Americas Recycled Plastics Market will exhibit a CAGR of 7.2% during the forecast period and reach 6,330.0 million by 2027, and the Market value as per 2019 was USD 3,834.8 million .
Fortune Business Insights™ in a new report, titled, “Americas Recycled Plastics Market Size, Share & Industry Analysis, By Type (Polyethylene Terephthalate, High-Density Polyethylene, Polypropylene, Low-Density Polyethylene, and Others), Application (Packaging [Non-Food Packaging and Food Packaging], Construction, Automotive, and Others), and Country Forecast, 2020-2027.”
Americas Recycled Plastics Market Drivers and Restraint:
Increasing Demand for Recycled Plastics in Packaging Industry to Support Growth
The demand for recycled plastics is rising in several industries such as food & beverage, automotive, construction, and consumer goods for packaging applications. With increasing concerns about food safety in the wake of COVID-19, the demand for food-safe packaging has expanded considerably in the Americas, especially in emerging countries such as Brazil and Colombia.
Recycled PET has become the preferred raw material for manufacturing bottles for packaged water and carbonated beverages. For instance, The Coco-Cola Company produces 50% of its bottles from the recycled grade of PET. Several organizations and associations have urged the large enterprises to increase the usage of recycled grades of plastics in their facilities and offerings. For instance, Nestlé and Veolia made a partnership to develop operations for collecting, sorting, and recycling of the plastic waste in 11 countries across Latin America, Europe, Asia, and Africa. The companies aim to use up to 35% recycled material in their packaging products by 2025.
With companies such as Reckitt Benckiser, Unilever, The Proctor & Gamble Company, and PepsiCo also making efforts to include recycled plastics for packaging of their products, the Americas recycled plastics market growth is expected to experience a booming period in the coming years.
Increasing Consciousness towards Energy Economics to Fuel the Market Growth
Utilization of recycled alternatives of plastics eradicates several processing steps required for the manufacture of conventional, virgin plastics, thereby improving the energy efficiency across the value chain. Production of virgin plastics involves energy-intensive processes such as extraction & refining of crude oil, polymerization, and conversion operations. On the other hand, the recycling of post-consumer and post-industrial waste allows manufacturers to produce plastic products by consuming a significantly lower amount of energy. Increasing demand for plastics owing to their favorable properties has warranted the usage of recycled alternatives, not only for maintaining the energy economy, but also to safeguard the environment from potential damage caused by the accumulation of plastic waste.
List of Key Players Covered in the Americas Recycled Plastics Market Report:
- Custom Polymers, Inc. (U.S.)
- Plastipak Holdings (U.S.)
- Suez Group (France)
- B. Schöenberg & Co. (U.S.)
- Fresh Pak Corporation (U.S.)
- Green Line Polymers (U.S.)
- Ultra Poly Corporation (U.S.)
- Clear Path Recycling, LLC (U.S.)
- Avangard Innovative (U.S.)
- Delta Plastics (U.S.)
- Veolia (France)
- UltrePET LLC (U.S.)
- Biocirculo (Colombia)
To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/americas-recycled-plastics-market-103363
Some of the key industry developments in the Americas Recycled Plastics Market Include:
- October 2019: Top Terra and Biocírculo partnered in order to produce bottles from 100% recycled raw material for their liquid detergent brand. The initiative seeks to avoid unnecessary production of more raw materials, reduce environmental impact, and offer users a sustainable option.
- September 2019 – Avangard Innovative disclosed its plans to build three US$ 30 million facilities to recover and pelletize plastic film in 2020. The plants will be located at Houston, Nevada, and Mexico, with each having capacities of around 45.4 KT per annum. The company currently operates a recycling plant in Houston, handling 21.8 KT of LDPE films per year.
