Global Recycled Plastics Market to be Driven by increasing plastic consumption in the end use industry in the Forecast Period of 2023-2028

The new report by Expert Market Research titled, ‘Global Recycled Plastics Market Report and Forecast 2023-2028’, gives in-depth analysis of the global recycled plastics market, assessing the market based on its segments like plastic type, raw material type, application, and major regions.

The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2018-2028): –

Historical Market Size (2022): USD 42.14 billion
Forecast CAGR (2023-2028): 6.10%
Forecast Market Size (2028): USD 60.11 billion

Due to extreme contamination caused by the disposal of used plastics in oceans and the lack of landfill areas in many countries, the demand is increasing. Factors such as the use of recycled plastics in a variety of new applications in the packaging, automotive, and electrical & electronics industries, as well as numerous favourable initiatives encouraging the use of recycled plastics around the world, provide lucrative opportunities for the recycled plastics market to expand. Recycled plastics are more expensive. The market’s growth is being stifled by stiff competition from virgin plastics in terms of performance.

Industry Definition and Major Segments

The method of collecting and reusing various forms of plastic waste is known as plastic recycling. Sorting, cleaning, shredding, labelling and classification of plastic, and extruding are the five phases that waste and scrap plastic go through before being recycled. Plastic-based products are usually non-biodegradable, which can cause a variety of environmental issues. As a result, recycling plastics reduces the amount of waste disposed at landfill sites, lowering the amount of greenhouse gas emissions emitted by landfills.

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On the basis of plastic type, the global recycled plastics market is segregated into:

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

Based on the raw material types, the industry is divided into:

Plastic bottles
Plastic films
Rigid Plastic and Foam
Fibres
Others

The industry is majorly categorised on the basis of the application segment into:

Non-Food Contact Packaging
Food Contact Packaging
Construction
Automotive
Others

Based on region, the market is segmented into:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Market Trends

Many companies have been motivated to pursue green and sustainable solutions as public awareness and concern about the environment and healthy living has grown. As a result, demand for recycled plastics has increased around the world. Furthermore, environmental regulations have prompted many companies to switch to recycled plastics. This also contributes to a greener climate by lowering carbon emissions. Recycled plastics are used in a variety of applications in the packaging industry, including food packaging, plastic containers, bottles, closures, jars, engineered pumps, sprayers, and caps. During the forecast era, packaging is expected to be the recycled plastics market’s fastest-growing end-use sector. The packaging market is growing because recycled plastics are increasingly being used in food and beverage packaging, thanks to technical advances that have made recycled resins ideal for food applications, which was not previously the case. During the forecast era, North America is expected to be the fastest-growing market for recycled plastics. The demand for recycled plastics in North America is expanding as a result of numerous initiatives in the area to increase the use of recycled plastics.

Key Market Players

The major players in the market are B. Schoenberg & Co., Inc, UltrePET, LLC, Carbonlite Inc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.