Recycled plastics are created from post-consumer or post-industrial plastics, rather than virgin resin. Recycling discarded plastic from consumable products is an effective way to reprocess the material into usable products. Many products, such as soda bottles, plastic containers, sheets, and pellets, are excellent sources of recyclable material. Recycled plastic is used to manufacture a variety of items. The sort of product made from recycled plastic is determined by the resin used. Plastic resins such as PET, PP, HDPE, and LDPE are used to create a variety of items.
United States Plastic Recycling Market Driving Factors and Challenges
Driving Factors- Recycled PET is now the predominant raw material for making bottles for packaged water and fizzy beverages. For example, the Coca-Cola Company makes 50% of its bottles from recycled PET. Several organisations and associations have urged large corporations to boost the use of recycled plastic in their facilities and offers. For example, Nestlé and Veolia formed a cooperation to establish operations for collecting, sorting, and recycling plastic garbage in 11 countries across Latin America, Europe, Asia, and Africa. By 2025, the companies hope to have used up to 35% recycled material in their packaging products. Reckitt Benckiser, Unilever, The Proctor & Gamble Company, and PepsiCo are all making attempts to use recycled plastics in their product packaging, therefore the recycled plastics market in America is likely to grow rapidly in the future years.
Challenges- Virgin plastics outperform recycled plastics in terms of quality and norms. Even though regulatory organisations have permitted the use of post-consumer plastics in conjunction with virgin plastics, businesses are hesitant to use them due to the possibility of contamination and the inability to maintain the packaging standards required for products. Furthermore, the emergence of COVID-19 has resulted in a significant drop in crude oil costs, lowering the manufacturing cost of virgin polymers. According to S&P Global Platts, the price of virgin PET dipped below that of recycled PET in the second half of 2019, posing a challenge for recyclers and end users in the near future.
Impact of COVID-19 on United States Plastic Recycling Market
The COVID-19 pandemic has significantly impeded the expansion of the plastic recycling industry. The epidemic has affected the sector by causing supply chain disruptions, financing reductions for R&D, and transit restrictions. Due to these considerations, the amount of plastic waste that could be collected globally and processed during the recycling process was significantly reduced. But the plastic recycling industry rebounded greatly after the COVID-19 pandemic, and growth is expected to continue as more governments turn their attention to sustainability and reducing plastic waste.
United States Plastic Recycling Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Agilyx, Brightmark LLC, PLASTIPAK HOLDINGS, INC, MBA Polymers Inc, CUSTOM POLYMERS, UltrePET LLC, KW Plastics, Carbonlite Inc, Seraphim Plastics, Post Plastic Inc and Others.
United States Plastic Recycling Market Segmentation:
By Product: Based on the Product, United States Plastic Recycling Market is segmented as; Polyethylene, Polyethylene Terephthalate, Polypropylene, Polyvinyl Chloride, Polystyrene.
By Process: Based on the Process, United States Plastic Recycling Market is segmented as; Chemical Recycling, Mechanical Recycling.
By End-User: Based on the End-User, United States Plastic Recycling Market is segmented as; Building & Construction, Packaging, Electrical & Electronics, Textiles, Automotive, Others.
By Region: This research also includes data for Northeast, Southwest, West, Southeast, Midwest.
Various market drivers and restraints for the projected period are also covered in this analysis. The paper also covers a number of growth potential.