SEATTLE (Recycling Monster): The latest research report published by ResearchAndMarkets,com forecasts tremendous growth to North American recycled plastic market during the period until 2028.
According to report findings, the region’s recycled plastic market is expected to record a CAGR growth of 8.9% during the period from 2021 to 2028. The market is forecast to grow from $9,369.99 million in 2021 to $ 16,889.88 million by 2028.
The market growth will be mainly driven by rising demand from various sectors including packaging, automotive, and electrical & electronics. The increased production of new vehicles in emerging economies and robust sales of passenger cars across the world are likely to result in a strong automotive market.
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The surge in automobile output will boost demand for recycled plastics. Recycled plastics are used in various automobile parts such as dashboards and gearboxes. The lightweight and corrosion-resistant recycled plastic components may witness tremendous surge in demand over the forecast period. In addition, recycled plastics packaging demand from packaging industry is likely to record notable growth.
The supply of recycled plastics continues to remain inadequate, thus forcing industries to use virgin plastics.