The North America Recycled Plastics Market would witness market growth of 8.5% CAGR during the forecast period (2024-2031). In the year 2020, the North America market's volume surged to 4,606.4 kilo tonnes, showcasing a growth of 21.9% (2020-2023).
Polyethylene holds a significant presence in the Recycled Plastics Market, serving as a cornerstone in the initiative towards sustainability. With increasing awareness about environmental conservation and the pressing need to reduce plastic waste, recycled polyethylene emerges as a pivotal solution. Thus, the US market would utilize 2,304.3 kilo tonnes of Polyethylene by 2031.
The US market dominated the North America Recycled Plastics Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $15,313.8 million by 2031. The Canada market is experiencing a CAGR of 10.4% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 9.8% during (2024 - 2031).
It has undergone the recycling process, which entails transforming used or discarded plastics into new materials for various applications. Synthetic polymers, known as plastics, are widely used in many applications because of their durability and versatility. However, the growing usage of plastics has raised serious concerns about the environment, largely due to their long decomposition time and ability to damage ecosystems. Plastics utilized by households, enterprises, and industrial facilities are gathered. They are then classified based on their type and resin identification code, which aids in selecting appropriate recycling procedures.
Water, soft drinks, juice, and other beverage bottles are frequently made from recycled plastics, especially PET (polyethylene terephthalate) and HDPE (high-density polyethylene). Food containers made of recycled plastic are used to hold ready-to-eat meals, dairy products, sauces, and condiments. Flexible packaging films and wraps for food and non-food products are made from recycled plastics. Clamshells and trays made of recycled materials are used to package fruits, vegetables, bakery products, and deli products. Blister packs made of recycled plastic are used to package consumer electronics, pharmaceuticals, and medical devices.
The automotive industry in Mexico is increasingly adopting circular economy principles. By using recycled plastics, manufacturers support the recycling and reuse of materials, contributing to a more sustainable and environmentally friendly automotive sector in Mexico. Sustainable and environmentally favorable vehicles are experiencing increasing consumer demand in Mexico. In response to this demand, automakers in Mexico are providing environmentally concerned consumers with eco-friendly solutions by integrating recycled plastics into their vehicles. Hence, the factors mentioned above will drive the regional market growth.
Free Valuable Insights: The Recycled Plastics Market is Predict to reach USD 106.6 Billion by 2031, at a CAGR of 9.2%
Based on Product, the market is segmented into Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Polystyrene, and Others. Based on Source, the market is segmented into Plastic Bottles, Plastic Films, Polymer Foam, and Others. Based on Application, the market is segmented into Packaging, Building & Construction, Electrical & Electronics, Textiles, Automotive, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Product (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Source (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Country (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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