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North America Plastic Recycling Market Size, Share & Trends Analysis Report By Product, By Process, By End-use, By Country And Segment Forecasts, 2021 - 2028

ReportLinker
·3 min read

North America Plastic Recycling Market Size, Share & Trends Analysis Report By Product (Polyethylene, Polyethylene Terephthalate, Polypropylene, Polyvinyl Chloride, Polystyrene), By Process, By End-use, By Country, And Segment Forecasts, 2021 - 2028

New York, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Plastic Recycling Market Size, Share & Trends Analysis Report By Product, By Process, By End-use, By Country And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06126825/?utm_source=GNW

North America Plastic Recycling Market Growth & Trends

The North America plastic recycling market size is expected to reach USD 7.7 billion by 2028. 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.

The packaged food industry is driven by innovation in processing techniques, which are used for enhancing the shelf life of food products.The demand for packaging is high, especially for snack food and beverage products, which can be attributed to technological improvements, lifestyle changes of consumers, modern retail trades, and the increasing popularity of quick-service restaurants.

For example, consumers in North America prefer packaging that is light and aesthetically appealing. This is likely to fuel the growth of packaging in the coming years, thereby creating demand for plastic recycling.

Furthermore, growing demand for packaged foods is anticipated to prompt manufacturers to increase production capacity, thereby, augmenting the demand for packaging over the forecast period.For instance, The Coca-Cola Company, which is engaged in the production of beverages, has achieved 88% of its packaging products made from recycled plastics in 2019 and aims to increase this number to 100% by 2025.

In recent years, there has been a significant shift toward the adoption of recycled plastics as a sustainable packaging solution.

The outbreak of COVID-19 has further fueled the growth of packaging.Social distancing measures, health awareness, and lockdown imposed by various governments to contain the spread of the pandemic have compelled consumers to rely more on food delivery services and e-commerce sites.

Thus, the growing packaging industry is anticipated to create significant demand for recycled plastics in coming years thereby, further propelling the growth of the market in the region.

The recycled polyethylene product segment is estimated to witness significant growth over the forecast period.This is attributed to the rising consumption of polyethylene for the production of reusable bags, agriculture films, toys, milk bottles, housewares, containers, shampoo bottles, trays, food packaging films, and toys, among others.

Furthermore, properties such as excellent resistance to solvents, high tensile strength, flexibility, toughness, and relative transparency are driving the demand for polyethylene in the above-mentioned application.

North America Plastic Recycling Market Report Highlights
• In terms of revenue, the polyethylene segment accounted for a prominent share in the market in 2020 and is further expected to witness prominent growth over the forecast period
• The packaging end-use segment dominated the market and accounted for more than 36.0% of the revenue share in 2020
• As of 2020, the U.S. accounted for more than 90.0% revenue share in the overall market. Growing environmental concerns and government investments in advanced plastics recycling technologies are expected to positively influence the growth of the market in the U.S.
• Various strategic initiatives were recorded over the past few years to boost the growth of the market in North America. For instance, in February 2020, Carbonlite Inc. planned to construct its fourth PET recycling plant near Orlando, Florida in the U.S. The plant is expected to be functional by the end of 2021, with a recycling capacity of 40,000 tons per annum
Read the full report: https://www.reportlinker.com/p06126825/?utm_source=GNW

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