The increasing focus of organisations, including the United States Environment Protection Agency, on promoting the adoption of efficient waste management solutions is favouring the market for recycled plastics in North America. This can be attributed to the rising population in the region, which is leading to an increased demand for plastic products. In addition, the growing investment by the governments to support circular economy is further bolstering the applications of recycled plastics. Also, the growing demand for new types of plastics from the domestic markets is also expected to add to the growth of the industry. In addition, the growing awareness among the population about the hazards of increased plastic use on environment is driving many companies to take a positive step towards the efficient management of plastic waste. For example, Coca-Cola claims that nearly 88% of its packaging products were made of recycled plastics in 2019 and aims to increase the figure to 100% by 2025.
Industry Definition and Major Segments
Recycled plastics refer to the reprocessed plastic waste. These plastics are used for manufacturing plastic bottles and durable plastic products. They are made after sorting, cleaning, melting, and remoulding the plastic waste. There are many benefits of recycled plastics as it helps curb pollution, promotes circular economy, requires less energy, and saves the landfill space, among others.
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The recycled plastics industry, based on type, can be segmented into:
• Polyethylene Terephthalate (PET)
• High-Density Polyethylene (HDPE)
• Polypropylene (PP)
• Low-density Polyethylene (LDPE)
Based on raw material, the market is classified into:
• Plastic Bottles
• Plastic Films
• Rigid Plastic and Foams
On the basis of application, the market is segmented into:
• Food Contact Packaging
The regional markets of recycled plastics include:
• United States
The increased awareness pertaining to the use of plastic products and their harmful environmental impact is leading to the imposition of stringent regulations by the government to curb the issues of plastic pollution. For instance, in 2020, the U.S. Department of Energy (DOE) announced the funding of twelve projects to support advanced plastics recycling technologies, which amounted to over USD 27 million. Furthermore, the technological breakthroughs such as advanced screening, infrared technologies, and chemical recycling technologies, among others, are anticipated to augment the market growth in the forecast period.
Key Market Players
The major players in the market are GFL Environmental Inc., KW Plastics, MBA Polymers Inc., UltrePET, LLC, Brightmark LLC, and Seraphim Plastics, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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