The Recycled Plastics Market is a growing market with an average CAGR of 8.5% during the forecast period. As of 2022, the Recycled Plastics market industry is valued at 41.47 Billion USD, and it is estimated to reach 56 Billion USD by the year 2028.
Recycled Plastics they are sorted, cleaned, shredded, melted and remolded. Each time plastic is recycled this way, its quality is degraded. When the plastic is melted, the polymer chains are partially broken down, decreasing its tensile strength and viscosity, making it harder to process these are the main factors that have considerably increased the demand for the Recycled Plastics in the market, thereby driving the huge growth of the Recycled Plastics market in the upcoming years
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Market Drivers and Restrains:
The main factors that have considerably increased the demand for the Recycled Plastics in the market is mainly due to the Increasing plastic consumption in the production of lightweight components, which are used in various industries including building & construction, automotive, and electrical & electronics, is expected to propel the growth of the market over the forecast period. Amid the global COVID-19 pandemic, the demand for various packaging products was high on account of the rise in online purchases of electrical & electronics, personal care products, and Personal Protective Equipment (PPE) products, such as gloves and face masks; these are the main factors that have considerably increased the demand for the Recycled Plastics in the market, thereby driving the huge growth of the Recycled Plastics market in the upcoming years
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Report is segmented as:
Recycled Plastics Market is segmented on the basis of by:
By Source (Bottles, Films, Fibers, Foams),
By Type (PET, PE, PP, PVC, PS), End-Use Industry (Packaging, Building & Construction, Textiles, Automotive, Electrical & Electronics)
Recycled Plastics Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the Recycled Plastics is due to the Rising usage of consumer electronics has propelled the demand for recycled plastics in electrical & electronics and packaging applications these are the main factors that have considerably increased the demand for the in Recycled Plastics the North America, followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase in the Recycled Plastics Market
Impact of COVID-19 on Market
Covid -19 pandemic has affected every industry, and the long-term consequences are projected to influence the Recycled Plastics boom for the duration of the forecast period. Covid-19 pandemic has impacted large on the income of Recycled Plastics market. COVID-19 has adversely affected the Recycled Plastics market. The restrictions and lockdown imposed by means of the authorities in quite a few international locations has gradual down the market and reduce the Recycled Plastics. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus are expecting to raise the Recycled Plastics market growth.
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