Global Recycled plastics demand to grow at 4.31% CAGR
July 18, 2016
The demand for plastic and its related products is increasing significantly, which in turn attributes to the dependence on substituting plastics with recycled plastics. Plastic is preferred in many automotive, healthcare, defense, and energy industries. This has been one of the primary reasons that have intensified the focus on plastic recycling.
The recycling of plastic materials helps to decrease threats such as global warming, ozone layer depletion, and environmental pollution. Moreover, the recycled plastics market is expected to witness high rate of plastic recycling due to the increased consumption of plastic packaging materials in the coming years.
The analysts forecast global recycled plastics market to grow at a CAGR of 4.31% during the period 2016-2020, as per Sandle Research. Government policies and regulations regarding waste management, reuse and recycling of plastic waste, and systematic waste-treatment practices have boosted plastic recycling.
The Americas dominate the global recycled plastics market, occupying around 50% of the total market share. Much of this region’s growth comes from the availability of advanced technologies for recycling of polyethylene terephthalate (PET), high-density polyethylene (HDPE), and polypropylene (PP) plastics and availability of skilled workforce.