Rockville, MD, Nov. 25, 2024 (GLOBE NEWSWIRE) -- The recycled plastic resins market is expected to grow from US$ 48.4 billion in 2024 to US$ 109.4 billion in 2034. Fact. MR’s extensive study shows that the market will expand at a growth rate of 8.5% from 2024 to 2034.
The growing need for eco-friendly products in various sectors is boosting the recycled plastic resins market. Recycled plastic resins are manufactured from the waste generated by post-industrial and post-consumer plastic products and are used in many end-users like packaging, automotive, and construction sectors and textiles lessening dependency on plastics thereby reducing the carbon footprint of these industries. The growth of these markets is explained to a large extent by the increasing status of the aging population and changes in government policies aimed at cutting plastic waste and encouraging the circular economy.
The trends of both corporations and consumers are inclined to produce greener goods, which leads to the increased demand for recycled plastics in order to avoid sustainability crisis that is the issue of plastic waste. Escalating adoption of new recycling processes, for instance, chemical recycling and developed sorting technologies, enhances the quality of recycled resins, making it possible for them to be used in high-end applications thus boosting the market. Furthermore, recycling resins are less expensive than normal resins leading to increased construction of waste management systems.
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Key Takeaways from Market Study:
- Global recycled plastic resins market will grow at a CAGR of 8.5%, reaching US$ 109.4 billion by the end of 2034.
- North America will expand at a CAGR of 8.8% from 2024 to 2034, capturing 24.1% of the market share in 2024 and offering an absolute opportunity of US$ 15.4 billion.
- East Asia will account for 31.6% of market share in 2024, generating an absolute dollar opportunity of US$ 19.6 billion between 2024 and 2034.
- Between 2024 and 2034, by material type the Polyethylene Terephthalate (PET) are expected to produce an absolute dollar opportunity US$ 19.3 billion.
- With a 41.8% market share, by application, packaging segment is estimated to be worth US$ 20.2 billion in 2024.
"Increasing environmental regulations, shift toward sustainable technologies and growing environmental awareness have contributed to the growth of the recycled plastic resins market” says a Fact.MR analyst.
Leading Players Driving Innovation in the Recycled Plastic Resins Market:
Dow; Veolia; Indorama Ventures; Suez; Plastipak Holdings, Inc; Loop Industries; Clean Tech UK Ltd; KW Plastics; CarbonLITE Industries; Custom Polymers; Ultra-Poly Corporation; MBA Polymers Inc; Evergreen Plastics Ltd; Envision Plastics; Merlin Plastics; Alpek Polyester
Market Development:
Key companies involved in recycled plastic resins market are Veolia, Indorama Ventures, Suez, Plastipak Holdings, Inc., Loop Industries, Clean Tech UK Ltd., KW Plastics, CarbonLITE Industries, Custom Polymers, Ultra-Poly Corporation, MBA Polymers Inc., Evergreen Plastics Ltd., Envision Plastics, Merlin Plastics, and Alpek Polyester among others.
These companies are focusing on innovation, sound environmental practices, and strategic partnership building, and expanding their product lines to improve performance and meet growing demand in many industries.
Recycled Plastic Resins Industry News:
- In June 2024, Dow Chemical Co. teamed with RKW Group, a German manufacturer of polyolefin-based films, to debut two new grades of resins under Dow’s Revoloop recycled plastic resin product portfolio, including a resin with up to 100 percent postconsumer recycled (PCR) plastic.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global recycled plastic resins market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights based on Material Type (Polyethylene Terephthalate (PET), Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), and Others (Acrylonitrile Butadiene Styrene (ABS), Polycarbonate (PC))); Recycling Process (Mechanical Recycling and Chemical Recycling); Source (Bottles, Films & Sheets, Fibers, Foams, and Others (Agricultural Plastics, Medical Plastics)); Application (Packaging, Construction, Automotive, Electrical & Electronics, Textiles, and Others (Medical, Household Products)) across major seven regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and the Middle East & Africa).
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Checkout More Related Studies Published by Fact.MR Research:
The global recycled plastic market is projected to reach US$ 85.18 billion in 2024 and thereafter increase at 7.8% CAGR to end up at US$ 180.51 billion by 2034, as stated in a newly published report by Fact.MR.
The global recycled paper bags market experienced year-on-year (YoY) growth of 4.4% to reach US$ 2.8 billion at the end of 2021. Demand for recycled paper bags from the commercial sector was up by 4.6% and reached US$ 1.9 billion in 2021.
The eco-friendly factor introduced by the recycled leather market and its innovative methods of manufacturing is reducing the environmental pollution. For this reason, it is considered as an ideal product for various applications, thereby increasing the overall market value.
The Europe plastic protective packaging market is projected to grow at the rate of 4.5% to reach a valuation of US$ 6.2 Billion by 2032 from US$ 4 Billion in 2022.
The global glass fibre reinforced plastic (GFRP) products market has reached a valuation of US$ 18.54 billion in 2023 and is projected to climb to US$ 41.92 billion by 2033.
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