Recycled Thermoplastic Market from blow molding witnesses a substantial growth with CAGR of around 8.5% in the forecasted timeframe. The usage of blow molding technique for the production of bottles and containers and will subsequently spur the demand of technology in future.
Recycled Thermoplastics Market size will surpass USD 95 billion by 2025; according to a new research report by Global Market Insights, Inc. Expansion in electrical & electronics industry in North America is one of the contributing factor that will positively influence the overall recycled thermoplastic market size in coming years. Recycled thermoplastics is used in electrical & electronics industry for cable & wire insulation, cable trunking, refrigerator trays/linings, tv cabinets, kettles, etc. Global production of the electrical & electronics industry was worth more than USD 4.5 trillion in the 2017 and the U.S. alone holds 10% of the global share making it the second largest producer in the world.
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Driven by a renewed approach by the packaging industry towards using more eco-friendly options, global recycled thermoplastic market has established itself as one of the most lucrative business verticals of recent times. The fraternity was valued over USD 45 billion in 2017, primarily driven by constricting government reforms to curb non-degradable plastic utilization and a renewed approach by the packaging industry towards using more eco-friendly options. The distinctive ability to be repeatedly melted and remolded multiple times is the foremost characteristic of thermoplastics, said to be 100% recyclable and aptly suited for varied areas where plastic products are used and disposed off in a short span of time.
Recycled thermoplastic market has been critical in propagating the manufacture of recycled bottles, trays, pots and bins that are light, strong, have good resistance to impact and moisture and can be reprocessed by recycling plants. Vital properties like corrosion resistance, low-density, high-strength and flexibility of design are fueling the growth of the recycled thermoplastic market.
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An undeniable fact affecting the worldwide opinion on plastics is the ecological concerns emanating from the waste disposal methods, specifically the pollution from landfill and incineration. A report by the National Geographic has stated that since the manufacturing of plastic products commenced six decades ago, up to 8.3 billion metric tons of plastic has been produced till now. Distressingly, out of that around 6.3 billion metric tons of plastic has been turned to waste. The astonishing number is a cue for government agencies to enforce laws and regulations directing the efforts for producing biodegradable products, which will subsequently boost the recycled thermoplastic market.
Fundamentally, biodegradable thermoplastics are based on raw materials such as starch, cellulose, polylactic acid and other natural polymers that are renewable sources and will always be available. Being recyclable, these thermoplastics can be re-used to make films, packaging materials, coatings and construction materials. Easily sourced natural raw materials and increased R&D investments towards enhancing their quality has proliferated the biodegradable recycled thermoplastic market, which apportioned the highest revenue share of more than USD 40 billion in 2017.
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An expanding area of viability for the recycled thermoplastics industry is the construction segment, where composites are being fashioned to replace traditional building materials like wood, aluminium and other metals. Construction composites are very effective in terms of strength, flexibility, durability and cost-efficiency, motivating industry players to innovate different ways to produce them including the recycle of thermoplastics.
For instance, polystyrene waste from packaging is recycled into plastic wood while HDPE and LDPE from industrial and domestic waste is recycled to obtain mixed plastic sheets used on outdoor equipment. It is found that these composites made from recycled plastic last five times longer than treated timber and hardly have any replacement or maintenance costs. In addition to the construction sector, automobile and transportation industry is also becoming a hotspot for the recyclable thermoplastic market.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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