New York, July 15, 2019 (GLOBE NEWSWIRE) -- Rising environmental concerns, along with need for frameworks to conserve energy coupled with versatile applicability are some of the key factors contributing to CAGR of the Recycled Plastics Market.
According to the current analysis of Reports and Data, the global Recycled Plastics Market was valued at USD 40.26 Billion in 2018 and is expected to reach USD 66.74 Billion by year 2026, at a CAGR of 6.5%. Recycled plastics are resins that are manufactured by reusing waste plastic products. They are produced by recovering plastic scraps and wastes and then reprocessing them into useful products. It can be defined as the process of cleaning, sorting and processing pre-consumer or post-consumer plastic wastes into resins for various applications. Most of the plastics are non-biodegradable in nature. Thus, the only way to dispose these plastics is to recycle them.
With the rising awareness, there has been a growth in the demand for this market. The resins manufactured from the plastic wastes can be used for several purposes. This versatility of application makes it an attractive option. These resins can be used in various industries such as packaging, building and constructions, electronics and electricals, automotive, furniture, textiles etc. However, it has a tough competition from the virgin plastics market. Virgin plastics are plastic resins that are directly produced from petrochemicals feed-stock such as natural gas, crude oil etc. these are the kinds of plastics that have never been used before. This competition acts as a major restraining factor. High competition with the virgin plastics market is one of the major restraining factors for this market. However, with the increasing awareness and the non-biodegradability of virgin plastics has worked in the favor of the recycled plastics market.
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Further key findings from the report suggest
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Recycled Plastics Market on the basis of type, application, scrap and region:
Type (Revenue, USD Million; 2016–2026)
Application (Revenue, USD Million; 2016–2026)
Scraps (Revenue, USD Million; 2016–2026)
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Regional Outlook: (Revenue, USD Million; 2016–2026)
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