Overview and Scope
Recycled plastic is defined as plastic that has undergone decontamination as part of the recycling process, as well as plastic that has undergone further post-processing but has not yet been converted into recycled plastic products. It involves collecting used plastic waste and turning it into brand-new, functional plastic items. More than a trillion pounds of plastic are produced and used globally. This enormous volume of plastic is recycled to guarantee that it is not wasted. The recycled plastics are used in the manufacturing of containers for beauty products, new plastic bottles, and durable plastics such as plant holders.
Sizing and Forecast
The recycled plastics market size has grown steadily in recent years. It will grow from <b>$52.03 billion in 2023 to $54.52 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. </b> The growth in the historic period can be attributed to environmental awareness, government regulations, e-waste recycling, consumer demand, supply chain sustainability, .
The recycled plastics market size is expected to see steady growth in the next few years. It will grow to <b>$65.65 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. </b> The growth in the forecast period can be attributed to circular economy initiatives, corporate sustainability goals, plastic waste reduction, bioplastics and hybrid materials, sustainable packaging. Major trends in the forecast period include advanced recycling technologies, eco-friendly packaging, plastic-to-fuel conversion, e-waste recycling, sustainable fashion
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Segmentation & Regional Insights
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
<b>Asia-Pacific</b> was the largest region in the recycled plastics market in 2023. <b>North America</b> is expected to be the fastest-growing region in the recycled plastics market share during the forecast period. The regions covered in the recycled plastics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the recycled plastics market include <b> Rethmann SE & Co. KG, Biffa Waste Services Limited, Stericycle Inc., Veolia India Private Limited, Jayplas Limited, KW Plastics, MBA Polymers Inc, Waste Connections Inc., Clean Harbors Inc, Suez India Private Limited, Plastic Recycling Inc., UltrePET LLC, Greenotech Recycling Private Limited., Advanced Environmental Recycling Technologies Inc., Alpek S.A.B. de C.V., B. Schoenberg & Co Inc., B&B Plastics Recycling Inc., Berry Global Inc., CABKA North America Inc., CarbonLite Industries LLC, Custom Polymers Inc., Dart Container Corporation., Delta Plastics of the South LLC, ECO-Cycle Solutions LLC, Emco Industrial Plastics Inc., Envision Plastics LLC, Far Eastern New Century Corporation, Fresh Pak Corporation, GDB International Inc. </b>
The recycled plastics market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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