Global Recycled Thermoplastic Market report provides in-depth information about Industry overview, top vendors, Key market highlights, drivers, challenges, trends, industry landscape, size and forecast.
Recycled Thermoplastic Market size was estimated at USD 45 billion in 2017 and is projected to surpass USD 95 billion by the year 2025.
Regionally, the Asia Pacific belt is proclaimed to emerge as one of the most lucrative growth grounds for recycled thermoplastic industry, given the increasing proliferation of construction activities across this region. Driven by countries like China, the regional market is estimated to procure more than 35% of the global share by 2025. In fact, as per estimates, the construction industry output in Asia Pacific region would reach USD 4.8 trillion by 2021. This would invariably upscale the demand for recycled thermoplastics for window panels, railings, insulation, and structural decorations, leaving a perpetual impact on regional recycled thermoplastic industry share.
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While delivering major benefits, the current plastic economy has major drawbacks that are becoming more apparent day by day. Recycled thermoplastic market, however, with its penetration, is sending out waves of anticipation across a plethora of industry domains, subject to its unrivalled functional properties and reduced cost. Estimates depict, more than 90% of plastic packaging material value after a short first use life cycle is lost to economy, accounting for a loss of more than USD 100 billion annually.
Nearly 30% of the plastic packaging escapes the collection system which ultimately leads to a significant economic cost, due to loss in productivity of vital natural systems such as ocean. The cost of such post-use externalities in addition to the cost associated with the GHG emission from plastic production are compelling most of the end-use sectors to incline toward recycled thermoplastic industry. Statistics further testifying the declaration – the global recycled thermoplastic market garnered a remarkable revenue of USD 45 billion in 2017.
Global Growth drivers
- Growth in electrical & electronics industry
Regional Growth drivers
- Increasing construction activities in Asia Pacific region
- Growth in automotive sector in developing economies
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The industry space, despite encompassing an all-inclusive application terrain, is deemed to accumulate maximum monetary benefits from building and construction sector. The substantially escalating demand for interior designing, window frames, piping, and building insulation materials which meet the corrosion resistivity, durability, cost-effectiveness, and ease of installation and maintenance criterions is a primary factor contributing to the growth of recycled thermoplastic industry growth in this vertical. As per reliable estimates, building & construction applications accounted for almost 15% of the overall recycled thermoplastic industry share in 2017. Industry players are also utilizing the material in some of the most exemplary construction innovations, which would undeniably contribute to the market size.
Recently, Rex Nichols Architects announced the launch of a breakthrough glass home featuring composite wood, which is a recycled form of wood with thermoplastic components, insulated low-e glass, and energy efficient heating pumps. Reportedly, this 4000 sq. ft residency is awaiting for an approval to begin the construction in Florida. As per estimates, this absolutely groundbreaking glass home would cost around USD 5 million, once it gets complete by the mid of next year. Needless to mention, this is one of the significant projects underlining the high-grade developments in recycled thermoplastic market over the recent years.
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