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Recycled Thermoplastic Market to record significant revenue from PVC product sales

Author : Ravi Chawat | Published Date : 2020-11-03 

The increasing disposal of plastic into the environment is alarming and led to a serious climate, economic, health, and social burden. To that end however, the global recycled thermoplastic market has been experiencing substantial growth, on account of the product’s increasing penetration subject to its sustainable functional properties and reduced cost.

The research conducted at a credible institute estimates that after the first use cycle, approx. 95% of plastic packaging material value, or USD 80-120 billion yearly is lost to the economy. Around 32% of waste packaging escapes collection systems, which ultimately leads to considerable economic loss due to reduced productivity of natural resources like the ocean.

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The significant economic cost of such post plastic use externalities along with the cost related to the carbon emission from plastic production has prompted several end-user sectors to incline toward the recycled thermoplastic market.

A study conducted at Global Market Insights Inc. suggests that the global recycled thermoplastic market may surpass USD 95 billion by 2025.

Increasing demand for recycled polyvinyl chloride (PVC)

The recycled thermoplastic market, in terms of the product spectrum, is divided into polypropylene, polystyrene, polyvinyl chloride, and polyethylene terephthalate segment. Out of these, recycled polyvinyl chloride products have been used across several end-user verticals such as packaging, construction, and healthcare, electrical/electronic, agriculture, etc.

These products have been witnessing prominent demand owing to their features such as cost-effectiveness and light-weight nature. The product also displays commendable physical properties like good resistance to heat, durability, flexibility, and rigidity, which attract many end-user sectors for usage in their products.

PVC is highly durable, but it is not easy to recycle. Nonetheless, it is still a part of the recycling chain – it is recycled with the help of 2 methods currently, called mechanical and feedstock recycling. In the former, the waste PVC is ground into granules, melted, and remolded into different products. In case of the latter, chemical processes such as pyrolysis and hydrolysis are used to turn PVC waste into its chemical components that are used in various manufacturing processes.

With widespread applications across several end-user sectors, studies suggest that the polyvinyl chloride product segment may record 9% CAGR over the forecast period.

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Burgeoning demand in APAC automobile industry

APAC is proclaimed to emerge as one of the most lucrative growth grounds for the recycled thermoplastic industry. This growth can be attributed to the steady growth in the regional automotive industry. Driven by nations like China, Japan, and India, the region accounted for around 40% of the global commercial and private automotive sales. This would considerably surge the demand for recycled thermoplastics products for the manufacturing of indispensable parts of the automobile, thereby driving the regional recycled thermoplastic market outlook.

Possible contamination of product to restrain the market growth

Despite many opportunities, contamination, and modification of the plastics used in the manufacture of electronic and food products may impact on the recyclability of the plastics, which is one of the main factors restraining the recycled thermoplastic market growth. The contamination of these materials can be chemical or microbiological. Thus, the usage of such contaminated products raised concerns over their use in food applications, as impurities might even present in the final products.

However, leading industry players such as Plastipak Holdings, Replas, KW Plastics, Merlin Plastics Alberta, JP Industrial, Suez, Clear Path recycling, etc. have been leaving no stone unturned to overcome these challenges by bringing cutting-edge solutions.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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