Recycled Plastics Market Estimated to Reach $120.0 Billion by 2030 Globally, at a CAGR of 8.1%, says MarketsandMarkets™

Chicago, June 15, 2023 (GLOBE NEWSWIRE) -- The recycled plastics market is projected to grow from USD 69.4 billion in 2023 to USD 120.0 billion by 2030, at a CAGR of 8.1% from 2023 to 2030, as per the recent study by MarketsandMarkets™.  The rising environmental awareness and stringent regulations about the harmful effects of plastic disposal are driving the growth of the market. 

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316- Market Data Tables

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List of Key Players in Recycled Plastics Market:

1. Alpek (Mexico)
2. Biffa (UK)
3. Cabka (Germany)
4. Far Eastern New Century Corporation (Taiwan)
5. Indorama Ventures (Thailand)
6. Jayplas (UK)
7. Loop Industries, Inc. (Canada)
8. MBA Polymers Inc. (US)
9. Plastipak Holdings, Inc. (US)
10. Republic Services (US)
11. Stericycle (US)
12. Veolia (France)
13. others.

Drivers, Restraints, Opportunities and Challenges in Recycled Plastics Market:

1. Drivers: Increasing use in packaging, automotive, and electrical & electronics industries
2. Restraints: Adverse impact of downcycling
3. Opportunity: Favourable initiatives to promote use of recycled plastics in developed countries
4. Challenge: Difficulty in collection of raw materials

Key Findings of the Study:

1. By source, the bottles segment accounted for the fastest growing segment of the recycled plastics market in 2023 to 2030.
2. By plastic type, the polyethylene terephthalate (PET) segment is the largest segment of the recycled plastics market during 2023 to 2030.
3. Based on end-use industry, the packaging segment is expected to dominated of the recycled plastics market
4. Based on region, Asia Pacific is the fastest growing region in the recycled plastics market.

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Based on source, The bottles segment is projected to be the fastest-growing segment during 2023 to 2030. This dominance is because bottles are the most commonly recycled post-consumer plastics, and they have a better network for collection and sorting. 

Based on plastic type, The polypropylene (PP) segment is projected to be the fastest-growing segment in the recycled plastics market during forecast period. PP is majorly employed in automotive parts, thermal vests, yogurt containers, disposable diapers, plastic lumbers, park benches, speed bumps, and other industrial applications. 

Based on type, The post-consumer recyclate segment is predicted to be the fastest-growing segment in the recycled plastics market during 2023 to 2030. Factors such as growing usage of plastics in a wide range of products such as clothing and food & beverages are expected to drive the market for the post-consumer recyclates segment during the forecast period. 

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Based on end-use industry, The packaging segment is anticipated to be the fastest-growing segment during forecast period. Increase in the usage of recycled plastics in packaging industry for a wide range of products is expected to boost demand in coming years. 

Based on region, Asia Pacific is projected to be the fastest-growing market for recycled plastics during 2023 to 2030. The rising demand for recycled plastics from the building & construction industry in key countries such as India, Japan, and South Korea is expected to drive the European market during the forecast period.

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