Pune, India, July 10, 2023 (GLOBE NEWSWIRE) -- The global recycled plastic market size was USD 46.89 billion in 2022 and is projected to grow from USD 50.78 billion in 2023 to USD 88.96 billion in 2030 at a CAGR of 8.3% during the forecast period.
Recycled plastic is waste or scraps of plastic materials processed into useful products. The rising strict regulations on the usage of single-use polymers and the initiatives taken by governments in China, Brazil, Europe, and India are predicted to promote recycling. The development of products and innovation, consisting of films, cutlery using Post-Consumer Recycled (PCR) plastics, and packaging bottles, will offer huge growth opportunities for the market.
This information is provided by Fortune Business Insights™ in its research report titled “Recycled Plastic Market, 2023-2030.”
Get a Free Sample Research Report:
https://www.fortunebusinessinsights.com/enquiry/sample/recycled-plastic-market-102568
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 8.3 % |
| 2030 Value Projection | USD 88.96 Billion |
| Market Size in 2023 | USD 50.78 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 300 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Recycled Plastic Market Growth Factors | Regulations Imposed by Authorities to Propel the Market Growth |
| Asia Pacific to Dominate Owing to Leading Recycled Plastic Consuming Countries |
Segmentation:
Polyethylene Terephthalate to Hold the Largest Share Owing to its Unique Characteristics
Based on type, the market is divided into high-density polyethylene (HDPE), polyethylene terephthalate (PET), low-density polyethylene (LDPE), polypropylene, and others. Polyethylene terephthalate is the biggest segment due to its large-scale usage for bottling applications and food packaging. PP is one of the most used plastic due to its high demand from automotive industries and packaging.
Non-Food Packaging Segment to Drive Demand for Packaging Products and Bottles
On the basis of application, the market is segmented into food packaging, non-food packaging, automotive, construction, and others. The non-food segment is anticipated to hold the biggest recycled plastic market share through the projected period.
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/recycled-plastic-market-102568
Drivers and Restraints:
Increasing Adoption in Packaging Industry to Boost the Usage of Recycled Plastic
The demand for recycled materials is advancing in various industries, such as consumer goods and food & beverages. The consumption of recycled polymer is growing due to the high demand for food-safe packaging material. Apart from food and beverage packaging, recycled polymers are used in the packaging of products such as toys, sports equipment, and fashion accessories, which helps with durability. This will augment the recycled plastic market growth globally.
Virgin polymers are favored in applications that require specific compositions of additives and chemicals. Further, the COVID-19 pandemic caused a decrease in crude oil prices, resulting in the reduction of virgin plastics’ costs compared to its recycled alternative. The listed factors are anticipated to hinder the market growth during the forecast period.
List of Key Players Mentioned in the Recycled Plastic Report:
- KW Plastics (U.S.)
- Veolia (France)
- Custom Polymers (U.S.)
- Plastipak Holdings (U.S.)
- The Coca-Cola Company Incorporated (U.S.)
- Suez (France)
- B. Schoenberg & Co. U.S.)
- Fresh Pak Corporation (U.S.)
- B&B Plastics (U.S.)
- Green Line Polymers (U.S.)
- Ultra Poly Corporation (U.S.)
- Clear Path Recycling (U.S.)
- Jayplas (U.K.)
- MBA Polymers (U.S.)
- RJM International Inc. (U.S.)
- CarbonLite Industries LLC (U.S.)
- Envision Plastics Industries LLC (U.S.)
- ReVital Polymers (Canada)
Regional Insights:
Asia Pacific to Dominate Owing to Leading Recycled Plastic Consuming Countries
Asia Pacific is anticipated to remain the largest share-holding region during the forecast period. Due to India and China being the leading recycled plastic-consuming countries hence, the region is anticipated to lead the market.
In Europe, the increasing demand for products from the construction and automotive industry is rising significantly.
Ask for Customization:
https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/recycled-plastic-market-102568
Competitive Landscape:
Prominent Market Players to Use Product Innovative to Augment the Performance of Their Offerings
One of the prominent companies, Coca-Cola Company Inc., is growing globally by using strategies such as expansion, product innovation, and joint ventures. The company has made a strategy under which it is expected to convert 100% of its packaging into recyclable products by 2030 and use 50% of recycled material in the company’s packaging products.
Key Industry Development:
- February 2021: Coca-Cola introduced a new 13.2-oz. bottle manufactured using 100% rPET in the U.S. This will reduce the use of new plastics in the company’s beverage products sold in the U.S.
COVID-19 Impact:
Pandemic has a Subsequent Impact on the Usage and Production of Recycled Plastic
Due to the lockdown conditions globally, plastic recycling has had a subsequent impact on the COVID-19 pandemic due to the obstacles faced in collecting waste polymer products owing to lockdown conditions. The pause in transportation activities resulted in a further reduction of waste reaching the processing plants.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Regions
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on the Global Recycled Plastic Industry
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Recycled Plastic Industry Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- By Type (Volume/Value)
- Polyethylene Terephthalate (PET)
- High-Density Polyethylene (HDPE)
- Polypropylene (PP)
- Low-Density Polyethylene (LDPE)
- Others
- By Application (Volume/Value)
- Non-Food Packaging
- Food Packaging
- Construction
- Automotive
- Others
- By Region (Volume/Value)
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
TOC Continued…!
Speak to Our Expert:
https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/recycled-plastic-market-102568
Read Related Insights:
Antimicrobial Plastics Market to Hit USD 73.65 Billion by 2030
Plastic Waste Management Market to Grow at USD 41.58 Billion by 2027
Plastic Containers Market Estimated to Reach USD 86.27 Billion by 2029
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Address:
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower, Baner –
Mahalunge Road, Baner, Pune-411045,
Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Follow Us: LinkedIn | Facebook | Twitter
