The latest report by IMARC Group, titled "Recycled Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032," finds that the global recycled plastics market size reached US$ 41.9 Billion in 2023. Plastic recycling refers to the process of recovering and reprocessing plastic materials into valuable products. It comprises various steps, including washing, shredding, identifying, sorting, classifying, extruding, and reprocessing plastics. It helps save natural resources, clear landfill space, conserve energy, and produce biodegradable and environment-friendly products. Owing to these benefits, recycled plastics are extensively used to manufacture footwear, toys, bags, fabrics, toothbrushes, and several consumer products.
Global Recycled Plastics Market Trends:
The market is primarily driven by the rising environmental consciousness among individuals regarding the harmful effects caused by plastic waste. In addition, the implementation of stringent government regulations and plastic recycling programs to minimize waste production and promote the recycling of plastic scraps represents another major growth-inducing factor. Besides this, plastics are widely used in making different components of vehicles. This, coupled with the escalating demand for ready-to-eat (RTE) and processed food products due to the busy schedules and inflating income levels of individuals, is increasing the sales of packaged plastic materials, thus propelling market growth. Moreover, the increasing construction activities of residential and commercial complexes and research and development (R&D) activities conducted by key players to improve the quality and performance of products are also creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 61.7 Billion by 2032, exhibiting a CAGR of 4.3% during the forecast period (2024-2032).
- Based on the plastic type, the market has been segmented into polyethylene terephthalate (PET), polypropylene (PP), high-density polyethylene (HDPE), low-density polyethylene (LLDPE) and others. Amongst these, polyethylene terephthalate (PET) holds the majority of the global market share.
- On the basis of the application, the market has been classified into non-food contact packaging, food contact packaging, construction, automotive and others. Presently, non-food contact packaging holds the largest market share.
- Based on the raw material, the market has been segregated into plastic bottles, plastic films, rigid plastics and foams, fibers, and others. At present, plastic bottles exhibit a clear dominance in the market.
- Region-wise, Asia Pacific holds the leading position in the market. Other major regions include North America, Europe, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being Avangard Innovative, B. Schoenberg & Co., Inc., Delta Plastics, UltrPET LLC, CarbonLITE Industries, Veolia Environment SA, Suez Recycling & Recovery Holdings, and KW Plastics.
|Base Year of the Analysis
||Plastic Type, Raw Material, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||Avangard Innovative, B. Schoenberg & Co., Inc., Delta Plastics, UltrPET LLC, CarbonLITE Industries, Veolia Environment SA, Suez Recycling & Recovery Holdings and KW Plastics
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