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Global recycled thermoplastic market to surpass US$104 bln by 2026
Rising demand for thermoplastic materials for various applications in electrical & electronics, automotive and manufacturing industries is expected to propel the global recycled thermoplastics market, said Plastemart.
The market is expected to grow from USD48.93 bln in 2018 to USD104.76 bln by 2026, at a CAGR of 9.98% during the forecast period from 2019-2026, according to a report published by Fior Markets.
Thermoplastics are widely used across all the industries due to their ideal properties of corrosion resistance, low density, high strength, and user-friendly design. They are gradually replacing the aluminium and other similar metals in various applications. Most of the thermoplastics belong to the non- biodegradable category. It does not rot, decompose, break down or is in any other way affected by the micro-organisms that are normally responsible for breaking down the organic materials. Also, majority of thermoplastics are derivatives of petroleum products. Thus, threat of petroleum products getting exhausted is progressively leading to increased recycling of the thermoplastic materials. Rising demand for the thermoplastic materials for the various applications in electrical & electronics, automotive and manufacturing industries is expected to propel the global recycled thermoplastics market.
Even though the factors such as growing institutional support for the plastic recycling activities, wide-ranging use in the agricultural sector as well as growth of automotive and construction sector in the Asia Pacific region are driving the global recycled thermoplastics market. The unsuitability of recycled thermoplastics for food and beverages applications and threat of contamination from the chemical and microbiological sources are expected to dampen the growth of the market overt the forecast period. However, increasing use of bio-degradable thermoplastic as well as rising awareness among people pertaining importance of plastic recycling is expected to drive the market in upcoming years.
Key players operating in the global recycled thermoplastic market are KW Plastics, Plastipak Holdings, Inc., PARC Corporation, Clear Path recycling, B. Schoenberg and Co., Custom Polymers Inc., RJM International Inc., Suez SA, Merlin Plastics Alberta Inc., Ricova International Inc., JP Industrial, Revital Polymers, MRC, Replas, Veolia, B&B Plastics, United plastic recycling, Arkema, APC recycling, Maine plastics incorporation, Toho Tenax Co., Ltd., Envision Plastics, and Fresh Pak Corporation among others. Key players active in the market are involved in collaborative agreements and expansion to bolster the growth of the market. To align themselves with the latest plastic recycling norms within European Union, major players are specifically focusing research and development activities. For instance, in 2017, Toho Tenax Europe GmbH announced that it has developed a new compound, based on recycled thermoplastic carbon fiber material and PEEK (polyetheretherketone) thermoplastic. TENAX-E COMPOUND rPEEK CF30 is a reinforced material combination of waste materials generated during processing of TENAX ThermoPlastics and recycled semi crystalline PEEK polymer, which contains 30% of carbon fiber by weight and offers a high performance in strength and stiffness for injection molding applications.