Recycled Plastic Market Size, Industry Share, Growth Report, 2032 | Asia Pacific dominated the recycled plastic market with a market share of 60.55% in 2023.

The global recycled plastics market size was valued at USD 51.10 billion in 2023 and is projected to grow from USD 55.46 billion in 2024 to USD 107.13 billion by 2032, exhibiting a CAGR of 8.6% during the forecast period. Asia Pacific dominated the recycled plastic market with a market share of 60.55% in 2023.

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 Size, Share, Global Report, Growth, 2024-2032."

𝑮𝒆𝒕 𝒂 𝑭𝒓𝒆𝒆 𝑺𝒂𝒎𝒑𝒍𝒆 𝑹𝒆𝒔𝒆𝒂𝒓𝒄𝒉 𝑹𝒆𝒑𝒐𝒓𝒕 - https://www.fortunebusinessinsights.com/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.

List of Key Players Mentioned in the Report:

KW Plastics (U.S.), Veolia (France), Custom Polymers (U.S.), Plastipak Holdings (U.S.), The Coca-Cola Company Incorporated (U.S.), Suez (France), 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)

Recycled Plastic Market 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.

𝑮𝒆𝒕 𝒂 𝑸𝒖𝒐𝒕𝒆 - https://www.fortunebusinessinsights.com/enquiry/get-a-quote/recycled-plastic-market-102568

Recycled Plastic Market 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.
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.

𝑹𝒆𝒂𝒅 𝑴𝒐𝒓𝒆 𝑰𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 - https://www.fortunebusinessinsights.com/recycled-plastic-market-102568

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.

Recycled Plastic 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.
Detailed Table of Content Research Report, 2024-2032

1 Recycled Plastic Market Overview

2 Market Upstream and Downstream Analysis

3 Players Profiles

5 Global Sales, Revenue, Price Trend by Type

6 Global Recycled Plastic Market Analysis by Application

7 Global Recycled Plastic Market Sales and Revenue Region Wise (2017-2022)

8 Global Recycled Plastic Market Forecast (2024-2032)

9 Industry Outlook

10 Research Findings and Conclusion

11 Appendix

Continued…

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This release was published on openPR.