Recycled Thermoplastic Market - By Type (Bio-Degradable, Non- Biodegradable), By Form (Flakes, Pellets, Granules), By Technology (Extrusion, Injection Molding, Blow Molding), By Product (Polyethylene, Polyethylene Terephthalate, Polypropylene, Polystyrene

Recycled Thermoplastic Market - By Type (Bio-Degradable, Non- Biodegradable), By Form (Flakes, Pellets, Granules), By Technology (Extrusion, Injection Molding, Blow Molding), By Product (Polyethylene, Polyethylene Terephthalate, Polypropylene, Polystyrene, Polyvinyl Chloride), By Application (Packaging, Building & Construction, Medical) & Global Forecast, 2023 - 2032

Global Recycled Thermoplastic Market is poised to register lucrative gains through 2032, credited to the growing automotive industry in developing nations. Recycled thermoplastics are used to manufacture upholstery for seat cushions, wheel liners, replacement bumpers, and other automotive parts. As per the International Energy Agency, sales of electric cars achieved a two-fold growth in 2021, reaching 6.6 million units.

In fact, rising efforts by automotive companies toward sustainability are also working in favor of industry growth. For instance, Ford Motor Company, an American automobile giant, makes use of around 1.2 billion recycled plastic bottles annually to manufacture underbody shields in trucks, cars, and SUVs to improve vehicle aerodynamics while being sustainable.

Overall, the recycled thermoplastic industry is segmented in terms of type, form, technology, product, application, and region.

On the basis of technology, the recycled thermoplastic industry from the film molding segment is set to garner lucrative gains through 2032, on account of rising investment in consumer-based end-use verticals, such as electronics, automotive, and others. As per Invest India, electronics production in the country reached USD 80 billion in 2021-22. Moreover, recycled thermoplastic, specifically polyethylene terephthalate thermoplastic, can be used to manufacture thermally stabilized films such as recording tapes, graphics, film bases, capacitors, and others.

On the basis of product, the recycled thermoplastic market from the polypropylene [PP] segment is slated to record a valuation of over USD 29 billion by 2032, owing to rising efforts by governments in emerging economies to increase awareness about the harmful effects of polypropylene plastic wastes. Moreover, recycled polypropylene can be used for manufacturing dishware, clothing and industrial fibers, coffee bags, storage racks, and many other materials.

In terms of application, the recycled thermoplastic industry from the building & construction segment is poised to grow at a substantial CAGR from 2023 to 2032. Recycled thermoplastics are widely used in new residential constructions and commercial renovation projects to maximize energy efficiency while improving durability and performance. Rising demand for energy-efficiency upgrades from the construction sector is working in favor of segment expansion. In fact, in November 2022, the government of Canada announced that it will invest CAD million (USD 1.4 million) in energy efficiency for buildings in Ontario.

From the regional standpoint, North America recycled thermoplastic market is slated to grow at over 10% CAGR from 2023 to 2032, on account of the growing automotive industry in the region. As per the U.S. Office of Energy Efficiency & Renewable Energy, in 2022, the new light-duty vehicle sales in the country reached 13.84 million units. Moreover, increasing grants and subsidies to recycling companies are further creating a notable impact on the regional industry.