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 are polymers or plastic waste accumulated and sent for reprocessing to produce new plastics. The U.S. government and many private organizations have raised their concerns about recycling plastic waste as they contribute to environmental pollution and a large part of the plastic waste consists of non-biodegradable materials. This factor is predicted to accelerate the U.S. recycled plastics market growth during the forecast period. Fortune Business Insights™ displays this information in a report titled, "U.S. Recycled Plastics Market, 2023-2030."
Segmentation:
Rising Demand from Packaging Sector to Fuel Production of Polyethylene Terephthalate
Based on type, the market is classified into polyethylene terephthalate, high-density polyethylene, polypropylene, low-density polyethylene, and others. The polyethylene terephthalate segment held the highest U.S. recycled plastics market share in 2022 as this plastic is increasingly used in the food packaging film industry.
Product Use to Increase in Non-Food Packaging Applications Due to Growing Sales of Consumer Goods On E-Commerce Platforms
Based on application, the market is divided into non-food packaging, food packaging, construction, automotive, and others. The non-food packaging segment is predicted to register a faster growth rate due to the rising sales of consumer products, such as beauty care products, liquid detergents, and shampoos. Recycled plastics are used to pack these items as they are highly resistant to chemicals and showcase several characteristics that are similar to those of traditional plastics.
Drivers and Restraints:
Growing Product Use in Many Industries to Amplify Market Growth
The U.S. governments have banned the use of single-use plastics in different states. This has compelled companies to manufacture recyclable plastics. The properties of this form of plastic are quite similar to those of traditional plastics, such as high chemical resistance and great strength. These properties have made recycled plastic quite popular in several end-use industries, which will further propel market growth.
However, the rising preference for virgin plastics over their recycled alternatives may stifle market development.
Source- https://www.fortunebusinessinsights.com/u-s-recycled-plastics-market-108753
Competitive Landscape:
Partnerships and Collaborations to Help Key Market Players Increase Their Customer Base
The U.S. recycled plastics market has a notable presence of reputed as well as emerging companies that produce high-quality recycled plastics. Some of these key market players include B. Schoenberg & Co., KW Plastics, Custom Polymers, The Coca Cola Company Incorporated, and Plastipak Holdings. These organizations are trying to gain a strong competitive advantage by offering multipurpose products at affordable prices. They are also focusing on signing various partnership and collaboration agreements to increase their customer base.
Key Industry Development:
October 2022 – Veolia launched ‘PlastiLoop’ at the K 2022 fair held in Dusseldorf, Germany. PlastiLoop is a new range of recycled plastics and services. The new product range was made possible by Veolia’s large network of experts and 37 plastic recycling plants that are present across the world. PlastiLoop also offers several ready-to-use recycled resins, such as PET, PP, HDPE, PS, ABS, LDPE, and PC to its customers.
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.)