Recycled Plastics Market Size, Share & Trends Analysis Report By Product (Polyethylene, Polyethylene Terephthalate, Polypropylene, Polyvinyl Chloride, Polystyrene), By Source, By Application, By Region, And Segment Forecasts, 2024 - 2030

Recycled Plastics Market Size, Share & Trends Analysis Report By Product (Polyethylene, Polyethylene Terephthalate, Polypropylene, Polyvinyl Chloride, Polystyrene), By Source, By Application, By Region, And Segment Forecasts, 2024 - 2030

Recycled Plastics Market Growth & Trends

The global recycled plastics market size was valued at USD 96.48 billion in 2023 and is expected to exhibit grow at a compound annual growth rate (CAGR) of 9.5% from 2024 to 2030. Increasing environmental concerns, rapid urbanization & industrialization, and the rising need to reduce the carbon footprint in the manufacturing of virgin plastic resin are expected to drive the demand for recycled plastics over the forecast period. The demand for recycled plastics is expected to increase mainly in the packaging application, which includes packaging of processed food & beverages, medical, electronics, and various other products, owing to the growing number of COVID-19 positive cases.

The demand for medical & healthcare products has increased owing to the safety and hygiene required to tackle the pandemic situation. Amid the global COVID-19 pandemic, the demand for electrical & electronic products, such as laptops and mobiles, has increased as companies are following the work-from-home model and educational institutions have shifted from classroom learning to online classes. Thus, the growth in the demand for electrical & electronic products is expected to drive the market over the forecast period. The regional market of Asia Pacific is anticipated to register the fastest growth rate during the forecast period.

This growth can be attributed to various factors, such as the presence of supportive government initiatives like Make in India, Atmanirbhar Bharat (self-dependent India), rising number of manufacturers operating in the electrical & electronics, automotive, and textile industries, and increasing R&D investments by private as well as public organizations for the development of new applications for recycled plastics. In addition, various electronic products and automotive components manufacturing companies have started looking toward India for establishing their manufacturing facilities post-COVID-19 pandemic. This will also provide tremendous growth opportunities to the regional market in the years to come.

Recycled Plastics Market Report Highlights

• The polyethylene segment led the market with the largest revenue share of 26.0% in 2023. This high share is attributable to the rising demand for packaging material in consumer goods, food & beverage, industrial, and various other industries.
• Based on source, the plastic bottles segment led the market with the largest revenue share of 74.14% in 2023.
• In terms of application, the packaging segment led the market with the largest revenue share of over 37.4% in 2023.
• The recycled plastics market in North America is expected to grow at a significant CAGR over the forecast period. The North America market accounted with a revenue share of 18.27% in 2023.
• Asia Pacific dominated the recycled plastics market with a revenue share of over 47.97% in 2023. Asia Pacific is characterized by the growing packaging industry and technological advancements in the industry.

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