The Recycled Plastics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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As per The Business Research Company's 2024 Recycled Plastics Global Market Report, the recycled plastics sector has experienced consistent growth, expanding from $52.03 billion in 2024 to $54.52 billion, reflecting a 4.8% Compound Annual Growth Rate (CAGR). The historical surge is attributable to heightened environmental consciousness, stringent governmental regulations, e-waste recycling, consumer demands, and an emphasis on sustainable supply chains.
Anticipated trends foresee a continued upward trajectory, with the market size projected to reach $65.65 billion by 2028, sustaining a 4.8% CAGR. The forecasted surge is propelled by circular economy initiatives, corporate sustainability objectives, plastic waste reduction strategies, the emergence of bioplastics and hybrid materials, and a focus on sustainable packaging. Key trends in this period encompass advanced recycling technologies, eco-friendly packaging solutions, plastic-to-fuel conversion processes, e-waste recycling advancements, and a burgeoning interest in sustainable fashion.
The rising awareness among investors regarding environmental protection is expected to propel the growth of the recycled plastics market going forward. Environmental protection is any action taken to preserve or improve the quality of environmental media by preventing pollution from entering them or reducing their presence there. The use of recycled plastics would be an alternative to protect the environment since, instead of discarding, the plastic would be utilized or recycled for further use. For instance, according to a study named 'Consumer Passion For The Environment Grows As A Result Of The Pandemic', conducted by Mastercard Inc., a US-based financial services corporation among 24 countries and featuring 25,519 adults from respective countries between January 19th and March 5th, 2021, it has been found that 58% of adults are more aware of their environmental impact and 85% are prepared to take personal action to address environmental and sustainability issues in 2021. Therefore, the rising awareness among investors regarding environmental protection is expected to propel the growth of the recycled plastics market going forward.
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The recycled plastics market covered in this report is segmented –
1) By Type: Polyethylene Terephthalate, Polyvinyl Chloride, Polyethylene, Polypropylene, Polystyrene, Other Types
2) By Source: Plastic Bottles, Plastic Films, Plastic Foams, Plastic Fibers, Other Sources
3) By Application: Packaging, Textile, Automotive, Building And Construction, Electrical And Electronics, Other Applications
One noteworthy trend influencing the recycled plastics landscape is the infusion of technological advancements. Major industry players are committed to innovating new technological solutions to fortify their market positions. An illustrative example is Sumitomo Chemical Co., Ltd., a Japan-based chemical company, which, in September 2021, unveiled MeguriTM, a novel brand encompassing plastic products derived through cutting-edge recycling technologies. MeguriTM represents a diverse range of recycled plastic items, employing chemical and material recycling techniques, encompassing acrylic resin (PMMA, poly-methyl-methacrylate), polyethylene, and polypropylene. This initiative mirrors Sumitomo Chemical's founding commitment to address societal challenges through business activities, embodying a circular economy for resources, people, and a return to the source.
The recycled plastics market report table of contents includes:
1. Executive Summary
2. Recycled Plastics Market Characteristics
3. Recycled Plastics Market Trends And Strategies
4. Recycled Plastics Market - Macro Economic Scenario
5. Global Recycled Plastics Market Size and Growth
.....
31. Global Recycled Plastics Market Competitive Benchmarking
32. Global Recycled Plastics Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Recycled Plastics Market
34. Recycled Plastics Market Future Outlook and Potential Analysis
35. Appendix
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