The latest report by IMARC Group, titled “Recycled Plastics Market Report by Plastic Type (Polyethylene Terephthalate (PET), High Density Polyethylene (HDPE), Polypropylene (PP), Low Density Polyethylene (LDPE), and Others), Application (Non-Food Contact Packaging, Food Contact Packaging, Construction, Automotive, and Others), Raw Material (Plastic Bottles, Plastic Films, Rigid Plastic and Foam, Fibres, and Others), and Region 2024-2032“, The global recycled plastics market size reached US$ 41.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 61.7 Billion by 2032, exhibiting a growth rate (CAGR) of 4.3% during 2024-2032.
Recycled plastics, also known as recycled plastic materials, are polymers derived from the processing and reutilization of discarded plastic products and waste materials. It reduces environmental pollution and conserves resources. It typically involves collecting plastic waste and sorting and cleaning it to remove contaminants, including dirt, labels, and other non-plastic materials. Once cleaned, the plastic is then shredded or melted down into small pellets or flakes, which can be used to manufacture numerous new plastic products, from packaging materials and containers to textiles and automotive components. It has gained significant traction in recent years due to its environmental benefits. It reduces the strain on natural resources needed to produce virgin plastics by diverting plastic waste from landfills and incineration, resulting in lower energy consumption and greenhouse gas (GHG) emissions associated with plastic production. Additionally, recycling helps mitigate the visual and environmental impact of plastic pollution.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/recycled-plastics-market/requestsample
Recycled Plastics Market Trends and Drivers:
The recycled plastics market is primarily driven by the increasing awareness of environmental issues. As concerns about climate change, pollution, and plastic waste in oceans and landfills are gaining importance, individuals and organizations are encouraged to seek sustainable solutions. Recycling plastics reduces the need for virgin plastic production, conserving natural resources and minimizing the environmental footprint. Moreover, several innovations in recycling technologies made it easier to process and reuse various types of plastics, which improved the quality and availability of recycled plastics, making them suitable for several applications, representing another major growth-inducing factor. Along with this, the implementation of several government policies to promote recycling and reduce plastic waste by restricting single-use plastics, mandatory recycling programs, and incentives for businesses to use recycled materials are propelling market growth. Besides this, the growing consciousness of consumers led to the adoption of products produced from recycled materials, as it aligns with their sustainability values, thus accelerating the market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Plastic Type:
- Polyethylene Terephthalate (PET)
- High Density Polyethylene (HDPE)
- Polypropylene (PP)
- Low Density Polyethylene (LDPE)
- Others
Breakup by Application:
- Non-Food Contact Packaging
- Food Contact Packaging
- Construction
- Automotive
- Others
Breakup by Raw Material:
- Plastic Bottles
- Plastic Films
- Rigid Plastic and Foam
- Fibres
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Avangard Innovative
- B. Schoenberg & Co., Inc.
- Delta Plastics
- UltrPET LLC
- CarbonLITE Industries
- Veolia Environment SA
- Suez Recycling & Recovery Holdings
- KW Plastics
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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