Global Recycled Plastics Market Size Study, by Type (Polyethylene Terephthalate (PET), High-Density Polyethylene (HDPE), Polypropylene (PP), Low-Density Polyethylene (LDPE), Others), by Source (Plastic Bottles, Plastic Films, Polymer Foam, Others), by App

Global Recycled Plastics Market Size Study, by Type (Polyethylene Terephthalate (PET), High-Density Polyethylene (HDPE), Polypropylene (PP), Low-Density Polyethylene (LDPE), Others), by Source (Plastic Bottles, Plastic Films, Polymer Foam, Others), by Application (Non-Food Packaging, Food Packaging, Construction, Automotive, Others), and Regional Forecasts 2022-2032

Global Recycled Plastics Market is valued at approximately USD 51.10 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 8.6% over the forecast period 2024-2032. Recycled plastic involves processing waste plastic or scrap materials into useful products. Most plastic materials used globally are non-biodegradable. Therefore, recycling is essential to reduce the environmental burden of polymers. The rising governmental initiatives in regions like China, Europe, Brazil, and India, along with increasing restrictions on single-use plastics, are set to promote recycling efforts. Additionally, the consumer goods and packaging industries' shift towards recyclable and sustainable materials is expected to augment market growth. The development of products such as films, packaging bottles, cutlery, and containers using post-consumer recycled (PCR) polymers is poised to drive exponential market growth.

The demand for recycled materials in the packaging industry is rising across various sectors, including consumer goods and food & beverage, owing to their safety for consumption. Recycled polymers can replace traditional plastics, acting as barriers between environmental variables and food, leading to market growth. Recycled PET is highly favorable for beverage and water packaging bottles. Government regulations and hygiene initiatives in food packaging are anticipated to further drive product adoption in the packaging industry. The production of recycled plastics saves energy by eliminating several processing steps essential in conventional plastics production. Virgin plastics production involves labor-intensive processes such as extraction, refining, storage, and transportation, which are energy-consuming and costly. Recycling post-industrial and post-consumer plastic waste allows manufacturers to produce similar products with significantly lower energy consumption, resulting in lower carbon dioxide emissions and a reduced environmental impact.

Moreover, the beneficial properties of plastics have led to their widespread use across various industries, resulting in increased plastic production and significant environmental problems. Packaging made from recycled plastics requires less energy and has a smaller environmental impact, making it an efficient choice for packaging applications. Companies are increasingly adopting recycled plastics to minimize the harmful environmental impact of conventional plastics.

Despite the advantages, the preference for virgin plastics over recycled substitutes remains a challenge. Virgin plastics offer superior mechanical properties, thermal resistance, chemical resistance, and safety compared to recycled plastics. The pandemic further extended bans on single-use plastics due to the necessity of face masks, shields, and sanitizers. Additionally, the decline in crude oil prices reduced the cost of virgin plastics, creating a high demand for them globally, thereby restraining the demand for recycled plastics.

The key regions considered for the global XXXX Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific is a dominating region in the XXXX Market in terms of revenue. The market growth in the region is being attributed to factors including the significant consumption of recycled plastics in India and China. The region's large number of bottled water manufacturers and the rapidly growing packaging industry further accentuate market growth. China, in particular, dominates the region due to high consumption and production of packaging products. Whereas, the market in North America is anticipated to grow at the fastest rate over the forecast period fueled by the rising demand from the automotive and packaging industries.

Major market players included in this report are:

KW Plastics (U.S.)

Veolia (France)

Custom Polymers (U.S.)

Plastipak Holdings (U.S.)

The Coca-Cola Company Incorporated (U.S.)

Suez (France)

B. Schoenberg & Co. (U.S.)

Fresh Pak Corporation (U.S.)

B&B Plastics (U.S.)

Green Line Polymers (U.S.)

Ultra Poly Corporation (U.S.)

Clear Path Recycling (U.S.)

Jayplas (U.K.)

MBA Polymers (U.S.)

RJM International Inc. (U.S.)


The detailed segments and sub-segment of the market are explained below:

By Type:

Polyethylene Terephthalate (PET)

High-Density Polyethylene (HDPE)

Polypropylene (PP)

Low-Density Polyethylene (LDPE)

Others

By Source:

Plastic Bottles

Plastic Films

Polymer Foam

Others

By Application:

Non-Food Packaging

Food Packaging

Construction

Automotive

Others

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Rest of Latin America

Middle East & Africa

Saudi Arabia

South Africa

RoMEA

Years considered for the study are as follows:

Historical year – 2022

Base year – 2023

Forecast period – 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.

Annualized revenues and regional level analysis for each market segment.

Detailed analysis of geographical landscape with Country level analysis of major regions.

Competitive landscape with information on major players in the market.

Analysis of key business strategies and recommendations on future market approach.

Analysis of competitive structure of the market.

Demand side and supply side analysis of the market.

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