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Industry Insights, Market Size, CAGR, High-Level Analysis: Asia Pacific Recycled Plastics Market The Asia Pacific recycled plastics market size was estimated at USD 16.7 billion in 2018 and is projected to exhibit a CAGR of 6.4% during the forecast period. Rising environmental concerns and increasing use of recycled plastics in various applications are the factors expected to fuel the growth. The use of recycled plastics reduces the amount of waste that goes into landfills, helps conserve natural resources and energy, and prevents pollution. As a result, end-use industries, such as building and construction, packaging, electrical and electronics, textiles, and automotive, among others are more inclined toward the adoption of recycled plastics. Stringent regulations for recycling plastics in China-the country that once contributed to the maximum share of plastics recycled in the world-are driving the manufacturers of recycled plastics to shift their facilities to Indonesia, thereby contributing to increased production and consumption in the country. With the growing purchasing power and disposable income in the country, automotive, building and construction, and packaging industries are anticipated to drive the product demand over the forecast period, owing to the ability of plastic to replace the conventional metal and wooden parts in vehicle. The development of residential, industrial, commercial, and public infrastructure is further aiding the market growth in the country. However, waste collection and separation are anticipated to be among the major challenges for the market players over the forecast period. Growing use of plastics as a packaging material is one of the major issues facing solid waste disposal. Management of plastics bottles and related products is tedious, and it is not entirely possible to recycle all the waste in an eco-friendly manner. The separation of different types of waste is complex and requires several processes, which may need more labor and energy. Most of the waste collection and recycling programs face the problem of materials and waste quality, as different types of plastic wastes are discarded together. Dumping hazardous material in landfills can cause contamination. The contamination landfills worsens when electronics, metals, and chemicals are mixed in the recycling system. The removal of metal and electronic wastes is difficult and deters potential buyers from purchasing recycled materials. Source Insights Based on source, plastic bottles was the dominant segment in 2018, in terms of both volume and revenue. Plastics bottles are the major sources of recycled products as they are used in various applications across multiple industries for packaging pharmaceuticals, oils, water, and carbonated drinks. Polindo Utama, KK Asia Pte Ltd., SAMKI GROUP, and Chemco Group are some of the key recycled plastic bottle manufacturers in the region. Plastic foam is one of the prominent source segments as foam is frequently used in packaging. Expanded polystyrene is the most common type of recycled plastic foam. Automobile and electrical manufacturers, such as Panasonic Corporation; Sanyo Electric Co., Ltd.; Hitachi, Ltd.; and Honda Motor Company Ltd. are moving toward adoption of recycled plastics foam over virgin plastics. The others segment includes flexible and rigid packaging. Rigid packaging includes expanded polystyrene packaging, crates, and containers. These products are made from different types of plastics including PET, PP, PE, and PS. Flexible packaging includes strapping. Hospitals, caterers, agriculture, and FMCG are some of the major contributors to these recyclable plastic sources. Type Insights of Asia Pacific Recycled Plastics Market On the basis of type, the recycled plastics market has been segmented into Polyethylene (PE), Polypropylene (PP), Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), Polystyrene (PS), and others. Polyethylene segment is further divided into High Density Polyethylene (HDPE) and Low Density Polyethylene (LDPE). Polyethylene was the dominant type segment in 2018 and is estimated to maintain its dominance over the forecast period owing to the huge demand in the production of reusable bags, toys, agriculture films, housewares, milk bottles, shampoo bottles, containers, food packaging films, trays, and toys. In addition, properties such as excellent resistance to solvents, high tensile strength, toughness, flexibility, and relative transparency are fueling the demand. Polypropylene segment is anticipated to witness significant growth over the forecast period. Recycled polypropylene is majorly used in automotive industry for the building interior parts, such as battery cases, signal lights, battery cables, broom and brushes, ice scrapers, and oil funnels, among others. Properties of polypropylene, such as low moisture vapor transmission, excellent optical clarity in biaxially oriented films and stretch blow molded containers, and chemical and electrical resistance are further propelling its demand. It is also used for producing garden rakes, storage bins, shipping pallets, and trays. Application Insights of Asia Pacific Recycled Plastics Market Based on application, the market is segmented into packaging, building and construction, electrical & electronics, textiles, and others. Packaging was estimated as the largest application segment in 2018 and is projected to maintain its dominance over the forecast period. Recycled plastics are extensively used in packaging applications, such as food and non-food containers, beverage bottles, personal care products, household care products, and film and sheets. PET, PP, PE, and PS are some of the major recycled plastics used for packaging. Inclination of consumers toward sustainable packaging coupled with rising concerns over landfill are compelling manufacturers to adopt recycled plastics for packaging. Electrical and electronics segment is one of the key contributors to the market growth. Several products, such as mobile phones, laptop, video game consoles, cameras, camcorders, and computers are made from recycled plastics. Increasing initiatives from manufacturers toward reducing carbon footprint are expected to significantly drive the market growth. For instance, in January 2019, Samsung Electronics, one of the leading electronics manufacturers, announced its plan to replace virgin plastics with recycled and bio-based plastics and paper for packaging. The company also aims to use 500 thousand tons of recycled plastics and collect 7.5 million tons of discarded products by 2030. Building and construction is anticipated to be one of the prominent application segments. Recycled products, such as composite lumber, roofing tiles, insulation, rocks, and fences, among others, are widely used in building and construction industry owing to rising environmental awareness among consumers. Country Insights Rest of Asia Pacific was the largest segment occupying over 32.7% of the revenue share in 2018, followed by China and India. India is projected to account for a significant market share during the forecast period on account of ascending product demand from the key application industries, such as packaging, automotive, and construction. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), the automobile production in India reached 5.1 million units in 2018, up from 4.7 million units in 2017. Thus, the growing production of automobiles in the country is anticipated to generate huge demand for the product over the next seven years. In addition, rising environmental concerns among consumers coupled with the government policies such as Swachh Bharat Mission are anticipated to fuel the demand for recycled plastics in the country. Market Share Insights of Asia Pacific Recycled Plastics Market The market is fragmented in nature with presence of various small-sized and medium-sized players such as Plastipak Holdings, The Shakti Plastic Industries, Imerys S.A., Green Line Polymers, SUEZ, and Veolia. The companies lay high emphasis on expanding their operational footprints in developing economies as an attempt to drive their revenues. They are expanding their services in emerging countries, such as India, China, Japan, and Southeast Asian countries where the construction, automotive, electrical and electronics, and packaging industries are witnessing significant growth, owing to an increase in disposable income and purchasing power. Thus, growing application industries in Asia Pacific region are expected to provide new expansion opportunities to the key players over the forecast period. Developments in the field of electric vehicles, wherein recycled products are likely to have a high potential, in terms of replacing the conventional metal parts to lower the automotive weight and thereby improve the efficiency and performance, are anticipated to offer growth opportunities to key players. In addition, the regional players have knowledge about local competition and product demand, which gives them a competitive edge over other players. Therefore, key players are focusing on strengthening their positions in the emerging countries through different geographical expansion strategies. Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Asia Pacific Recycled Plastics Market Research Report This report forecasts revenue growth at regional and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the Asia Pacific recycled plastics market report on the basis of source, type, application, and country: Source Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030) Plastic Bottles Plastic Films Polymer Foam Others Type Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030) Polyethylene (PE) High Density Polyethylene (HDPE) Low Density Polyethylene (LDPE) Polyethylene Terephthalate (PET) Polypropylene (PP) Polyvinyl Chloride (PVC) Polystyrene Others Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030) Building & Construction Packaging Electrical & Electronics Textiles Automotive Others Country Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030) China India Indonesia Thailand Vietnam Philippines Rest of Asia Pacific
Table of Content Chapter 1 Methodology and Scope 1.1 Research Methodology 1.2 Research scope and assumptions 1.3 Information Procurement 1.3.1 Purchased Database 1.3.2 Gvr’s Internal Database 1.3.3 Secondary Sources 1.3.4 Third Party Perspective 1.3.5 Primary Research 1.4 Information Analysis 1.4.1 Data Analysis Models 1.5 Market Formulation and Data Visualization | read more...