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The growing demand for recycled plastic products in various industries owing to the rising environmental concern is driving the growth of the recycled plastics industry globally. The growing demand for sustainable approach due to issues like climate change and global warming is supporting the industry. On the basis of type, polyethylene terephthalate (PET) is the most popular recycled plastic. Further, the non-food contact packaging is the leading application sector in the industry. North America represents the leading recycled plastic market owing to the presence of stringent government regulations for the disposal of plastic waste and increased consumer awareness. On the other hand, the emerging nations like China are expected to provide increased growth opportunities to the market owing to the rapid industrialisation and urbanisation in the region, which in turn, drives the demand for waste management.
Some of the leading players in the global recycled plastics industry include Carbonlite Inc. and UltrePET, LLC. Currently, CarbonLITE is the largest manufacturer of food-grade Post-consumer Recycled PET across the world. The company recycles over 7 billion bottles each year to be remade anew. Other players in the industry, such as Veolia Environnement SA (OTCMKTS: VEOEY), are focusing on expanding their business in the high growth markets. In January 2020, Veolia signed an agreement to take over the hazardous waste treatment site of Alcoa USA Corporation in Gum Springs, Arkansas, USA, via its subsidiary Veolia North America. This transaction was aimed at enhancing the overall development of Veolia’s hazardous waste treatment and recycling business in North America. Further, Veolia also operates the two largest hazardous waste treatment sites in Europe. Thus, with this step, the company has added a new flagship site to its asset portfolio. Such developments are expected to aid the growth of the global recycled plastics industry over the next five years.
Market Breakup by Plastic Type, Raw Material, Application, and Region:
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The major players in the global recycled plastics market are B. Schoenberg & Co., Inc, UltrePET, LLC, and Carbonlite Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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