Recycled Thermoplastic Market Size Worth US$ 103 Bn by 2026
10 October 2019
LOS ANGELES, Oct. 09, 2019 (GLOBE NEWSWIRE) -- The global recycled thermoplastic market size is expected to grow above US$ 103 Billion by 2026 and is expected to register a CAGR of more than 9% from 2019 to 2026.
A thermoplastic is a polymer that has distinctive properties such as at high temperature it can be molded to any shape and returns to solid state when cooled. Most thermoplastics have a high molecular weight and they are easily recyclable as compared to thermosets. The majority of plastic used in the world are derived from petroleum. Plastic is not bio-degradable, it does not rot, decompose or break down, and is not affected by any organism.
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The global recycled thermoplastic market is segmented into type, form, technology, product, application, and region. The regional market is further bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East. The market in North America contributed a revenue share of more than 30% in 2018 and is expected to continue its dominance over the forecast period. This dominance can be attributed to stringent government regulations related to use of plastic, coupled with presence of major players operating in the countries in this region. In addition, rising demand from packaging industry for smart packaging solution that is eco-friendly is another factor expected to further boost the growth of the target market in this region.
The market in Asia Pacific is expected to witness faster growth in the next few years, owing to presence of electric and semi-conductor manufacturers, coupled with rising demand for smart plastic packaging solution. In addition, major players approach shifting towards the manufacturing units to developing countries due to easy availability of raw materials and low cost labor is another factor expected to boost the growth of the market in Asia Pacific.
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Major factors expected to drive the growth of the global recycled thermoplastic market are increasing technological advancements in development of biodegradable plastic material, coupled with growing demand for recycled thermoplastic from various end use verticals. In addition, rising environmental regulations pertaining to use of plastic across the globe is another factor expected to support the growth of the target market.
However, high cost of recycled thermoplastic is a major factor expected to hamper the growth of the global recycled thermoplastic market. In addition, availability of alternatives such as glass and paper and lack of product awareness among consumers is another factor expected to challenge the growth of the global recycled thermoplastic market.
Increasing investment by major players for technological advancements and R&D activities are factors expected to create new opportunities in terms of revenue for players operating in the target market over the forecast period. In addition, introduction of innovative product at low cost is expected to further support the market growth.
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The biodegradable segment in the type segment is expected to contribute major revenue share owing to rising awareness among consumers related to adverse effect of plastic, along with stringent government regulations.
Some of the major players operating in the global recycled thermoplastic market are Plastipak Holdings, Inc., KW Plastics, Clear Path Recycling, PARC Corporation, B. Schoenberg and Co., RJM International Inc., Custom Polymers Inc., Suez SA, Merlin Plastics Alberta Inc., Revital Polymers, Ricova International Inc., JP Industrial, MRC, Replas. Major players are introducing new innovative products in order to attract new customer and enhance product portfolio.
The global recycled thermoplastic market was valued at around US$ 50 Bn in 2018. Among the type segment biodegradable is expected to dominate the market globally, accounting for revenue share of around 80% in 2018. This can be attributed to rising awareness among consumers, and demand for eco-friendly plastic product. The pallet segment is expected to account for higher revenue share of above 40% in the form segment.
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