According to a recent report by MarketsandMarkets, the market for recycled materials in mobility applications is expected to grow from $2.5 billion in 2022 to $3.9 billion by 2027, with an average annual growth rate of 8.6%. This significant growth is attributed to the increasing demand for sustainable materials in the development of automotive parts and components.The automotive industry is increasingly sourcing recycled plastic from products like plastic bottles and caps. Recycled materials are now conforming to the standards set by the industry.Recycled polymers are used in many applications, including automotive fabrics, dashboards, splash guards, and radiator shrouds. Some major automakers such as Chrysler, Ford, Honda, General Motors, Nissan, and Toyota already use recycled polymers in their vehicles. Recycling technology continues to improve, leading to increased usage of recycled plastics.Both OEMs and aftermarket applications make use of recycled materials, with the OEM segment being the major user, as per the report.In the European Union, ambitious targets have been set to increase the legal use of recycled materials. Several countries in Europe have implemented policies and regulations that encourage recycling. The plastic recycling market in Europe is also growing, with the EU aiming to recycle 55% of all plastic by 2030. This initiative is spurring investment in new recycling technologies and infrastructure.
Related Recycling System: Rigid plastic washing line
Post time: Jun-21-2023