Americas Recycled Plastics will exhibit a CAGR of 7.2% and reach USD 6,330.0 million by 2027, and the market value as per 2019 was USD 3,834.8 million.
Fortune Business Insights™ in its report, titled “Americas Recycled Plastics Market Size, Share & Industry Analysis, By Type (Polyethylene Terephthalate, High-Density Polyethylene, Polypropylene, Low-Density Polyethylene, and Others), Application (Packaging [Non-Food Packaging and Food Packaging], Construction, Automotive, and Others), and Country Forecast, 2020-2027”.
Americas Recycled Plastics Market Drivers and Restraint :
Plastic recycling is a time-consuming, resource-heavy process. However, extensive research into plastic recycling in Americas, especially in the US and Canada, is showing potential in making this process more economically viable and convenient. For instance, Cornell University in the US has a developed a technique which involves adding a layer of tetra-block copolymer between laminated sheets of polypropylene and polyethylene, creating a tough plastic that will be easier to recycle. Another notable innovation was achieved in 2017, when two Denver-based companies, Alpine Waste & Recycling and AMP Robotics, developed “Clarke”, a robot powered by Artificial Intelligence (AI).
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List of Key Players Covered in the Americas Recycled Plastics Market Report:
- Biocirculo (Colombia)
- Veolia (France)
- Avangard Innovative (U.S.)
- Ultra Poly Corporation (U.S.)
- Fresh Pak Corporation (U.S.)
- Suez Group (France)
- Custom Polymers, Inc. (U.S.)
- UltrePET LLC (U.S.)
- Delta Plastics (U.S.)
- Clear Path Recycling, LLC (U.S.)
- Green Line Polymers (U.S.)
- Schöenberg & Co. (U.S.)
- Plastipak Holdings (U.S.)
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Massive Demand for Packaged Goods to Propel the Market in the US
The US recycled plastics market size stood at USD 1,862.2 million in 2019 backed by a robust demand for packaged goods in the country. Furthermore, companies such as Coca-Cola and Pepsi are extensively utilizing recycled PET for packaging their staple beverages, which is augmenting the demand for recycled plastics in the country. In Canada, the federal government is aggressively pushing its agenda to eliminate single-use plastic products by 2021, thereby fueling the adoption of recycled plastic materials across the country.
Similar to Canada’s goals regarding single-use plastics, Latin American countries such as Colombia and Chile are steadily lowering their dependence on single-use plastics. Chile, in fact, is the first Latin American country to sign the Plastics Pact, which is an initiative to reduce plastic pollution around the world.
Some of the key industry developments in the Americas Recycled Plastics Market Include:
September 2020: The UK-based consumer goods company, Reckitt Benckiser (RB) Group, announced the formation of the “Healthy You, Healthy Planet” partnership with TerraCycle, the pioneer in waste recycling. Under the partnership, the two companies will offer simple and cost-effective solutions to clients to recycle plastic waste created by consumer goods packaging.
March 2020: Veolia and Nestle joined forces to cover all aspects of plastic waste management with focus on flexible plastic packaging in 11 priority areas across Europe, Latin America, Asia, and Africa. Their goal is to attain 35% recycled plastic content in bottles and 15% in all packaged products by 2025.
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