Westford, USA, Dec. 12, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global recycled plastic market will attain a value of USD 81.10 Billion by 2031, with a CAGR of 6.1% during the forecast period (2024-2031). Growing consumption of plastics in the production of lightweight components, which are utilized in several sectors like building & construction, automotive, electrical & electronics is fueling the recycled plastic market growth.
Furthermore, the rising popularity of online purchases of electrical & electronics and personal care products is fueling the growth of the market. Personal protective equipment products like gloves, face masks, and various other products are also boosting the demand for recycled plastics utilized in various kinds of packaging sources. Moreover, the rising demand for cost-efficient consumer electronics like laptops, mobile, and modems have increased immensely through e-commerce websites. This growing demand for consumer electronics has fueled the demand for recycled plastics in packaging sources, boosting market growth during the forecast period.
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Recycled Plastic Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 50.50 Billion |
| Estimated Value by 2031 | USD 81.10 Billion |
| Growth Rate | Poised to grow at a CAGR of 6.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Regions |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Rapid growth of textile industry |
| Key Market Opportunities | High demand of recycled plastics in automotive sector |
| Key Market Drivers | Increasing popularity of sustainable products |
Growing Popularity of Recycled Products Due to Increasing Demand for Polyethylene Terephthalate (PET)
Polyethylene terephthalate is dominating with the largest recycled plastic market share. This segment is leading the market because of its increasing utilization in making beverage bottles, food containers, and packaging materials. PET is a popular choice for manufacturers and purchasers because they can be easily recycled, durable, and transparent. Furthermore, the shift of the food & beverage sectors towards sustainable packaging and stringent regulations is also favoring recycled materials, boosting the demand for recycled PET. Furthermore, progression in recycling technology is also increasing the efficiency and standard of PET recycling processes. This is done by smoothening the production of high-quality r-PET ideal for various types of uses. The advanced system for collecting and recycling PET, especially in developing regions, is contributing to the growth of the market.
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Rising Adoption of Sustainable Practices in Construction to Increase Usage of Recycled Plastic
As per recycled plastic market analysis, the construction segment is leading with the largest share. The construction industry is transforming its perspective towards using recycled plastics, which is increasing the use of sustainable practices. Recycled plastics can be integrated into construction materials like polymeric timbers. These plastics can also be utilized in an extensive range of applications in construction like flooring tiles, indoor insulation, carpeting, roofing tiles, fences, and bricks. Such materials can also be used in residential and commercial construction because of their durability, lightweight, and high strength in the mix-compound recycled plastics. These factors are increasing the growth of the segment in the market.
Rapid Growth of Building & Construction Industry to Increase Use of Recycled Plastic to Drive Market Growth in Asia Pacific
Asia Pacific is dominating the global recycled plastic industry, in terms of revenue and is estimated to withstand its dominance during the forecast period. The rapid growth of the building & construction industry, e-commerce industry, and several other industries have significantly contributed towards the growth of the market in the region. Furthermore, rising government initiative and policies to attract FDIs and implement industrial development in this region is also boosting the usage of recycled plastic in Asia Pacific. Moreover, Asia Pacific is also experiencing immense market growth because of the increasing electronics expenditure in the countries like China, India, and Japan.
Recycled Plastic Market Insights
Driver
- Increasing popularity of recycling and sustainability
- Rising government initiatives to manufacture plastics with recycled content
- Rapid growth of textile sector
Restraints
- Availability of conventional plastics
- Difficulty in collection of raw materials
- Lack of awareness about recycled plastics
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Key Players Operating in Recycled Plastic Market
- Veolia Environnement S.A.
- Borealis AG
- SUEZ S.A.
- Dow Chemical Company
- Republic Services Inc.
- Waste Management Inc.
- Clean Harbors Inc.
- Ultra-Poly Corporation
- KW Plastics
- Plastipak Holdings Inc.
Key Questions Answered in Recycled Plastic Market
- Who are the prominent players in the market?
- What is the CAGR of the market?
- What are the major restraints hampering growth of the market?
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This report provides the following insights:
Analysis of key drivers (increasing popularity of recycling and sustainability, rising government initiatives to manufacture plastics with recycled content), restraints (availability of conventional plastics, difficulty in collection of raw materials), opportunities (rapid growth of textile sector), and challenges (lack of awareness about recycled plastics) influencing the growth of recycled plastic market
- Market Penetration: Comprehensive information on the product offered by the top players in the recycled plastic market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the recycled plastic market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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