United States Plastic Recycling Market Growth and Size, Rising Trends, Demand, Industry Share, Revenue, Challenges, Future Opportunities and Forecast Till 2033: SPER Market Research
Plastic recycling is the process of collecting trash or discarded plastic materials and converting them into new products. This process entails collecting, classifying, cleaning, and processing plastic waste to produce a new material that can be used to make other products. The major purpose of plastic recycling is to limit the amount of plastic rubbish that ends up in landfills and oceans while simultaneously preserving natural resources by using recycled plastic instead of new plastic. It is a vital part of waste management and environmental conservation efforts.
According to SPER Market Research, ‘United States Plastic Recycling Market Size – By Product, By Process, By End-User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the United States Plastic Recycling Market is estimated to reach USD 5.07 billion by 2033 with a CAGR of 8.11%.
Drivers:
The sector is increasing in major part as people become more aware of the negative consequences of plastic trash on the environment, such as animal welfare and ocean pollution. As a result, there is an increased need for plastic recycling in order to reduce plastic waste and its negative environmental impact. The growing demand for sustainable and eco-friendly products from businesses and consumers is also driving the plastic recycling industry. Businesses are increasingly employing recycled plastic in their goods, driving up demand for the commodity. The government’s measures to increase recycling and reduce plastic waste should provide various opportunities for the plastic recycling industry. Governments worldwide are enacting rules and regulations to encourage businesses to use recycled plastics and limit their plastic waste.
Restraints:
Virgin plastics beat recycled plastics in terms of quality and standards. Even though regulatory bodies have authorised the use of post-consumer plastics alongside virgin plastics, businesses are hesitant to employ them due to the risk of contamination and the inability to maintain product packaging standards. Furthermore, the introduction of COVID-19 has resulted in a significant decline in crude oil prices, cutting the cost of producing virgin polymers. According to S&P Global Platts, the price of virgin PET fell below that of recycled PET in the second half of 2019, creating a challenge for recyclers and end users in the near future.
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The COVID-19 pandemic has greatly slowed the growth of the plastic recycling business. The outbreak has had an impact on the sector by disrupting supply chains, reducing funding for R&D, and imposing transit limitations. Because of these concerns, the amount of plastic garbage that could be collected and recycled was drastically reduced. However, the plastic recycling business recovered significantly following the COVID-19 epidemic, and development is projected to continue as more governments focus on sustainability and reducing plastic waste.
Major players in the market are Agilyx, Brightmark LLC, PLASTIPAK HOLDINGS, INC, MBA Polymers Inc, CUSTOM POLYMERS, UltrePET LLC, KW Plastics, Carbonlite Inc, and Others.
United States Plastic Recycling Market Segmentation
By Product:
- Polyethylene
- Polyethylene Terephthalate
- Polypropylene
- Polyvinyl Chloride
- Polystyrene
By Process:
- Chemical Recycling
- Mechanical Recycling
By End-User:
- Building & Construction
- Packaging
- Electrical & Electronics
- Textiles
- Automotive
- Others
By Region:
- Northeast
- Southwest
- West
- Southeast
For More Information, refer to below link:-
U.S. Recycled Plastics Market Outlook
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