Recycled Plastics Market - Increasing Use in Packaging, Automotive, and Electrical & Electronics Industries

The report "Recycled Plastics Market by Source (Bottles, Films, Fibers, Foams), Type (PET, PE, PP, PVC, PS), End-Use Industry (Packaging, Building & Construction, Textiles, Automotive, Electrical & Electronics) and Region - Global Forecast to 2022", The global recycled plastics market is estimated at USD 36.93 Billion in 2017 and is projected to reach USD 50.36 Billion by 2022, at a CAGR of 6.4% between 2017 and 2022.

The market is witnessing growth due to the growing awareness regarding the environmental benefits provided by recycled plastics over virgin plastics. Moreover, the energy consumed in recycling plastics is less than that of virgin plastics, which is further driving the demand for recycled plastics in many applications.

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Packaging: The largest end-use industry of recycled plastics

The usage of recycled plastics has increased manifold in the packaging industry. Recently, the Association of Plastics Recyclers (US), recruited companies to use more recycled plastics in their facilities and supply chains. Some of these companies are Coca-Cola North America, Unilever, Walmart, Target Corp., Procter & Gamble Co., Ecover, Evian, L’Oréal, Mars, M&S, PepsiCo, Campbell Soup, Amcor Werner & Mertz, and Keurig Green Mountain Inc. These leading retailers and packaging companies have pledged to work toward using 100% reusable, recyclable, or compostable packaging by 2025 or earlier. These companies together consume more than 6 million tons of plastic packaging per year.

Automotive

Recycled plastics are witnessing a surge in demand from the automotive industry. Recycled materials are increasingly conforming to the standards of the automotive industry and have been in this industry for more than a decade. The recycled plastics are used in many applications, such as automotive fabrics, splash guards, radiator shrouds, and dashboards. Companies such as Chrysler, Ford, Honda, General Motors, Nissan, and Toyota have increased the consumption of recycled plastics in their manufacturing units.

Electrical & Electronics

The use of recycled plastics has been growing in the electrical & electronics industry as a result of Electronic Product Environmental Assessment Tool (EPEAT) and other eco-labeling initiatives, which help in boosting the use of recycled content in plastics for electronics. Recycled plastics are being used in a variety of ICT products by companies as a part of voluntary agreements for a green industry initiative. Major electrical & electronics companies using recycled plastics in their products are Dell, HP, Lenovo, Lexmark, Océ- a Canon Company, Samsung Electronics, and Sony. 

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Major recycled plastics producers, such as Veolia (France), Suez (France), KW Plastics (US), Jayplas (UK), B. Schoenberg & Co. (US), B&B Plastics (US), Green Line Polymers (US), Clear Path Recycling (US), Custom Polymers (US), and Plastipak Holdings (US) are covered in the report.

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