According to Global Market Insights, Inc., “Recycled Thermoplastic Market size was estimated over USD 45 billion in 2017 and the industry will grow by a CAGR of more than 9.5% up to 2025.” While delivering major benefits, the current plastic economy has major drawbacks that are becoming more apparent day by day. Recycled thermoplastic market, however, with its penetration, is sending out waves of anticipation across a plethora of industry domains, subject to its unrivalled functional properties and reduced cost.
Estimates depict, more than 90% of plastic packaging material value after a short first use life cycle is lost to economy, accounting for a loss of more than USD 100 billion annually. Nearly 30% of the plastic packaging escapes the collection system which ultimately leads to a significant economic cost, due to loss in productivity of vital natural systems such as ocean.
The cost of such post-use externalities in addition to the cost associated with the GHG emission from plastic production are compelling most of the end-use sectors to incline toward recycled thermoplastic industry. Statistics further testifying the declaration – the global recycled thermoplastic market garnered a remarkable revenue of USD 45 billion in 2017.
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Regionally, the Asia Pacific belt is proclaimed to emerge as one of the most lucrative growth grounds for recycled thermoplastic industry, given the increasing proliferation of construction activities across this region. Driven by countries like China, the regional market is estimated to procure more than 35% of the global share by 2025. In fact, as per estimates, the construction industry output in Asia Pacific region would reach USD 4.8 trillion by 2021. This would invariably upscale the demand for recycled thermoplastics for window panels, railings, insulation, and structural decorations, leaving a perpetual impact on regional recycled thermoplastic industry share.
APAC’s yesteryear dominance in global recycled thermoplastic market may also be attributed to the robustly expanding automotive domain across emerging countries like India and China, that has been lately undergoing a transition of sorts. The shifting trend toward light weight vehicles has substantially increased the commercialization of recycled thermoplastics in automotive domain. Statistics claim, sales of light weight vehicles in India and China grew by almost 7.1% and 13.7% in 2016, a vital factor that has influenced APAC recycled thermoplastic market size in 2017.
Despite the elucidated opportunities, the possibility of material contamination during production process remains one of the major constraints affecting the growth trajectory of recycled thermoplastic industry. The contamination of these materials may be microbiological or chemical in nature. This, in consequence, has prompted many of the regulatory authorities to raise a concern over recycled thermoplastic material’s usage in food applications, as the impurities might even leave a trace in the final food product.
However, industry players are leaving no stone unturned to overcome the challenge, by bringing more technological interventions in the recycling process. With robust requirement of the material across myriad end-use domains and a persuasive governmental backup, recycled thermoplastic industry is certain to achieve remarkable proceeds over the ensuing years, with a target revenue of USD 95 billion by 2025.