According to IMARC Group latest published report, the global recycled plastics market size reached US$ 39.9 Billion in 2022. Looking forward, the market expected to reach US$ 53.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.88% during 2023-2028.
The practise of reusing and recovering plastic trash into usable and valuable items is known as plastic recycling. Before being recycled, plastic products go through a series of stages that include collecting, sorting, washing, shredding, classifying, and extruding. End users are increasingly preferring recycled plastics because they reduce waste generated and disposed of at landfill sites while lowering greenhouse gas emissions.
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Global Recycled Plastics Market Trends:
The increased awareness of the negative and toxic consequences of plastic waste on both the environment and human health is driving the worldwide recycled plastics industry. Plastic is widely employed in the building, food packaging, and automobile industries as a result of rapid industrialization and population growth. As a result, governments in a number of countries are enacting laws and regulations to reduce waste generation and stimulate the recycling of plastic waste, encouraging end users to progressively switch to recycled plastics. They’re also making it easier to dispose waste in a systematic way by promoting environmentally friendly plastic disposal options.
Moreover, various organizations are shifting from virgin to recycled plastics to reduce their carbon footprints. Furthermore, technological innovations, such as the adoption of artificial intelligence (AI) for sorting plastic waste, are positively impacting the market growth.
The competitive landscape of the market has been examined in the report.
Avangard Innovative, Veolia Environnement S.A. (VEOEY), Suez Recycling & Recovery Holdings, KW Plastics, B. Schoenberg & Co. Inc., Delta Plastics, CarbonLITE Industries, and UltrPET LLC.
- Based on the plastic type, the market has been divided into high-density polyethylene (HDPE), polyethylene terephthalate (PET), polypropylene (PP), low-density polyethylene (LDPE) and others. Among these, polyethylene terephthalate (PET) is the most popular type of recycled plastic.
- On the basis of the raw material, the market has been classified into plastic bottles, fibers, plastic films, rigid plastic and foam, and others. Plastic bottles currently account for the majority of the total market share.
- The market has been segregated based on the application into construction, non-food contact packaging, automotive, food contact packaging and others. Currently, recycled plastics are mostly used for non-food contact packaging.
- Region-wise, Asia Pacific represents the leading market. Other regions include Latin America, Europe, North America, and Middle East and Africa.
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