Recycled Plastics Market Expected to Reach US$ 53.5 Billion by 2028

According to the latest report by IMARC Group “Recycled Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global recycled plastics market size reached US$ 39.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 53.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.88% during 2023-2028. The study provides a detailed analysis of the industry, including the global recycled plastics market report, share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Recycled plastics refer to recovered plastic waste materials or scraps reprocessed into functional products. They are obtained through the process of plastic recycling that comprises various steps, including sorting, washing, shredding, identifying, classifying, extruding, and reprocessing post-industrial plastics. Reusing plastics assists in saving natural resources utilized to make virgin plastics, clearing landfill space, conserving energy, and manufacturing biodegradable and environment-friendly products. As a result, recycled plastics are widely used in the production of footwear, toys, bags, fabrics, toothbrushes, and consumer goods.

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Recycled Plastics Market Trends:

The global recycled plastics market is primarily driven by the growing awareness about the harmful effects of plastic waste on the environment, leading to a significant shift toward recycling plastic scraps. In addition, governments of various nations are taking favorable initiatives to encourage the uptake of recycled plastics and are implementing strict regulations to minimize waste production, thereby contributing to market growth. Besides this, the escalating demand for recycled plastic packaging materials due to the rising sales of ready-to-eat (RTE) and processed food products has propelled market growth. Furthermore, heavy investments in research and development (R&D) activities by key players to improve product quality and performance while adding value and consumerism to recycled plastics have catalyzed market growth. Apart from this, the launch of various plastic recycling programs, increasing residential and commercial construction, rising product use in fabricating different parts of vehicles, and growing environmental concerns are also anticipated to drive the market further.

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:

  • Avangard Innovative
  • B. Schoenberg & Co., Inc.
  • Delta Plastics
  • UltrPET LLC
  • CarbonLITE Industries
  • Veolia Environment SA
  • Suez Recycling & Recovery Holdings
  • KW Plastics

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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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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