Recycled Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Recycled Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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.

Plastic recycling refers to the process of reusing and recovering plastic waste or scraps as functional and valuable products. It includes sorting, washing, shredding, identifying, classifying, extruding, and reprocessing post-industrial plastics. As it helps save natural resources used to make virgin plastics, clear landfill space, and conserve energy, recycled plastics are extensively used in the manufacturing of footwear, fabrics, toys, bags, toothbrushes, and several consumer products.

Recycled Plastics Market Trends:
The rising environmental consciousness among individuals about the harmful effects of plastic waste represents one of the significant factors positively influencing the market. Governments of various countries are also introducing stringent regulations and plastic recycling programs to minimize waste production, promote the reuse and recycling of plastic scraps, and encourage sustainable waste treatment. This, in turn, is contributing to the market growth. Apart from this, the growing global population is resulting in the increasing construction activities of residential and commercial complexes, which is driving the use of recycled plastics. In addition, the increasing utilization of plastics in making different components of vehicles is creating a favorable market outlook. This can also be attributed to the boosting sales of passenger and commercial vehicles worldwide. Besides this, the busy schedules of individuals and inflating income levels are escalating the demand for ready-to-eat (RTE) and processed food products, which, in turn, is increasing the sales of packaged plastic materials. Furthermore, leading manufacturers are increasingly focusing on adding value and consumerism to recycled plastic products. They are also investing in research and development (R&D) activities to improve the quality performance of products, which is anticipated to provide a positive thrust to the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global recycled plastics market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on plastic type, application and raw material.

Breakup by Plastic Type:

Polyethylene Terephthalate (PET)
High Density Polyethylene (HDPE)
Polypropylene (PP)
Low Density Polyethylene (LDPE)
Others

Polyethylene terephthalate (PET) currently holds the majority of the market share on account of its expanding applications in the manufacturing of containers, shoes, automobile parts, and luggage.

Breakup by Application:

Non-Food Contact Packaging
Food Contact Packaging
Construction
Automotive
Others

Non-food contact packaging exhibits a clear dominance in the market as it is extensively used in the industrial processing of products and protects them from unfavorable climatic conditions.

Breakup by Raw Material:

Plastic Bottles
Plastic Films
Rigid Plastic and Foam
Fibres
Others

At present, plastic bottles represent the major raw material type for recycled plastics as they find extensive applications in numerous industries for storage purposes.

Regional Insights:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

The Asia Pacific dominates the market due to various initiatives undertaken by governments of different countries in the region toward plastic recycling.

Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are

Avangard Innovative
B. Schoenberg & Co., Inc.
Delta Plastics
UltrPET LLC
CarbonLITE Industries
Veolia Environment SA
Suez Recycling & Recovery Holdings
KW Plastics

This report provides a deep insight into the global recycled plastics market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the recycled plastics industry in any manner.

Key Questions Answered in This Report

1. What is the size of the global recycled plastics market?
2. What is the expected growth rate of the global recycled plastics market?
3. What are the key factors driving the global recycled plastics market?
4. What has been the impact of COVID-19 on the global recycled plastics market?
5. What is the breakup of the global recycled plastics market based on the plastic type?
6. What is the breakup of the global recycled plastics market based on the application?
7. What is the breakup of the global recycled plastics market based on the raw material?
8. What are the key regions in the global recycled plastics market?
9. Who are the key companies/players in the global recycled plastics market?