The U.S. recycled plastics market size was valued at USD 2.15 billion in 2022 and may exhibit a CAGR of 7.9% during the forecast period.
Recycled plastics refer to plastic waste or polymers that are collected and reprocessed to create new plastics. The U.S. government and several private organizations are concerned regarding environmental pollution as a large part of the plastic waste contains non-biodegradable materials. This factor is expected to boost market growth during the forecast period.
The COVID-19 outbreak had a negative influence on the market due to the temporary shutdown of recycling activities. Moreover, many recyclable plastic manufacturers were not able to collect plastic waste due to lockdowns and social distancing norms, which further hampered the U.S. recycled plastics market growth.
Fortune Business Insights™ displays this information in a report titled, "U.S. Recycled Plastics Market, 2023-2030."
Segmentation:
Demand for Polyethylene Terephthalate is rising due to Growing Use in the Food Packaging Industry
Based on type, the market is segmented into polyethylene terephthalate, high-density polyethylene, polypropylene, low-density polyethylene, and others. The polyethylene terephthalate segment captured the largest U.S. recycled plastics market share in 2022 due to the rising use of this type of plastic in the food packaging film sector.
Rising Sales of Consumer Goods On E-commerce Websites to Fuel Product Use in Non-Food Packaging Applications
Based on application, the market is segmented into non-food packaging, food packaging, construction, automotive, and others. The non-food packaging segment is anticipated to record a faster growth rate during the forecast period due to the growing sales of consumer goods. Recycled plastics are needed to package these products as they are highly resistant to chemicals and offer many properties that are similar to those of conventional plastics.
Drivers and Restraints:
Rising Product Use in the Packaging Sector to Accelerate Market Progress
Recycled plastics have many properties that are similar to those of traditional plastics, due to which their demand has been rising in recent years. Recycled plastic is widely used in many end-use industries, for producing bags, bottles, vehicle parts, and containers. This product finds robust demand in the packaging sector as they are used to pack a wide range of food and non-food items. This enhances the product’s durability, which will further improve the market outlook.
However, the preference for virgin plastics is still high as compared to their recycled options due to their high quality. This factor may restrict market progress.
Source- https://www.fortunebusinessinsights.com/u-s-recycled-plastics-market-108753
Competitive Landscape:
Leading Companies to Implement Corporate Growth Strategies to Expand Their Market Share
The market is highly competitive due to the growing presence of both emerging and well-known companies that are engaged in the production of high-quality recycled plastics. Some of these leading market players include Custom Polymers, KW Plastics, Plastipak Holdings, B. Schoenberg & Co., and The Coca Cola Company Incorporated. These firms are competing on the pricing and application areas of their products. They are entering several agreements to ensure business continuity and corporate growth, such as product innovations, collaborations, social media marketing, and acquisitions.
Key Industry Development:
October 2022 – Veolia announced the launch of ‘PlastiLoop’, a new brand of recycled plastics and services, at the K 2022 fair held in Dusseldorf, Germany. The new product was brought to life by Veolia’s extensive network of experts and 37 plastic recycling factories across the globe. The new product provides a vast range of ready-to-use recycled resins, such as PET, PP, HDPE, PS, ABS, LDPE, and PC to its clients.
List of Key Players Mentioned in the Report:
KW Plastics (U.S.)
Custom Polymers (U.S.)
Plastipak Holdings (U.S.)
The Coca-Cola Company Incorporated (U.S.)
Schoenberg & Co. U.S.)
Fresh Pak Corporation (U.S.)
B&B Plastics (U.S.)
Green Line Polymers (U.S.)
Ultra Poly Corporation (U.S.)
Clear Path Recycling (U.S.)
MBA Polymers (U.S.)
RJM International Inc. (U.S.)
CarbonLite Industries LLC (U.S.)
Envision Plastics Industries LLC (U.S.)