North America Plastic Recycling Market
Global North America Plastic Recycling market to surpass USD 0.371 billion by 2031 from USD 0.506 billion in 2021 at a CAGR of 3.15 % in the coming years, i.e., 2021-31.
Plastic is a non-biodegradable, synthetic product that is most commonly sourced from petrochemicals. Plastic recycling is the method of improving different types of plastic from waste products in order to reuse them for producing useful products. Before recycling, the waste and scrap go through a series of five different stages, which include categorization, washing, shredding, identification and arrangement of plastic, and extruding.
North America Plastic Recycling Market is expected to project a notable CAGR of 3.15 % in 2031.
Recycled plastic packaging offers an environment-friendly service compared to virgin plastic. The rising application of recycled plastics in packaging is anticipated to boost the demand for plastic recycling.
North America Plastic Recycling Market: Segments
Non-Food Contact Packaging segment to grow with the highest CAGR during 2020-30
North America Plastic Recycling Market is segmented by Application into Non-Food Contact Packaging, Food Contact Packaging, Construction, Automotive, and Others. During the forecast period, Non-Food Contact Packaging segment of the North America Plastic Recycling Market is estimated to hold the biggest market share and increase at the rate. This type of packaging is active in industrial processing products for securing the products from harsh weather circumstances.
Polyethylene Terephthalate (PET) segment to grow with the highest CAGR during 2020-30
North America Plastic Recycling market is divided by Product into Polyethylene, Polyethylene Terephthalate, Polypropylene, Polyvinyl Chloride, Polystyrene. During the forecast period, Polyethylene, Polyethylene Terephthalate will be the fastest-growing market, and it is expected to dominate the market. Polyethylene terephthalate is extensively used in plastic bottles of soft drinks and containers for food and juices. Additionally, it is used in medical sector including sutures and vascular grafts. Therefore, the increasing demand for PET in the above-mentioned application is driving the growth of PET waste.
Rising concerns over the application of plastics
Rising concerns over the application of plastics, growing demand for substitutes to conventional plastics have been observed in the market. End-use users in the market are shifting their focus toward the use of recycled plastics due to the reduced carbon footprint related with the manufacturing process of recycled plastics as compared to virgin plastics. Thus, boost the Plastic Recycling Market.
Innovation in processing techniques
The packaged food industry is driven by innovation in processing methods, which are used for improving the shelf life of food goods. The demand for packaging is large, particularly for snack food and beverage goods, which can be attributed to technological developments, changing lifestyles of consumers, contemporary retail trades, and the growing popularity of quick-service restaurants. For example, customers in North America choose packaging that is light and aesthetically appealing. This is expected to boost the growth of packaging in the coming years, thereby creating demand for plastic recycling.
High investment cost
The difference between the cost-bearing party and the prospective beneficiary, in terms of what the total cost would be and who would cover it, is one of the primary roadblocks. The total process of production of recycled plastic is extremely high. Utilities and customers both invest a lot of money. Many utilities are hesitant to transfer their priority to new technology implementation. Also, lack of awareness among consumers hinder the North America Plastic Recycling market.
North America Plastic Recycling Market: Key Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
PLASTIPAK HOLDINGS, INC.
MBA Polymers Inc.
UltrePET LLC; KW Plastics
Post Plastic Inc.
Other Prominent Players
North America Plastic Recycling Market: Regions
North America Plastic Recycling Market is segmented based on regional analysis into these major regions: US and Canada. The U.S. dominated the North America plastic recycling market and reported for the largest revenue share of over 90% in 2020. Most of the plastic waste generated in this region is exported to other countries for recycling. Many cities in the U.S., such as Seattle, Phoenix, and others, have plastic recycling incentives, whereby, residents are charged for landfill waste streams and not the price of recycling waste streams. Cities such as Charlotte, Houston, and Chicago are the minimum contributors cities in terms of plastic recycling.
North America Plastic Recycling market is further segmented by region into:
US Market Size, Share, Trends, Opportunities, Y-o-Y Growth
Canada Market Size, Share, Trends, Opportunities, Y-o-Y Growth
North America Plastic Recycling Market report also contains analysis on:
North America Plastic Recycling Market Segments
Polypropylene, Polyvinyl Chloride
Non-Food Contact Packaging
Food Contact Packaging, Construction
North America Plastic Recycling Market Dynamics
North America Plastic Recycling Market Size
Supply & Demand
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
North America Plastic Recycling Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 0.3714 billion
Revenue forecast in 2031 USD 0.506 billion
Growth Rate CAGR of 3.15 % from 2021 to 2031
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2031
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Product, Application, and Region
Regional scope US and Canada
Key companies profiled Agilyx, Brightmark LLC; PLASTIPAK HOLDINGS, INC.; MBA Polymers Inc.; CUSTOM POLYMERS; UltrePET LLC; KW Plastics; Carbonlite Inc.; Seraphim Plastics; Post Plastic Inc. Other Prominent Players.