The Recycled Plastics Market Size is projected to reach USD 77.90 Billion by 2032 and grow at a CAGR of 9.60% over the forecast period of 2024-2032.
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Key Players
- Dart Container Corporation
- Custom Polymer, Inc.
- B & B Plastics Inc.
- Plasgran Ltd.
- Viridor Waste Management Ltd.
- Centrifore Products Ltd.
- KW Plastics
- CarbonLite Industries LLC
- Dart Container Corporation
- Kuusakoski Recycling Ltd.
- Dart Container Corporation
Corporate sustainability goals drive market growth.
Various companies are establishing destructive sustainability goals, such as utilizing more recycled plastic in their packaging and goods. The recycled plastics market is further stimulated by these pledges, which are frequently motivated by both customer demand for eco-friendly products and regulatory restrictions.
Furthermore, innovation in recycling technology development of enzymatic and biological recycling methods is gaining traction, with new technologies being tested to break down plastics into their components, offering new pathways for recycling that drive market growth.
For instance, in 2023, Carbios has focused to developing its proprietary PETase enzyme, which breaks down PET plastics into their basic monomers terephthalic acid and ethylene glycol.
Moreover, China has set a goal to achieve a 50% recycling rate for plastic waste by 2025 as part of its broader waste management and environmental protection policies.
Additionally, consumer demand for eco-friendly products is growing, pushing businesses to incorporate more recycled content in their offerings. Finally, Resource Conservation is a driving force, as recycling plastics helps conserve natural resources and reduces the environmental impact associated with plastic production. These drivers collectively support the expansion and evolution of the recycled plastics market.
Recycled Plastics Market Report Scope & Overview:
| Report Attributes | Details |
| Market Size in 2023 | USD 35.28 Billion |
| Market Size in 2032 | USD 77.90 billion |
| CAGR (2024-2032) | 9.6% |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Market Driver |
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Segmentation Analysis
By Source
- Bottles
- Films
- Fibers
- Foams
- Others
The bottles segment held the largest market share in the source segment around 68.00% in 2023. The primary source of recycled goods is plastic bottles. Plastic bottles are utilized in a wide range of industries for the packaging of fizzy drinks, lubricants, water, and medications. Furthermore, recycled PET made from bottles has high clarity and quality, which makes it ideal for a variety of uses and solidifies its market-leading position in recycled plastics.
By Type
- Polyethylene Terephthalate (PET)
- Polyethylene (PE)
- Polyvinyl Chloride (PVC)
- Polypropylene (PP)
- Polystyrene (PS)
- Others
The polyethylene segment held the largest market share around 27.22% of the total volume in 2023. Due of its wide application and excellent recycling potential, polyethylene is currently dominating the market for recovered plastics. Polyethylene is a plastic that is widely produced and consumed. It is used in packaging films, bags, and containers, among other applications. Because of its widespread use, there is a lot of polyethylene waste, which is being collected and recycled more frequently.
By End-Use
- Packaging
- Building & Construction
- Textile
- Automotive
- Electrical & Electronics
- Others
In End-Use segment, packaging held the largest market share around 38.42% in 2023. Due to the growing need for recycled PET in the manufacturing of bottles and packaging materials, including films and wraps. Furthermore, it is anticipated that increased packaging product recycling efforts in addition to the growing recycling of bottles by major corporations like Coca-Cola will boost product adoption even further. However, food packaging is another key use for recycled polymer. The demand for packaged goods is rising as people's eating habits become more hygienic and safer.
Regional Landscape:
Asia Pacific dominated the Recycled Plastics Market with the highest revenue share of about 48.57% in 2023. One of the main participants in the global plastic recycling market is the Asia-Pacific area. Processing and exporting recycled plastics are becoming a more important aspect of national waste management policies. International agreements like the basel convention, which control the flow of plastic garbage, are also affecting demand for and recycling practices in local communities.
Furthermore, the area is making significant investments in building and growing its recycling infrastructure, which will improve its capacity for both collection and processing. Recycled plastics are being used by businesses due to increased customer awareness and demand for sustainable products. Asia-Pacific is positioned as a leader in the recycled plastics industry by these characteristics combined with regulatory requirements, infrastructural investments, and growing consumer and corporate commitment to sustainability.
Recent Developments
- In 2024, Carbios using its PETase enzyme technology, its formally opened its first industrial-scale enzymatic recycling facility in France. This facility represents a major step toward the expansion of enzymatic recycling since it seeks to create premium recycled PET from plastic waste.
- In 2023, Brightmark, opened a new pyrolysis facility in the U.S., capable of converting various types of plastic waste into valuable feedstock. This expansion aims to enhance the company’s capacity to process non-recyclable plastics and contribute to a circular economy.
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Key Takeaways:
- Innovations in sorting and recycling technologies enhance the efficiency and quality of recycled plastics.
- Collaborations with major brands and tech providers support scaling and integration of recycled materials.
- Asia Pacific held the largest market share with vast reserves and advanced extraction technologies.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Recycled Plastics Market Segmentation, By Source
8. Recycled Plastics Market Segmentation, By Type
9. Recycled Plastics Market Segmentation, By End-Use
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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