According to Fortune Business Insights™ The Americas recycled plastics market share is projected to reach USD 6,330.0 million by 2027, exhibiting a CAGR of 7.2% during the forecast period. High plastic waste generation in the United States and Brazil will be the central factor fueling this market in the coming years, states Fortune Business Insights™ According to the International Solid Waste Association (ISWA), the US releases approximately 88-242 million pounds of plastic per year. Moreover, the annual International Coastal Cleanup found 3.7 million tons of trash on the US coasts in 2017, majority of which was plastic. Brazil, on the other hand, generates over 11 million tons of plastic every year, but recycles only 1.28% of it, as per the findings of a World Wide Fund (WWF) report published in 2019. More than 7 million tons of plastic waste in Brazil goes in landfills, the report further notes. With two of the largest economies of the Americas producing massive amounts of plastic waste every year, the opportunities for companies in plastic recycling are extensive, boding well for the Americas recycled plastics market growth.
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The report states that the global market value stood at USD 3,834.8 million in 2019 and provides the following information:
- In-depth examination of the factors driving and restraining the market;
- Detailed insights into the different market segments;
- Exhaustive analysis of the regional prospects influencing the market; and
- Comprehensive evaluation of the key market players and their strategies.
Development of Innovative Recycling Technologies to Boost Market Growth
Plastic recycling is a time-consuming, resource-heavy process. However, extensive research into plastic recycling in Americas, especially in the US and Canada, is showing potential in making this process more economically viable and convenient. For instance, Cornell University in the US has a developed a technique which involves adding a layer of tetra-block copolymer between laminated sheets of polypropylene and polyethylene, creating a tough plastic that will be easier to recycle. Another notable innovation was achieved in 2017, when two Denver-based companies, Alpine Waste & Recycling and AMP Robotics, developed “Clarke”, a robot powered by Artificial Intelligence (AI). Clarke is embedded with algorithms that enable it to identify packaging details of products and isolate them for recycling. The companies hope that the robot will reduce the plastic waste going into landfills in the US. The Americas recycled plastics market stands to gain from such technological advancements.
Massive Demand for Packaged Goods to Propel the Market in the US
The US recycled plastics market size stood at USD 1,862.2 million in 2019 backed by a robust demand for packaged goods in the country. Furthermore, companies such as Coca-Cola and Pepsi are extensively utilizing recycled PET for packaging their staple beverages, which is augmenting the demand for recycled plastics in the country. In Canada, the federal government is aggressively pushing its agenda to eliminate single-use plastic products by 2021, thereby fueling the adoption of recycled plastic materials across the country.
Similar to Canada’s goals regarding single-use plastics, Latin American countries such as Colombia and Chile are steadily lowering their dependence on single-use plastics. Chile, in fact, is the first Latin American country to sign the Plastics Pact, which is an initiative to reduce plastic pollution around the world. These measures are allowing countries in the region to fasten their hold on the Americas recycled plastics market share.
Long-Term Partnerships by Key Players to Fire up Competition
Key companies in this market are entering into collaborations with diverse entities to expand their operational horizons and widen their offerings to end-users. In the process, these participants are cementing their place in this niche market and enhancing its potential.
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- September 2019: The UK-based consumer goods company, Reckitt Benckiser (RB) Group, announced the formation of the “Healthy You, Healthy Planet” partnership with TerraCycle, the pioneer in waste recycling. Under the partnership, the two companies will offer simple and cost-effective solutions to clients to recycle plastic waste created by consumer goods packaging.
- March 2019: Veolia and Nestle joined forces to cover all aspects of plastic waste management with focus on flexible plastic packaging in 11 priority areas across Europe, Latin America, Asia, and Africa. Their goal is to attain 35% recycled plastic content in bottles and 15% in all packaged products by 2025.
List of Key Players Covered in the Americas Recycled Plastics Market Report:
- Custom Polymers, Inc. (U.S.)
- UltrePET LLC (U.S.)
- Delta Plastics (U.S.)
- Clear Path Recycling, LLC (U.S.)
- Green Line Polymers (U.S.)
- Schöenberg & Co. (U.S.)
- Biocirculo (Colombia)
- Veolia (France)
- Avangard Innovative (U.S.)
- Ultra Poly Corporation (U.S.)
- Fresh Pak Corporation (U.S.)
- Suez Group (France)
- Plastipak Holdings(U.S.)
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