Recycled Polypropylene Market Forecast, Insights, Growth and Investment Feasibility Till 2028
Recycled Polypropylene Market Overview
Recycled polypropylene market was valued US$ 7.69 Bn. 2020 and is expected to reach US$ 11.83 Bn. by 2027, at a CAGR of 6.34% during a forecast period.
The global recycled polypropylene market forecast is growing continually with the rising demand for plastic recycling, renewable raw materials, and recyclable thermoplastic polymers. Due to its various advantages, recycled polypropylene is used in a range of applications including in the making of different plastic parts. The increasing recycled polypropylene uses are escalating the growth of the market on a global platform.
The global plastic waste crisis has drastically increased due to the growing usage of plastics, therefore becoming paramount concerns for the health of people and well as the environment. Various stringent regulations are imposed across the globe against the plastic usages and to control the plastic waste. This has further led to transpiring substantial investments in R&D to develop novel plastic recycling technologies.
Moreover, factors such as the increasing regulations of the disposal of plastic waste and surging growth of the food & beverage industry led by the growing demand for ready-to-eat foods impact the market growth positively. Additionally, the increasing consumption of plastic products in the automotive sector led by the rising demand for lightweight components in the making of vehicles propels the recycled polypropylene market size.
Besides, the growing focus on reinforcing sustainability in the packaging and consumer products alongside the advances in processing and sorting technologies are expected to influence the market growth during the forecast period.
Recycled Polypropylene Market - Segments
The report is segmented into four main dynamics to widen the scope of understanding,
By Process: Mechanical, Chemical, and others.
By Source: Films, Bottles, Bags, Foams, Industrial & Agricultural Waste, and others.
By Application: Automotive, Packaging, Building & Construction, Electronics, Textiles, Medical, and others.
By Regions: Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World
Global Recycled Polypropylene Market - Regional Analysis
The Asia Pacific recycled polypropylene market is growing lucratively. The market is majorly driven by the rapid growth in infrastructural development activities and the packaging industry in the region. Furthermore, increasingly shifting automotive manufacturing bases in the region fosters the growth of the market. The APAC recycled polypropylene market is anticipated to grow at a phenomenal CAGR over the review period.
North America dominates the global recycled polypropylene market. In 2017, the region held over 30% of the total market share. Factors such as stringent environmental regulations to control plastic waste and consistent development of plastic recycling technologies drive the regional market growth. Besides, the increasing consumption of PP in automobiles production due to the augmented demand for lightweight vehicles aids the growth of the regional market.
The region is estimated to retain its leading position throughout the forecast period. Moreover, augmenting demand from the packaging industry due to the increase in processed food and beverage products consumption acts as a key tailwind for the regional market. Also, the growing demand for plastic materials in construction, industrial machinery, and aviation sectors fosters the regional market. The US, Canada, and Mexico are well-established markets for recycled polypropylene that would continue to leads the regional market during the review period.
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Recycled Polypropylene Market - Competitive Analysis
The global recycled polypropylene market is highly competitive and fragmented due to the presence of many notable players. These players incorporate strategic approaches such as mergers & acquisitions, collaboration, expansion, and product/ technology launch. They look for a promising partner to produce recycled polypropylene resin and develop a new recycling process to separate color, odor, and other contaminants from plastic feedstock to transform it into ultra-pure recycled polypropylene.
Key Players:
Players leading the recycled polypropylene market are Veolia Polymers NL BV (The Netherlands), SUEZ (France), MBA Polymers Inc. (Austria), Jayplas (UK), B&B Plastics Inc. (US), KW Plastics (US), Joe's Plastic, Inc. (US), PLASgran Ltd. (UK), Custom Polymers (US), and Ultra Poly Corporation (US), among others.
Industry/Innovation/ Related News:
January 09, 2020 --- Unilever, a British-Dutch transnational consumer goods company and Mondi plc (Australia), a leading packaging & paper group, announced their collaboration on to produce a recyclable polypropylene (PP) mono-material pouch in Turkey for the Knorr dry soup powder range. In October last year, Unilever pledged to cut its uses of virgin plastic by 2025. The FMCG giant aims to reduce its plastic packaging usages by more than 100,000 metric tons, accelerating its use of recycled plastic and scale-up reuse and refill formats.
January 10, 2020 --- Germany-based companies, L. Brüggemann GmbH & Co. KG and Fraunhofer LBF announced their partnership to improve the recyclability of plastics by introducing new stabilizer systems for recycled polyolefins. At the same time, researchers at the Fraunhofer Institute for Structural Durability and System Reliability have developed the new stabilizer systems that can reduce the effects of previous damage to recycled polypropylene (PP) and polyethylene (PE) materials, making them suitable for processing into sophisticated molded products. The manufacturer of tailor-made high-performance additives for engineering plastics, Brüggemann, is collaborating with Fraunhofer LBF on the stabilizers and will be responsible for their production and worldwide distribution.
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