Rigid Recycled Plastics Market size is set to grow by USD 22.12 bn from 2024-2028, environment-friendly nature of recycled plastics to boost the market growth, Technavio

NEW YORK, May 20, 2024 /PRNewswire/ -- The global rigid recycled plastics market size is estimated to grow by USD 22.12 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 6.88%  during the forecast period. 

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Key Market Trends Fueling Growth

Rigid recycled plastics play a significant role in the automotive industry, particularly in structural, powertrain, and exterior components. These materials are derived from polymer foams, polypropylene (PP), and scraps, including shopping bags and protective packaging. Complying with environmental regulations, automakers utilize recycled plastics to reduce vehicle weight, fuel consumption, and greenhouse gas emissions. Applications span across various countries, such as China, Germany, India, France, Italy, South Korea, Japan, and the United States. Technological advancements in recycling processes expand the use of recycled plastics in sectors like textiles, construction materials, and consumer goods. 

Market Challenges

•         The European Food Safety Authority (EFSA) and the Food and Drug Administration (FDA) should assess the safety of rigid recycled plastics used in food packaging. These regulatory bodies oversee food contact materials through the Food Contact Notification Program and Food Additive Regulations (21 CFR Sections 170 et seq.). Although FDA regulations require recycled food contact materials to meet the same specifications as conventional ones, a special regulatory review is not mandated. Compliance with FDA Good Manufacturing Practices (GMP) for food contact materials (21 CFR Section 174) is essential. Key applications of rigid recycled plastics include decks, downcycling, dry-cleaning bags, electrical & electronics, expanded polystyrene, face masks, fences, food & beverage packaging, garbage bins, gloves, insulation, laboratory equipment, medical devices, milk cartons, piping systems, plastic bottles, and piping systems.

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Segment Overview 

This rigid recycled plastics market report extensively covers market segmentation by

1. Type 
• 1.1 PET
• 1.2 HDPE
• 1.3 PP
• 1.4 LDPE
• 1.5 Others
2. End-user 
• 2.1 Packaging
• 2.2 Construction
• 2.3 Automotive
• 2.4 Electrical and electronic components
• 2.5 Others
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 PET-  The recycling process of Polyethylene Terephthalate (PET) involves the transformation of modified ethylene glycol and purified terephthalic acid into pellets, which are then utilized in various industries. Rigid recycled plastics, specifically PET, are extensively used in manufacturing decks, downcycled into lower-grade products such as fibers for winter clothing, and in creating face masks, among other applications. PET plastics are favored for their fatigue resistance, light weight, and shatterproof properties, making them suitable for use in industrial strapping, insulation, piping systems, and packaging material for food and beverage, pharmaceuticals, and non-food packaging. Additionally, they are employed in the production of new containers for various industries, including electronics, where they contribute to energy savings through their light weight and thermostability. Expanded polystyrene, oils, and garbage bins are other applications for recycled PET plastics. The growing awareness of plastic waste reduction and favorable initiatives have led to an increase in the use of recycled PET in new plastics and non-food packaging, such as milk cartons and plastic bottles. Furthermore, recycled PET is used in the production of packaging foam and sheets, laboratory equipment, and even in the manufacturing of plastic hinges and fixtures. In the electronics industry, recycled PET is used in the production of electrical & electronics, including dry-cleaning bags, laptop cases, and electronic trimmers. The recycling of PET plastics also contributes to reducing plastic wastes in landfills and oceans, making it a sustainable and eco-friendly alternative to new plastics. In conclusion, the recycling of PET plastics offers numerous benefits, including cost savings, light weight, and the ability to be recycled multiple times. It is used in a wide range of applications, from industrial strapping and insulation to food packaging and electronics, making it a versatile and essential material in today's market.

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Research Analysis

The Rigid Recycled Plastics Market is experiencing significant growth due to increasing consumer awareness towards plastic consumption and the need for lightweight components in various industries. This trend is particularly prominent in packaging products for online purchases of electrical & electronics, personal care products, and protective gear like gloves and face masks. Recycled plastics, such as those made from recycled polymer materials like Polyethylene terephthalate (PET), High-density polyethylene (HDPE), Polypropylene (PP), and Low-density polyethylene (LDPE), are becoming increasingly popular as they offer energy savings and contribute to reducing the demand for new plastics. The market for recycled plastics is further boosted by the downcycling and use of recycled plastic in the production of new plastics. The shift towards using recycled plastics is a positive step towards reducing virgin plastic consumption and promoting sustainable practices.

The Rigid Recycled Plastics Market encompasses the production, consumption, and trade of recycled rigid plastics. These plastics are derived from various sources, including post-consumer and post-industrial waste. The market is driven by the increasing demand for sustainable and eco-friendly solutions in various industries, such as packaging, construction, and automotive. The use of recycled rigid plastics offers several benefits, including cost savings, resource conservation, and reduced greenhouse gas emissions. The market is segmented based on the type of rigid plastics, such as polyethylene terephthalate (PET), high-density polyethylene (HDPE), and polypropylene (PP). The global rigid recycled plastics market is expected to grow significantly in the coming years due to the increasing awareness and regulations regarding waste management and recycling.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• PET
• HDPE
• PP
• LDPE
• Others
• End-user
• Packaging
• Construction
• Automotive
• Electrical And Electronic Components
• Others
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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