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North America Recycled Plastic Market
The North America recycled plastic market is expected to grow from US$ 9,369.99 million in 2021 to US$ 16,889.88 million by 2028; it is estimated to grow at a CAGR of 8.9% from 2021 to 2028.
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The growing packaging, automotive, and electrical & electronics sectors is a major driver for the recycled plastic market. The automotive sector is witnessing tremendous growth due to increasing passenger car sales and rising new vehicle production in emerging economies. Automotive companies use recycled plastics in auto parts such as dashboards and gearboxes. The main reason for using recycled plastic in automotive is that the components manufactured using recycled plastics are lightweight, and a lighter car consumes less fuel, which also translates into less exhaust emissions. In addition, plastic parts are not prone to corrosion and offer flexibility and safety compared to other plastics. As per the International Organization of Motor Vehicle Manufacturers (OICA), countries in North America recorded over ~16.2 million commercial and passenger car production in 2010, which grew by more than 23% and registered over ~20 million commercial and passenger production in 2019. The surge in automobile manufacturing is boosting the demand for recycled plastics, thereby driving the market. Furthermore, the packaging industry has created lucrative opportunities for recycled packaging. Recycled materials are advancing in various industries such as food & beverages, cosmetics, and consumer goods. In the food & beverages industry, the consumption of recycled plastics is increasing. It is used in the form of films, containers, and bottles to pack the food. With the increasing population, the demand for recycled plastic is increasing. Factors such as increasing awareness about issues with plastic disposal in landfills and rising formulation regulations are bolstering the recycled plastic market growth. Recycling another plastic for food packaging is difficult compared to polyethylene terephthalate, resulting in an inadequate supply of food-grade recycled plastics. The current situation of inadequate supply of food-grade recycled plastic is encouraging investments in the market, supporting the demand for recycled plastic in the packaging industry.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the recycled plastic market at a notable CAGR during the forecast period.
North America Recycled Plastic Market Segmentation
The North America recycled plastic market is segmented into type, source, application, and country. Based on type, the market is segmented into polyethylene terephthalate, polyethylene, polypropylene, polystyrene, and others. In terms of source, the North America recycled plastic market is segmented into plastic bottles, plastic films, plastic foams, plastic fibers, and others. Based on application, the market is segmented into packaging, textile, automotive, building and construction, electrical and electronics, and others. Based on country, the North America recycled plastic market is segmented into the US, Mexico, and Canada.
North America Recycled Plastic Strategic Insights
Strategic insights for the North America Recycled Plastic provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
Market leaders and key company profiles
ο· Biffa
ο· Remondis SE & Co. Kg
ο· Veolia
ο· Jayplas
ο· Alpek S.A.B. de C.V.
ο· Plastipak Holdings Inc.
North America Recycled Plastic Regional Insights
The geographic scope of the North America Recycled Plastic refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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Author's Bio
Akshay
Senior Market Research Expert at Business Market Insights
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