IMARC Group, a leading market research company, has recently releases report titled “Recycled Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global recycled plastics market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the recycled plastics market?
The global recycled plastics market size reached US$ 39.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 53.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.88% during 2023-2028.
What are recycled plastics?
Recycled plastics refer to plastic materials that have undergone a process of reprocessing or reclamation to be reused or repurposed, thereby reducing their environmental impact and promoting sustainability. It is an essential component of waste management and environmental conservation efforts. The recycling process typically involves collecting used plastic items, such as bottles, containers, and packaging materials, and then subjecting them to various treatment methods to transform them into new products. These treatment methods can include sorting, cleaning, shredding, and melting the plastics to produce pellets or flakes, which can be used as raw materials for manufacturing a wide range of products. Recycled plastics help reduce the consumption of fossil fuels and energy required to produce new plastic from virgin materials. Using recycled plastics minimizes the demand for petroleum-based feedstocks, contributing to a decrease in greenhouse gas emissions and conserving natural resources. Moreover, recycling plastics helps divert waste from landfills and minimizes littering, addressing the growing concerns of plastic pollution in the environment. Plastic waste, if not properly managed, can harm ecosystems, wildlife, and human health. As a result, recycled plastic is gaining immense traction across the globe as a sustainable solution to reduce environmental impact.
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Recycled Plastics Market Trends and Drivers:
The global recycled plastics market is primarily driven by the growing concerns about environmental sustainability and the need to address plastic pollution. Moreover, governments and regulatory bodies in various countries have implemented favorable initiatives and policies that encourage or mandate the use of recycled plastics in various industries, thereby accelerating the product adoption rate. Along with this, the increasing consumer awareness about the environmental impact of single-use plastics and a growing preference for eco-friendly products have augmented the demand for recycled plastic materials. Additionally, the escalating demand for recycled plastics by businesses seeking sustainable practices and reduced production costs, as they often require less energy and resources compared to virgin plastics, is propelling the market growth. Besides this, numerous advancements in recycling technologies and processes that improve the quality and versatility of recycled plastics, making them suitable for a wider range of applications, including packaging, construction, automotive, and consumer goods, is another major growth-inducing factor. Furthermore, the rising demand for eco-friendly products, including those made from recycled plastics and companies offering products with recycled plastic content, is contributing to market growth. Other factors, including extensive investments in research and development (R&D) activities, increasing environmental consciousness, and heightened demand for ready-to-eat (RTE) and processed food products, are also anticipated to drive the market toward growth in the coming years.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Plastic Type:
- Polyethylene Terephthalate (PET)
- High Density Polyethylene (HDPE)
- Polypropylene (PP)
- Low Density Polyethylene (LDPE)
- Others
Breakup by Application:
- Non-Food Contact Packaging
- Food Contact Packaging
- Construction
- Automotive
- Others
Breakup by Raw Material:
- Plastic Bottles
- Plastic Films
- Rigid Plastic and Foam
- Fibres
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Avangard Innovative
- Schoenberg & Co., Inc.
- Delta Plastics
- UltrPET LLC
- CarbonLITE Industries
- Veolia Environment SA
- Suez Recycling & Recovery Holdings
- KW Plastics
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