North America Recycled Plastic Market: Growth, Trends, and Strategic Insights
Market Overview
The North America recycled plastic market is projected to grow from US$ 9,369.99 million in 2021 to US$ 16,889.88 million by 2028, reflecting a CAGR of 8.9% from 2021 to 2028. The increasing demand across key industries, including packaging, automotive, and electrical & electronics, is a significant driver of this growth.
Key Market Drivers
- Expansion in the Automotive Industry:
- The automotive sector has witnessed rapid growth, fueled by increasing passenger car sales and rising production rates, particularly in emerging economies.
- Recycled plastics are widely used in automobile manufacturing, particularly in dashboards, gearboxes, and other components.
- Lightweight plastic components enhance fuel efficiency, reducing both fuel consumption and exhaust emissions.
- Compared to conventional materials, plastic components offer improved corrosion resistance, flexibility, and safety.
- According to the International Organization of Motor Vehicle Manufacturers (OICA), North America recorded a 16.2 million commercial and passenger vehicle production in 2010, increasing by over 23% to 20 million in 2019.
- Rising Demand in the Packaging Industry:
- The use of recycled plastic in food & beverages, cosmetics, and consumer goods packaging is growing.
- Recycled plastic is increasingly used in films, containers, and bottles for food packaging.
- A growing population and increasing regulatory awareness regarding plastic waste management are driving the adoption of sustainable packaging materials.
- The current shortage of food-grade recycled plastic presents an opportunity for investment and innovation in the sector.
- Regulatory Push for Sustainability:
- Government regulations and environmental policies are encouraging recycling initiatives and promoting the use of recycled plastics.
- Companies are investing in new technologies to enhance the quality and availability of recycled materials, further supporting market expansion.
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Market Segmentation
The North America recycled plastic market is segmented based on type, source, application, and country:
1. By Type:
- Polyethylene Terephthalate (PET)
- Polyethylene (PE)
- Polypropylene (PP)
- Polystyrene (PS)
- Others
2. By Source:
- Plastic Bottles
- Plastic Films
- Plastic Foams
- Plastic Fibers
- Others
3. By Application:
- Packaging
- Textile
- Automotive
- Building and Construction
- Electrical & Electronics
- Others
4. By Country:
- United States (Largest Market)
- Mexico (Emerging Growth)
- Canada (Steady Expansion)
Key Market Players
Prominent companies in the North America recycled plastic market include:
- Biffa
- Remondis SE & Co. Kg
- Veolia
- Jayplas
- Alpek S.A.B. de C.V.
- Plastipak Holdings Inc.
Strategic Insights
Industry participants can gain a competitive advantage by:
- Identifying untapped market segments and creating tailored solutions.
- Leveraging data analytics to anticipate market trends and shifts.
- Investing in advanced recycling technologies to overcome material shortages and regulatory challenges.
- Focusing on sustainability initiatives to align with growing environmental concerns and regulations.
By adopting a future-oriented approach, companies in the North America recycled plastic market can maximize opportunities, drive profitability, and establish long-term industry leadership.
Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Dรฉfense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications Authorโs Bio:
Akshay
Senior Market Research Expert at Business Market Insights
