The market for recycled thermoplastics will surpass US$95 billion by 2025; according to a new research report by Global Market Insights, Inc.
Expansion in the electrical and electronics industry due to increased consumer spending and advances in telecommunications in North America will drive demand for recycled thermoplastics. These plastics are used in for cable and wire insulation, cable trunking, refrigerator trays/linings, TV cabinets, kettles, and more.
The building and construction industry will be the second major contributor to growth. Recycled thermoplastics are widely used in sidings, panels, insulation, doors, plumbing fixtures, flooring, bathroom units, railings, gratings, and structural decorations. In the Asia Pacific region, construction industry output is expected to reach US$4.8 trillion by 2021, partly due to stimulus initiatives by the governments of China and India
The industry is categorized into non-biodegradable and biodegradable recycled thermoplastics. Non-biodegradable is showing substantial growth with a projected CAGR of more than nine percent by 2024 on the basis of volume. This is due to the low prices and ease of availability of the product in the market and will boost the entire recycled plastics market growth in coming years.
Based on volume, granules will capture over 25 percent share of the entire segment in coming years, thanks to extensive usage in packaging products for various end-use industries such as food & beverage, etc.
Blow molding is seeing a substantial growth with CAGR of around 8.5 percent in the forecast timeframe. Blow molding techniques for the production of bottles and containers and will subsequently spur the demand for the technology in the future.
From a revenue standpoint, polyvinyl chloride (PVC) sees a CAGR of more than eight percent from 2018 to 2025. Product properties such as dimensional stability, resistance to weathering and electricity makes it suitable to produce extruded wire coatings, pipes, toys, bottles, fabric coatings, films, doors, windows components, etc.
China is expected to see growth of eight percent in its recycled thermoplastic market, with revenue of more than US$5 billion by 2025.
The key recycled thermoplastics market players include KW Plastics, PARC Corporation, B. Schoenberg and Co., Plastipak Holdings, Inc, Custom Polymers Inc., Suez SA, Merlin Plastics Alberta Inc., Revital Polymers, Ricova International Inc., RJM International Inc, JP Industrial, MRC and others.