According to a research report titled ‘Global Recycled Plastic Market Size study, by Product Type (Polyethylene, Polyethylene Terephthalate, Polypropylene and Others), by Source (Plastic Bottles, Plastic Films, Polymer Foam and Others), by Application (Building & Construction, Packaging, Electrical & Electronics, Textiles, Automotive and Others) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global recycled plastic market valued at USD 47.36 billion in 2020 is expected to grow with a CAGR of 5% during 2021-2027 to reach USD 66.64 billion by the year 2027.
 

Rising demand for packaged food leading to humongous plastic packaging waste is primarily driving the global recycled plastic market growth. In this context, Statista revealed that packaged food sales have increased from USD 2578.9 billion in 2018 to USD 2644.1 billion in 2019.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/4285254/
 

For the unversed, recycled plastic aids to reduce environment degradation. Since plastic is non-biodegradable, recycling plastic rather than dumping in water or soil comes out to be an ideal solution.
 

Rising sales in e-commerce industry around the globe is further propelling the market outlook. Moreover, favorable attempts for promoting recycled plastics usage, and increased awareness of environmentally friendly products will open new doors for the industry partakers.
 

However, strict ban on imports of waste or scraps in nations like China, along with unmonitored collection of raw material may hinder the market growth during the forecast period.
 

On the basis of product type, global recycled plastic market is fragmented into polyethylene, polypropylene, polyethylene terephthalate, and others. Based on source, the industry is branched into plastic films, plastic bottles, polymer foam, and others. Speaking of application terrain, the market is divided into electrical & electronics, packaging, building & construction, textiles, automotive, and others.  
 

Considering the regional aspect, Asia Pacific held a significant market share in the recent past and is anticipated to record a robust CAGR over the analysis timeframe 2021-2027. The expansion is attributed to government initiatives for manufacturing and adopting environment friendly products, enhancement in automotive and electronic industries, along with increasing plastic consumption, and presence of skilled workforce.
 

The major players in global recycled plastic market are Remondis SE & Co. KG, Stericycle Inc., Biffa plc, Republic Services Inc., Veolia Environnement S.A., Shell International B.V., Covestro AG, Clean Harbors Inc., WM Intellectual Property Holdings LLC, and Waste Connections.