The size of the Europe recycled plastics market is expected to be worth USD 21.25 billion by 2029 from USD 14.69 billion by 2024, growing at a CAGR of 7.67% from 2024 to 2029.
Europe is the second-biggest maker of plastics on the planet after China. Tremendous plastic production in the locale prompts the age of huge amounts of plastic waste that harms the earth. The recycling of such a lot of waste plastics helps a ton in vitality preservation, sparing regular assets that are utilized to make virgin plastics, clearing landfill space, and consequently keeping up equalization in the plastics business in the area.
The worries ascending out because of the trouble in the removal of virgin plastics, developing mindfulness about vitality investment funds, and the expanding use of waste plastics in numerous applications are relied upon to emphatically impact the development of the recycled plastics market in the locale. The plastic business additionally speaks to one of the significant divisions of the European economy.
The interest in different plastics is ascending in packaging, building, and development, and car divisions across different European nations are making a positive effect on the general request for recycled plastics. Also, numerous affiliations and commissions have been framed to make mindfulness about plastic recycling among producers and merchants just like European residents.
Concerns with respect to squandering removal and pollution of plastic waste are driving the appropriation of recyclable plastics extraordinarily in the food and refreshments packaging segment, customer, and retail part. Catalyzed by such factors, the European recycled plastic market is foreseen to expand in the coming years.
This research report on the Europe recycled plastics market has been segmented and sub-segmented based on the following categories.
Polyethylene Terephthalate (PET) is likely to expand with the highest share in the local recycled plastics market during the estimated period.
The bottling segment is likely to account for a prominent portion of the European recycled plastics market in the coming years with the rising consumer awareness and government initiatives in the locale.
The packaging segment is determined to develop as the leading contributor based on the end-use industry of the European recycled plastics market during the conjecture period. Increasing demand from the food & beverage sector is playing a crucial role in the development of this segment in the local and international marketplace. The increasing advancements in the packaging sector are touted to promote the adoption of recycling in the coming years across the vicinity.
Currently, Germany represents the largest market for recycled plastics in Europe with the presence of leading players and strict government regulations related to environmental safety.
Companies playing a notable role in the Europe recycled plastics market include Polymers, B&B Plastics Inc., B. Schoenberg & Co., Inc., Envision Plastics, Jayplas, Joe's Plastics, KK Asia (HK) Ltd., Berry Europe Inc., MBA Polymers Inc., Plastipak Holdings, Inc., SUEZ, Ultra-Poly Corporation, Veolia and KW Plastics.
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