|North America Plastic Recycling Market 2022 Trade Analysis, Future Product Development And Forecast To 2030|
North America Plastic Recycling Industry Overview
The North America plastic recycling market size is expected to reach USD 7.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.1% from 2021 to 2028. Recycled plastic packaging provides an environment-friendly solution compared to virgin plastic. The growing use of recycled plastics in packaging is expected to fuel the demand for plastic recycling in the region. The packaged food industry in North America has grown tremendously in recent years.
North America Plastic Recycling Market Segmentation
Grand View Research has segmented the North America plastic recycling market on the basis of basis of product, process, end-use, and country:
Based on the Product Insights, the market is segmented into Polyethylene, Polyethylene Terephthalate, Polypropylene, Polyvinyl Chloride, Polystyrene, Others.
- The Polyethylene Terephthalate (PET) product segment led the market and accounted for more than 33.0% revenue share in 2020. Recycled PET is estimated to witness significant growth over the forecast period owing to ease of collection in the form of PET bottles.
- Polyethylene terephthalate is widely used in plastic bottles of soft drinks and containers for food and liquids. In addition, it is used in medical applications including sutures and vascular grafts. Thus, the increasing demand for PET in the above-mentioned application is fueling the growth of PET waste.
- In addition, the polyvinyl chloride segment is anticipated to witness steady growth during the forecast period. Polyvinyl chloride is found in rigid bottles, clamshells, flexible medical and bedding bags, shrink wrap, wire/cable insulation coated fabrics, and flooring.
- Furthermore, contamination with other waste streams such as polyethylene terephthalate, polystyrene, and polyethylene with polyvinyl chloride carries a significant risk of releasing hydrochloric acid (HCI) at elevated temperatures.
Based on the Process Insights, the market is segmented into Chemical, Mechanical.
- The mechanical recycling segment led the market and accounted for the largest revenue share of more than 67.8% in 2020. The mechanical recycling process produces recycled plastics with very low emissions and reduces the carbon footprint of the company. It is used for both residential and industrial plastic waste.
- The process preserves the molecular structure. It mechanically crushes the plastic and remelts it into granulate. This granulate is then used to make new products in various industries such as automotive, textiles, electrical and electronics, packaging, and building and construction.
- Chemical recycling primarily includes pyrolysis and hydrolysis of plastic waste. The recycled plastic produced from chemical recycling can be easily used as a replacement for virgin polymer as it includes processing temperatures above 300°C.
Based on the End-use Insights, the market is segmented into Building & Construction, Packaging, Electrical & Electronics, Textiles, Automotive, Others.
- The packaging end-use segment led the market and accounted for the largest revenue share of more than 36.0% in 2020. The segment is anticipated to maintain its dominance over the forecast period. Recycled plastics are extensively utilized in packaging applications such as in food and non-food containers, beverage bottles, personal care products, household care products, and film and sheets, among others.
- The excellent shock-absorbing properties of plastic packaging make them ideal for the storage and transportation of fragile items such as electronics equipment, consumer goods, healthcare, and chemical products.
- The inclination of consumers toward sustainable packaging and increasing landfill issues in North America are compelling manufacturers to adopt recycled plastics for packaging. This in turn is further projected to create demand for plastic recycling in the region.
North America Plastic Recycling Outlook
Key Companies Profile & Market Share Insights
The market is highly characterized by the expansion and joint venture strategies opted by plastic recycling companies across the region. In addition, major players in the market compete based on their application development capabilities and emerging technologies used in plastic recycling.
Some prominent players in the North America plastic recycling market include
- Brightmark LLC
- PLASTIPAK HOLDINGS, INC.
- MBA Polymers Inc.
- UltrePET LLC
- KW Plastics
Order a free sample PDF of the North America Plastic Recycling Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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