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Global Recycled Plastics Market to Grow by CAGR of 4.5% over 2021–2028; Rising Concerns for the Environment to Boost Market Growth

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Research Nester published a report titled Recycled Plastics Market: Global Demand Analysis & Opportunity Outlook 2028”, which delivers a detailed overview of the global recycled plastics market in terms of market segmentation by recycled plastic type, resin, scrap, recycling process, end-use, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with a detailed discussion on current and future market trends that are associated with the growth of the market.

The global recycled plastics market is anticipated to grow with a CAGR of 4.5% over the forecast period, i.e., 2021-2028. The market is segmented by recycling process into mechanical recycling and chemical recycling, out of which, the chemical recycling segment is anticipated to grow with the highest CAGR of 6.4% during the forecast period. The mechanical recycling segment, on the other hand, is expected to hold the largest market share over the forecast period.

The global recycled plastics market is growing owing to the rising concern for the negative impact on the environment caused due to the disposal of plastic wastes. Plastic is durable, lightweight, inexpensive, and widely used material. The rise in production of plastics, backed by the surge in demand for single-use plastics, is leading to the piling of waste in landfills, which in turn is raising the need for environmental conservation by the recycling of these plastics. In 2019, the global recycled plastics market garnered USD 36,186.0 Million, and by 2028, the market is estimated to touch USD 45,748.1 Million.

Regionally, the global recycled plastics market is segmented into five major regions comprising of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in the Asia Pacific is projected to hold the largest market revenue of USD 22,097.8 Million in 2028 by growing at a CAGR of 5.0% during the forecast period. The growth of the market in the region can be attributed to the high quantity of plastic wastes generated in the region, backed by the increasing use of plastics used by the highly populated countries, such as India, and China among others. Moreover, increasing initiatives by the government of nations in the countries in this region to promote awareness for recycling of plastics, is also expected to create numerous opportunities for market growth.

Increasing Demand for Recycled Plastic amongst Industries to Boost Market Growth

Plastics are largely used in different industries for various end use purposes. In the automotive and electrical & electronic industries, recycled plastic is being preferred by the manufacturers for manufacturing different components. Players such as Dell Technologies, Lexmark International, Inc., Samsung Electronics Co., Ltd., Hewlett-Packard Development Company, L.P., and others are focusing on sustainable processes to lower the impact of plastics on the environment. Moreover, backed by the growing awareness for the environment, along with the stringent government regulations to control environmental pollution, organizations are taking several initiatives to increase the use of recycled plastics in their facilities and supply chains. The rise in adoption of recycled plastics among the organizations is therefore expected to create significant demand for the product, and in turn drive the market growth.

However, the strong competition between recycled plastics and virgin plastics is estimated to negatively affect the growth of the market in upcoming years.

This report also provides the existing competitive scenario of some of the key players of the global recycled plastics market which includes company profiling of Veolia Environnement SA, Suez S.A., Imerys S.A., Plastipak Holdings, Inc., D S Smith Plc, Polindo Utama, B. Schoenberg & Co., Inc., Advanced Drainage Systems, Inc. (Green Line Polymers), KW Plastics, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global recycled plastics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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