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Global Recycled Plastics Market 2020-2024

LONDON--(BUSINESS WIRE)--The recycled plastics market is expected to grow by USD 14.74 billion during 2020-2024, according to the latest market research report by Technavio.'report=IRTNTR40594

As per Technavio, the rising demand for synthetic textiles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Recycled Plastics Market : Rising Demand for Synthetic Textiles

Recycled plastics, in the form of nylon and polyesters, are commonly used in textiles. Polyester fibers are polymers derived from the chemical reaction of purified terephthalic acid (PTA), dimethyl ester dimethyl terephthalate (DMT), and monoethylene glycol (MEG). These synthetic fibers are used extensively for manufacturing apparel such as shirts, pants, jackets, and hats, and home furnishings such as bed sheets, blankets, and upholstered furniture fabrics. Polyester fiber is used for cushioning and insulation purposes in comforters, pillows, and upholstery padding. Nylon fiber is exceptionally elastic and stronger than polyester fiber. It has superior abrasion resistance and is easy to wash and dye in a wide range of colors. Fabric made from nylon is smooth, soft, light in weight, and highly resilient and is used for a variety of applications. Thus, the rising demand for synthetic textiles such as Polyester and Nylon is expected to drive the growth of the market.

“Factors such as the need for effective waste management, and the increased demand for recycled plastics from the automotive industry will have a positive impact on the growth of the recycled plastics market value during the forecast period,” says a senior analyst at Technavio.

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by end-user (packaging, construction, automotive, electrical and electronics, and others), type (PET, HDPE, LDPE, PP and others), and geography (APAC, Europe, MEA, North America and South America).

The APAC region led the recycled plastics market in 2019, followed by Europe, North America, MEA, and South America. During the forecast period, the APAC region is expected to register the highest incremental growth due to several factors such as the rising automotive production, increasing demand for textiles, growing construction industry and the rising use of recycled plastics in these industries.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.

Publication date: 20/02/2020

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This project has been co-funded with the support of the LIFE financial instrument of the European Union [LIFE17 ENV/ES/000438] Life programme

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Last update: 2022-01-31