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 for the serious effects of plastic wastes on the environment, governments across the world have imposed strict regulations towards their usage.
The report encompasses several factors that have contributed to the growth of the market in recent years. Plastic waste has 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 of 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.
Asia Pacific to Emerge Dominant; High Demand for Bottled Water to Create Several Growth Opportunities
The report analyzes the ongoing beer market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Among these regions, the market in the Asia Pacific is likely to emerge dominant in the coming years. The presence of several bottled water manufacturers will aid the growth of the market.
Besides the Asia Pacific, the market in North America will witness considerable growth in the coming years driven by the increasing number of government initiatives. As of 2018, the market in North America was worth USD 2.45 billion, and this value is projected to increase further in the coming years, owing to the high awareness regarding the use of plastic materials.
Industry Developments:
October 2019: Total S.A. announced an expansion of Synova’s recycled polypropylene. This expansion will take its total production capacity up by 20 KT per annum.