Increased consciousness about environmental issues such as ocean waste, plastic pollution, and greenhouse gas emissions is anticipated to drive the growth of the global recycled plastic market during the forecast period. The Asia-Pacific region is projected to be the most dominant by 2032.
PORTLAND, Ore., Sept. 25, 2023 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Recycled Plastic Market by Type (Polyethylene Terephthalate (PET), High Density Polyethylene (HDPE), Polypropylene (PP), Others), by End-use Industry (Agriculture, Farming and Gardening, Building and Construction, Packaging, Automotive, Electrical and Electronics, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global recycled plastic market generated $66.7 billion in 2022, and is anticipated to generate $141.9 billion by 2032, witnessing a CAGR of 7.9% from 2023 to 2032.
Prime Determinants of Growth
Increasing awareness about environmental issues such as plastic pollution and ocean trash and garbage, as well as rising greenhouse gas emissions are expected to drive the growth of the global recycled plastic market in the forecast period from 2023 to 2032. However, inconsistent regulations related to plastic recycling may hamper the growth of the recycled plastic market in the coming future. On the contrary, the growing popularity of circular economy efforts, in which products and materials are designed to be recycled or reused, is expected to offer remunerative opportunities for the expansion of the recycled plastic market during the forecast period.
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Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $66.7 billion |
Market Size in 2032 | $141.9 billion |
CAGR | 7.9 % |
No. of Pages in Report | 294 |
Segments covered | Type, End Use Industry, and Region |
Drivers | Increasing use of recycled plastic in automotive, packaging, and electrical & electronics industries Investments in R&D to increase the quality and usability of recycled plastics |
Opportunities | Improved feasibility of recycled plastics in a variety of applications Recycling technology advancements, such as enhanced sorting and processing procedures |
Restraints | The negative impact of downcycling |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic had a significant impact on the growth of the global recycled plastic market. During the pandemic, travel restrictions, lockdowns, and the temporary closure of recycling facilities disrupted the availability of recyclable materials. This was especially noticeable as collection systems were disrupted, reducing the supply of feedstock for the recycled plastic industry.
- Moreover, recycling plants had to establish new health and safety precautions to protect workers, which resulted in operational delays or closures in some circumstances.
- However, some governments continued to push recycling and sustainability practices as part of their economic recovery strategies, which might boost the recycled plastics market.
Type: Polyethylene Terephthalate (PET) Sub-segment to Flourish Immensely during the Forecast Period
The polyethylene terephthalate (PET) sub-segment of the global recycled plastic market accounted for the largest share of 58.5% in 2022 and is predicted to grow at the highest CAGR of 8.2% by 2032. The prominent growth of the sub-segment is mainly because PET is commonly used in single-use beverage bottles, textiles, and food packaging. Recycling PET reduces the need for virgin plastic production and additionally helps in the removal of plastic trash from landfills and oceans.
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End Use Industry: Agriculture, Farming and Gardening Sub-segment to Hold Majority of Market Share by 2032
The agriculture, farming and gardening sub-segment of the recycled plastic market accounted for the highest share of 31.5% in 2022 and is projected to witness significant growth during the forecast period. The prominent growth of the sub-segment is mainly because incorporating recycled plastics into agricultural techniques promotes the concept of a circular economy, in which plastics are recycled and utilized rather than dumped as garbage. This contributes to trash reduction and environmental impact reduction by removing plastic garbage from landfills and oceans.
Region: Asia-Pacific Market to Grab Highest Share by 2032
The recycled plastic market in the Asia-Pacific region accounted for the largest share of 44.5% in 2022 and is predicted to grow at the highest CAGR of 8.4% by 2032. This growth is mainly due to a shortage of traditional raw materials in this region which has triggered the need for adopting alternatives such as recycled plastics. Using recycled plastics helps reduce the burden on natural resources. Furthermore, businesses are responding by using recycled plastics in their products, which is creating demand for recycled plastic resources.
Leading Players in the Recycled Plastic Market:
- B. Schoenberg & Co.
- Custom Polymers
- Joes Plastics, Inc.
- KW Plastics
- Ultra Poly Corporation
- Green Line Polymers
- Jayplas
- Veolia
- Clear Path Recycling
- Plastipak holdings
The report provides a detailed analysis of the key players of the global recycled plastic market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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