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Recycled Plastic Market to Expand at a CAGR of 8.5%, worth USD 143.9 Billion by 2032

Jun 16, 2023

New York (US), Aug. 21, 2023 (GLOBE NEWSWIRE) -- Recycled Plastic Market Overview

According to a Comprehensive Research Study by Market Research Future (MRFR), “ Recycled Plastic Market Information by Source, Plastic Type, Process, Type, End-Use, and Region - Forecast till 2032 ”, The recycled plastic market can surge from USD 74.9 Billion in 2023 to USD 143.9 Billion by 2032, with an 8.5% CAGR from 2023 to 2032.

Market Scope

Scrap or waste plastic materials that have been turned into practical items are known as recycled plastic. Recycling these materials is the best way to ease the environmental load of polymer because the majority of polymer materials used globally are not biodegradable. It is anticipated that the use of single-use plastics would be increasingly restricted and that governments in Europe, China, India, and Brazil will take steps to encourage recycling.

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Market Competitive Landscape:

The important manufacturers of recycled plastics are

Report Scope:

Browse In-depth Market Research Report (128 Pages) on Recycled Plastic:

Market USP Covered:

Market Drivers:

In North America and Europe, regulations set by governmental and regulatory authorities encourage the use of recycled plastic in a variety of applications. For instance, recycling is being encouraged among polymer makers by rules in European nations regarding the development of recycling methods, collection programs, and product innovation. Additionally, a trend in the market will emerge as a result of a restriction on single-use plastics enacted by nations including the United States, Brazil, India, and Canada to lessen plastic pollution.

Additionally, in 2018, the percentages of plastic recycling in nations like China, Mexico, and India were 60%, 25%, and 24%, respectively. Plastic recyclers globally will see development prospects due to the rising recycling rates in developing nations. Therefore, the actions in favor of recycling that have been adopted by several nations will spur market expansion.

Many industries, including the food and beverage and consumer goods sectors, are seeing an increase in demand for recycled materials. Due to the strong need for packaging materials that are food-safe, the use of recyclable polymers is rising in the food and beverage industry. These materials can successfully take the position of traditional plastics as a shield between food goods and environmental elements, expanding the market. When making bottles for water and beverage packaging, recycled polyethylene terephthalate is a perfect material that is highly favored.

In addition to packaging for food and drink, recycled polymers are also utilized to assist increase the longevity of products like toys, sports equipment, and accessories for clothing. Due to their non-reactivity, these polymers are also in higher demand for the packaging of goods including soaps, surfactants, shampoos, and other personal care items. The production of packaging materials for consumer goods is becoming more prevalent, which will accelerate market expansion.

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Market Restraints:

The production of automotive components and food packaging are just two uses for virgin plastics. In terms of quality, they outperform their recycled counterparts by a wide margin. Manufacturers are hesitant to employ PCR plastics due to the possibility of contaminants, despite regulatory groups' directives to increase their use in packaging items.

COVID 19 Analysis

Due to the challenges encountered during the lockdown while collecting waste polymer products, plastic recycling had a huge impact on the pandemic. The transportation activities were stopped, and as a result, less waste was transported to the processing facilities. Additionally, as governments have loosened limitations on single-use polymers and end users have reintroduced these materials for health and protection reasons, the COVID-19 pandemic has exacerbated the problem of plastic pollution. To ensure hygiene, retail stores, and supermarkets have begun to package produce in single-use containers. End-user demand has decreased as a result of this.

Market Segmentation

By Source

Bottles, films, foams, fibers, and other materials are included in the segmentation of the recycled plastic market depending on the source.

By Plastic Type

Depending on the plastic type, the recycled plastic market is segmented into PVC (polyvinyl chloride), PET (polyethylene terephthalate), PE (polyethylene), PP (polypropylene), PS (polystyrene), and others.

By Process

Chemical and mechanical processes are included in the segmentation of the recycled plastic market with respect to the process.

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By Type

Post-Consumer Recyclate and Industrial Recyclate are two types of recycled plastic included in the market segmentation for recycled plastic.

By End-Use Industry

The automotive, electrical & electronics, textiles, packaging, building & construction, and other end-use industries are included in the segmentation of the recycled plastic market.

Regional Insights

The top spot has been held by the North American market since 2022 (45.80%). The market is being encouraged by the expansion of key end-use sectors like electrical & electronics, building, and packaging. Over the projected period, it is anticipated that increasing consumer demand for packaged and processed foods and the expansion of the construction sector in North America will fuel market expansion.

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