Recycled Plastic Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Recycled Plastic Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Recycled Plastic Market

The recycled plastic market size was valued at USD 46.89 billion in 2022, and the market is now projected to grow from USD 50.78 billion in 2023 to USD 88.96 billion by 2030, exhibiting a CAGR of 8.3% during the forecast period of 2023-2030.

The COVID-19 pandemic disrupted the production and utilization of recycled plastic in many ways. Lockdown situations made it difficult to collect waste plastic, leading to reduced input for recycling vegetation. With transportation halted, the go with the flow of waste to processing facilities became significantly impacted. Furthermore, governments relaxed restrictions on unmarried-use plastics throughout the pandemic, inflicting a surge of their utilization for hygiene and safety functions. Retailers additionally turned to unmarried-use plastic packaging for produce, similarly reducing the call for recycled materials. These elements mixed to create massive challenges for the plastic recycling industry in the course of the pandemic.

The packaging industry is witnessing a developing adoption of recycled plastic because of improved demand for sustainable answers. Industries like meals & beverage prioritize food-safe packaging, using recyclable polymers as effective replacement for traditional plastics. Recycled polyethylene terephthalate (PET) is specifically favored for production bottles, aligning with purchaser alternatives for eco-friendly packaging in water and beverage sectors. This fashion reflects a nice shift toward sustainability in packaging practices across various sectors.

Government rules in North America and Europe are using the adoption of recycled plastic throughout diverse programs. European policies consciousness on designing recycling strategies and product innovation, motivating polymer manufacturers to prioritize recycling. Additionally, bans on unmarried-use plastics in international locations just like the U.S., Brazil, India, and Canada are similarly assisting this market fashion via lowering plastic pollutants and incentivizing sustainable practices in product packaging and manufacturing.

Comprehensive Analysis of Recycle Plastic Market

The recycle plastic market growth is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the industry. These segmentations are methodically segregated by types analysis and by application analysis . By type analysis, polyethylene terephthalate (PET), high-density polyethylene (HDPE), polypropylene (PP), low-density polyethylene (LDPE), and others. By application analysis include, non-food packaging, food packaging, construction, automotive, and others.

The North America region lead the recycle plastic market share by benefitting a market size of USD 28.13 billion in 2022 due to China and India being the leading recycled plastic-consuming countries.

The top players in the market play a crucial role in the industry assuring market growth and setting market standards. These players include, KW Plastics, Veolia, Custom Polymers, Plastipak Holdings, The Coca-Cola Company Incorporated, Suez, B. Schoenberg & Co., Fresh Pak Corporation, B&B Plastics, Green Line Polymers, Ultra Poly Corporation, Clear Path Recycling, Jayplas, MBA Polymers, RJM International Inc., CarbonLite Industries LLC, Envision Plastics Industries LLC, ReVital Polymers, these market players provide a level-playing competitive landscape.

In October 2022, Veolia introduced the 'PlastiLoop' brand of recycled plastics and services at the K 2022 fair, leveraging its global network of experts and 37 plastic recycling plants to offer a wide range of recycled resins to customers.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2019-2021

Growth Rate CAGR of 8.3% from 2023 to 2030

Unit Value (USD Billion); Volume (Million Ton)

By Type Polyethylene Terephthalate (PET)

High-Density Polyethylene (HDPE)

Polypropylene (PP)

Low-Density Polyethylene (LDPE)

Others

By Application Non-Food Packaging

Food Packaging

Construction

Automotive

Others

By Geography North America (By Segment, By Type, By Application, By Country)

- U.S. (By Type)

- Canada (By Type)

Europe (By Segment, By Type, By Application, By Country)

- Germany (By Type)

- U.K. (By Type)

- France (By Type)

- Italy (By Type)

- Spain (By Type)

- Poland (By Type)

- Rest of Europe (By Type)

Asia Pacific (By Segment, By Type, By Application, By Country)

- China (By Type)

- India (By Type)

- Japan (By Type)

- South Korea (By Type)

- Southeast Asia (By Type)

- Rest of Asia Pacific (By Type)

Latin America (By Segment, By Type, By Application, By Country)

- Brazil (By Type)

- Mexico (By Type)

- Rest of Latin America (By Type)

Middle East & Africa (By Segment, By Type, By Application, By Country)

- GCC (By Type)

- Turkey (By Type)

- Egypt (By Type)

- Rest of the Middle East & Africa (By Type)


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