The global recycled plastic market plays a crucial role in addressing the mounting environmental concerns associated with plastic waste. The recycling process involves collecting, sorting, cleaning, and transforming waste plastic into new usable products, spanning diverse applications like packaging, containers, and textile. As awareness about plastic pollution grows, industries and consumers alike are embracing recycled plastics to minimize their carbon footprint. This surge in demand for sustainable alternatives propels the growth of the global recycled plastic market, contributing to waste reduction, resource conservation, and a more sustainable future.
According to Data Bridge Market Research, the Global Recycled Plastic Market is growing with a CAGR of 4.6% in the forecast period of 2023 to 2030 and is expected to reach USD 39,458,951.91 thousand by 2030.
“Increasing demand for sustainable packaging solutions facilitate market growth”
The global recycled plastic market is driven by the increasing demand for sustainable packaging solutions. As environmental concerns and awareness about plastic waste grow, industries are seeking eco-friendly alternatives. Recycled plastics offer a viable option to meet sustainability goals. Brands and consumers alike are favoring packaging materials that minimize their carbon footprint. This demand has spurred the adoption of recycled plastics, as they contribute to reducing plastic waste, conserving resources, and promoting a circular economy, ultimately propelling the growth of the global recycled plastic market.
What restraints the growth of the global recycled plastic market?
“High production costs associated with recycled plastics”
The global recycled plastic market encounters a constraint in the form of high production costs associated with recycled plastics. While recycling offers environmental benefits, the processes involved in cleaning, sorting, and transforming post-consumer plastics into usable materials can be costly. These expenses, including collection, transportation, and advanced recycling technologies, contribute to the overall production cost. As a result, the competitive pricing of recycled plastics compared to virgin plastics becomes challenging, potentially impacting the market's growth and adoption in various industries.
Segmentation: Global Recycled Plastic Market
The market is categorized based on source, polymer type, and industry.
- On the basis of source, the market is segmented into bottles, films, fibers, foams, and others
- On the basis of polymer type, the market is segmented into high-density polyethylene (HDPE), low-density polyethylene (LDPE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS), polyurethane (PUR) and others.
- On the basis of industry, the market is segmented into packaging, building and construction, automotive, electrical and electronics, furniture, textile and clothing, aerospace and defense, and others.
Regional Insights: Asia-Pacific dominates the Global Recycled Plastic Market
Asia-Pacific's dominance in the global recycled plastic market is driven by the burgeoning demand in the automotive industry. China, a major player in the region, is poised to lead the market owing to its escalating demand for recycled plastic across diverse industries. As the automotive sector places a greater emphasis on sustainability and environmental responsibility, the rising adoption of recycled plastic materials for manufacturing processes contributes significantly to China's prominence in the recycled plastic market.
To know more about the study visit, https://www.databridgemarketresearch.com/jp/reports/global-recycled-plastic-market
Recent Developments in Global Recycled Plastic Market
- In October 2020, Nestle partnered with Plastic Energy to explore a groundbreaking venture in the U.K. for a commercial-scale recycling facility. This collaboration aimed to leverage Plastic Energy's recycling technology to create sustainable solutions and high-quality recycled materials for Nestle's products.
- In November 2022, LyondellBasell made a significant move by announcing plans to establish an advanced recycling plant in Germany. Utilizing its proprietary MoReTec technology, this plant would transform pre-treated plastic waste into valuable feedstock for new plastic production, showcasing its commitment to innovative and sustainable plastic waste management.
The Prominent Key Players Operating in the Global Recycled Plastic Market Include:
- Veolia (France)
- LyondellBasell Industries Holdings B.V. (Netherlands)
- Indorama Ventures Public Company Limited (Thailand)
- Dow (U.S.)
- Repsol (Spain)
- Alpek S.A.B. de C.V. (Mexico)
- Far Eastern New Century Corporation (Taiwan)
- Borealis AG (Austria)
- PLASTIPAK HOLDINGS, INC. (U.S.)
- KW Plastics (U.S.)
- Ultra-Poly Corporation (U.S.)
- Jayplas (United Kingdom)
- CUSTOM POLYMERS (U.S.)
- Recycled Plastics UK (U.K.)
- K K Asia (HK) Ltd. (Hong Kong)
- Envision Plastics (U.S.)
- B & B Plastics Inc. (U.S.)
- Granite Peak Plastics (U.S.)
- B. Schoenberg & Co., Inc. - (U.S.)
- MBA Polymers Inc. (U.S.)
- Revolution Company (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global recycled plastic market companies contact, https://www.databridgemarketresearch.com/jp/contact
Research Methodology: Global Recycled Plastic Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
