New York, United States , Aug. 31, 2023 (GLOBE NEWSWIRE) -- The Global Recycled Plastics Market Size to grow from USD 50.12 Billion in 2022 to USD 70.31 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period.
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Plastic waste that has been collected, processed, and turned into new products—rather than being disposed of in landfills or the environment—is known as recycled plastic. Recycling plastic minimises the need for new plastic, conserves resources, and lessens the harm that plastic manufacture does to the environment. Recycled plastic pellets can be used to create a wide range of products, including plastic bottles, containers, packaging materials, furniture, textiles, vehicle parts, and more. The pellets are either melted and formed into the required shape, or extruded into sheets or fibres, depending on the use. Recycling plastic provides a variety of favourable environmental consequences. It contributes to the preservation of natural resources like petroleum, which is required for the production of plastic.
The market for recycled plastic has grown significantly in recent years due to rising environmental awareness, growing demand for sustainable goods, and government initiatives supporting recycling and the circular economy. More people are becoming aware of how harmful plastic garbage is to the environment, especially in terms of marine contamination and ecological degradation. This awareness has resulted in an increase in consumer demand for eco-friendly and sustainable items, particularly those made from recycled plastic. Recycled plastic is being used in products and packaging by many companies and brands as part of their commitment to sustainability goals and initiatives. These pledges are motivated by consumer demand, brand reputation, and a goal to reduce environmental impact.
Although the market for recovered plastics is growing, it still faces a number of challenges. Due to limited recycling infrastructure and collecting techniques, the market for recycled plastics may face growing obstacles. Due to a lack of recycling infrastructure or limited access to recycling programmes, some locations may have lower collection rates and less easily available recovered plastics. Specific technological challenges may limit the usage of recycled plastics in some applications. For instance, because it is challenging to recycle some plastic polymers, there are few recycling options for them. Recycled plastics could have additional characteristics that set them apart from virgin plastics, limiting their ability to be used in some high-performance applications.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on, "Global Recycled Plastics Market Size, Share, and COVID-19 Impact, By Product (Polyethylene, Polyethylene Terephthalate, Polypropylene, Polyvinyl Chloride, Polystyrene), By Source (plastic bottles, plastic films, polymer foam, others), By Application (building and construction, packaging, electrical and electronics, textiles, automotive, others), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032" Get Detailed Report Here:
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Product Insights
Polyethylene segment is dominating the market with the largest market share
On the basis of product, the global recycled plastics market is segmented into Polyethylene, Polyethylene Terephthalate, Polypropylene, Polyvinyl Chloride, Polystyrene. Among these, polyethylene segment is dominating the market with the largest market share over the forecast period. Growing environmental consciousness, legislation that promote recycling, and consumer preferences for eco-friendly products have all contributed to the segment's growth. Many companies are incorporating polyethylene into their manufacturing processes to meet environmental goals and customer expectations. A significant portion of the market for recovered plastics is made up of polyethylene products due to their high demand and potential for reuse.
Propylene segment is witnessing the fastest market growth over the forecast period. Plastics, synthetic fibres, solvents, and chemical intermediates are just a few of the products made with propylene, a key building block in the chemical industry. The demand for propylene is often influenced by factors including economic growth, industrial activity, consumer demand for plastic items, and general market conditions.
Source Insights
Plastic bottles segment accounted the largest market share
Based on source, the global recycled plastics market is segmented into plastic bottles, plastic films, polymer foam, and others. Among these, plastic bottles segment accounted the largest market share over the forecast period. Plastic bottles made of recycled polyethylene terephthalate, often known as rPET, are becoming more and more popular as people become more aware of sustainability and environmental issues. Many companies and people are looking for solutions to reduce plastic waste and promote recycling programmes.
Polymer foam, on the other hand is witnessing the fastest market growth over the forecast period. Foam compounding is a process that combines polymer foam and recyclable plastic. In this method, tiny bits of ground-up polymer foam are mixed with recycled plastic pellets or granules. The resulting mixture can be further processed to create foam products with specific properties. Through the process of blending, the recycled plastic's mechanical properties and density are enhanced, making it suitable for a range of applications.
Application Insights
Packaging segment is dominating the market with the largest market share
On the basis of application, the global recycled plastics market is segmented into building and construction, packaging, electrical and electronics, textiles, automotive, and others. Among these, packaging segment is dominating the market with the largest market share over the forecast period.
The packaging industry has seen a phenomenal expansion in the market for recycled plastics in recent years. The need for recycled plastics in packaging applications has increased as pressing environmental and sustainability issues have come to light. Due to technological advancements in recycling procedures, it is now simpler to get high-quality recycled plastics suitable for packaging applications. Due to improved sorting and processing methods, recovered plastics are now a desirable replacement for virgin plastics for package manufacturers.
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Region Insights
Asia Pacific region is dominating the market with the largest market share over the forecast period.
In recent years, the Asia Pacific area has seen a major increase in the market for recycled plastics. As countries in the region struggle with increasing plastic waste and environmental challenges, recycling and sustainable practises are becoming more and more crucial. Growing environmental awareness among customers has impacted consumer preferences for sustainable products. For usage in packaging, autos, construction, and textiles, among other industries, recycled plastics are becoming more and more in demand.
Europe, on the other hand is witnessing the fastest market growth over the forecast period. European consumers are getting increasingly concerned about the environment and are looking for sustainable items. Consumers' growing desire for products made from recycled materials is driving the need for recycled plastics.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Companies Covered: Custom Polymers (United States), B&B Plastics Inc. (United States), B. Schoenberg & Co., Inc. (United States), Envision Plastics (United States), Jayplas (United Kingdom), Joe's Plastics (United States), K K Asia (HK) Ltd. (Hong Kong), Berry Global Inc. (United States), MBA Polymers Inc. (United States), Plastipak Holdings, Inc. (United States), SUEZ (France), Ultra-Poly Corporation (United States), Veolia (France), KW Plastics (United States), Birch Plastics Inc. (United States), RJM International, Inc. (United States), Asia Plastics Renewable Resources Holdings Co., Ltd. (China), Clear Path Recycling (United States), Green Line Polymers (United States), Imerys (France).
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Recycled Plastics Market based on the below-mentioned segments:
Recycled Plastics Market, Type Analysis
- Sheet/Board
- Sealant
- Mortar
- Spray
- Putty
Recycled Plastics Market, Application Analysis
- Commercial
- Industrial
- Residential
Recycled Plastics Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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