Scienza e Tecnologia
Recycled Plastics Market worth $120.0 billion by 2030 - Exclusive Report by MarketsandMarkets™
The fibers segment, by source, accounted for the second-highest CAGR of recycled plastics market in 2022. Used fibrous materials and clothing scraps are recycled into new raw materials and are used in many industries, such as automotive, furniture, mattress, coarse yarn, home furnishings, and paper. Specifically, fibers growth in textile sector along with the increasing usage of fibers in it has a significant impact of the recycled plastics market.
The polyethylene terephthalate (PET) segment, by plastic type, is projected to account for the largest share of recycled plastics market owing to its widespread applications. PET can be recovered and recycled repeatedly and remelted to produce new PET products. It is usually recycled into fashion products such as polar fleece clothes, backpacks, and carpets, along with food & beverage, building & construction, Packaging applications.
The major factors contributing to the growth of the recycled plastics in Europe include the EU restrictions on single-use plastics since 2019, aims to reduce plastic pollution with a target for recycling 50% of plastic packaging by 2025, increased venture capital funding, and initiatives undertaken by government bodies to encourage the adoption of recycled plastics across Europe .
The major players operating in the recycled plastics market include Alpek ( Mexico ), Biffa (UK), Cabka ( Germany ), Far Eastern New Century Corporation ( Taiwan ), Indorama Ventures ( Thailand ), Jayplas (UK), Loop Industries, Inc. ( Canada ), MBA Polymers Inc. (US), Plastipak Holdings, Inc. (US), Republic Services (US), Stericycle (US), and Veolia (France) , and others.
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