Plastic is an artificially created substance that is not biodegradable and is primarily derived from petrochemicals. The process of extracting various plastic kinds from waste products and reusing them to create useful products is known as plastic recycling. The waste and debris travel through five distinct phases before being recycled: sorting, washing, shredding, classifying and identifying plastic, and extrusion. Since impurities can destroy the integrity of the finished product, each step is essential to guaranteeing the quality of the recycled material. Recycled plastics can be processed to create a wide range of products, from construction materials to packaging materials, which minimizes the environmental impact and lowers the demand for virgin plastic. Sustainable resource management depends more and more on efficient plastic recycling as environmental concerns gain in public awareness.
According to SPER Market Research, ‘North America Plastic Recycling Market Size- By Plastic Type, By Raw Material, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the North America Plastic Recycling Market is estimated to reach USD 9.15 billion by 2033 with a CAGR of 13.31%.
Drivers: As customers become more conscious of the sustainability of packaging, there is an increasing need in the packaging industry for the recycling of various plastic materials, including polyethylene terephthalate, low-density polyethylene, and high-density polyethylene. Over the course of the forecast period, the packaging industry's increasing need for recycled plastics is anticipated to fuel market expansion. Market expansion is anticipated throughout the forecast period as a result of the packaging industry rapidly increasing need for plastic recycling. Many governing authorities throughout the world have been obliged to impose strict regulations regarding increased plastic recycling due to the growing concern over environmental contamination produced by virgin plastics. This is anticipated to have a favourable impact on the market's growth during the forecast period.
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Restraints: One of the biggest obstacles to managing plastic trash in North America is the absence of infrastructure for handling and recycling plastic waste. To put it plainly, insufficient infrastructure or initiatives are in place to manage the volume of plastic garbage produced. Many people lack the motivation to alter their behaviour because they are still ignorant of the harm that plastic waste causes to the environment. Programs aimed at cutting down on plastic waste might not have as much of an impact as they could because of this lack of knowledge. Businesses may find it challenging to implement environmentally friendly practices due to financial concerns. Businesses may find it more challenging to transition to recycled plastics due to their potential higher cost compared to virgin plastics.
The COVID-19 epidemic severely damaged the North American plastic recycling business, with problems including supply chain disruption and idle plants. In order to preserve a steady corporate operation, market participants must modify their working routines. However, the corporations were unable to successfully implement the ideas due to the severity of the epidemic. A few of the company's recycling and sorting facilities saw reduced operations, while others came to a total halt. The market experienced moderate expansion as a result of the growing need for recycled plastics across many end-use sectors. The packaging and automotive industries are expected to have a substantial demand for recycled plastic in the future.
North America plastic recycling market is dominated by the United States due to its song regulatory frame works promoting recycling. Major players in the market are Agilyx, Brightmark LLC, Custom Polymers, MBA Polymers Inc., PLASTIPAK HOLDINGS INC., and UltrePET LLC.
North America Plastic Recycling Market Key Target Audience:
Academic Institutions and Educators
Environmental Organisation and Advocacy Groups
Research and Development Professional
Investors and Financial Institutions
Government and Regulatory Bodies
Industry Stake Holders
North America Plastic Recycling Market Segmentation:
By Plastic Type:
Polyethylene Terephthalate(PET)
High Density Polyethylene(HDPE)
Polypropylene(PP)
Low Density Polyethylene(LDPE)
By Raw Material:
Plastic Bottles
Plastic Films
Rigid Plastic and Foams
Fibres
By Application:
Non-Food Contact Packaging
Food Contact Packaging
Construction
Automotive
By Region:
Canada
Mexico
United States
Rest of North America
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Sara Lopes, Business Consultant – U.S.A.
SPER Market Research
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