Rising Stringent Government Regulations to Upsurge the Recycling Rate of Plastics Presents Opportunities

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The North American Recycled Plastics Market

The North American Recycled Plastics Market

The North American Recycled Plastics Market

Dublin, Nov. 24, 2022 (GLOBE NEWSWIRE) — The report “North America Recycled Plastics Market Forecast to 2028 – Impact of COVID-19 and Regional Analysis by Type, Source and Application” has been added to the report ResearchAndMarkets.com the offer.

The North American recycled plastics market is expected to grow from USD 9,369.99 million in 2021 to USD 16,889.88 million by 2028; is estimated to grow at a CAGR of 8.9% from 2021 to 2028.

The growing packaging, automotive, and electrical and electronics industries are the major drivers of the recycled plastics market. The automotive industry is experiencing tremendous growth due to increasing sales of passenger cars and increasing production of new vehicles in developing countries.

Car companies use recycled plastic in car parts such as dashboards and gearboxes. The main reason for using recycled plastic in cars is that the components produced using recycled plastic are lightweight and a lighter car uses less fuel, which also produces less exhaust emissions. In addition, plastic parts are not subject to corrosion and offer flexibility and safety compared to other plastics. According to the International Organization of Motor Vehicle Manufacturers (OICA), North American countries recorded more than 16.2 million commercial and passenger car production in 2010, an increase of more than 23% and recorded more than 20 million commercial and passenger car production in 2019.

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The increase in automobile production is increasing the demand for recycled plastics, thereby driving the market. In addition, the packaging industry has created profitable opportunities to recycle packaging. Recycled materials are developing in various industries such as food and beverage, cosmetics and consumer goods. The consumption of recycled plastics in the food and beverage industry is increasing.

It is used in the form of films, containers and bottles for food packaging. As the population grows, so does the demand for recycled plastic. The growth of the recycled plastics market is fueled by factors such as increasing awareness of the problems associated with landfilling plastics and growing formulation regulations. Recycling other plastics for food packaging is difficult compared to polyethylene terephthalate, resulting in an insufficient supply of food-grade recycled plastics. The current situation of insufficient supply of food-grade recycled plastics is driving investment in the market, supporting demand for recycled plastics in the packaging industry.

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With new features and technologies, sellers can attract new customers and expand their influence in new markets. This factor is likely to drive the recycled plastic market at a significant CAGR during the forecast period.

Market dynamics

Market leaders

  • Increasing use of recycled plastics in the packaging, automotive, and electrical and electronic industries

  • The increasing expansion of the construction industry

Market constraints

Market opportunities

Future trends

Report attribute

more details

Number of pages

126

Forecast period

2022-2028 year

Estimated market value (USD) in 2022

9369.99 million US dollars

Projected market value (USD) by 2028

16889.88 million US dollars

Compound annual growth rate

8.9%

Regions included

North America

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Main topics covered:

1. Introduction

2. Key Takeaways

3. Research methodology

4. North America Recycled Plastics Market Landscape

5. North America Recycled Plastics Market – Key Market Dynamics

6. North America Recycled Plastics – Country Market Analysis

7. North America Recycled Plastics Market Analysis – By Type

8. North America Recycled Plastics Market Analysis – By Source

9. North America Recycled Plastics Market Analysis – By Application

10. North America Recycled Plastics Market – Country Analysis

11. Industry landscape

12. Company profiles

13. Appendix

The mentioned companies

  • Biff

  • Remondis SE & Co. Kg

  • Veolia

  • Jayplas

  • Alpek SAB de CV

  • Plastipak Holdings Inc.

For more information on this report, visit https://www.researchandmarkets.com/r/wp2519

Appendix

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

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