Dublin, Nov. 24, 2022 (GLOBE NEWSWIRE) -- The "North America Recycled Plastic Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type, Source, and Application" report has been added to ResearchAndMarkets.com's offering.
The North America recycled plastic market is expected to grow from US$ 9,369.99 million in 2021 to US$ 16,889.88 million by 2028; it is estimated to grow at a CAGR of 8.9% from 2021 to 2028.
The growing packaging, automotive, and electrical & electronics sectors is a major driver for the recycled plastic market. The automotive sector is witnessing tremendous growth due to increasing passenger car sales and rising new vehicle production in emerging economies.
Automotive companies use recycled plastics in auto parts such as dashboards and gearboxes. The main reason for using recycled plastic in automotive is that the components manufactured using recycled plastics are lightweight, and a lighter car consumes less fuel, which also translates into less exhaust emissions. In addition, plastic parts are not prone to corrosion and offer flexibility and safety compared to other plastics. As per the International Organization of Motor Vehicle Manufacturers (OICA), countries in North America recorded over ~16.2 million commercial and passenger car production in 2010, which grew by more than 23% and registered over ~20 million commercial and passenger production in 2019.
The surge in automobile manufacturing is boosting the demand for recycled plastics, thereby driving the market. Furthermore, the packaging industry has created lucrative opportunities for recycled packaging. Recycled materials are advancing in various industries such as food & beverages, cosmetics, and consumer goods. In the food & beverages industry, the consumption of recycled plastics is increasing.
It is used in the form of films, containers, and bottles to pack the food. With the increasing population, the demand for recycled plastic is increasing. Factors such as increasing awareness about issues with plastic disposal in landfills and rising formulation regulations are bolstering the recycled plastic market growth. Recycling another plastic for food packaging is difficult compared to polyethylene terephthalate, resulting in an inadequate supply of food-grade recycled plastics. The current situation of inadequate supply of food-grade recycled plastic is encouraging investments in the market, supporting the demand for recycled plastic in the packaging industry.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the recycled plastic market at a notable CAGR during the forecast period.
Market Dynamics
Market Drivers
- Increasing Adoption of Recycled Plastics in Packaging, Automotive, and Electrical & Electronic Industries
- Rising Expansion of Construction Industry
Market Restraints
- Inadequate Supply of Recycled Plastics Leads to Preference for Virgin Plastic
Market Opportunities
- Rising Stringent Government Regulations to Upsurge the Recycling Rate of Plastics
Future Trends
- Rising Innovation in Plastic Recycling
| Report Attribute | Details |
| No. of Pages | 126 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $9369.99 Million |
| Forecasted Market Value (USD) by 2028 | $16889.88 Million |
| Compound Annual Growth Rate | 8.9% |
| Regions Covered | North America |
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. North America Recycled Plastic Market Landscape
5. North America Recycled Plastic Market - Key Market Dynamics
6. North America Recycled Plastic - 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 Plastic Market - Country Analysis
11. Industry Landscape
12. Company Profiles
13. Appendix
Companies Mentioned
- Biffa
- Remondis SE & Co. Kg
- Veolia
- Jayplas
- Alpek S.A.B. de C.V.
- Plastipak Holdings Inc.
For more information about this report visit https://www.researchandmarkets.com/r/wp2519
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