IMARC Group, a leading market research company, has recently releases report titled “Recycled Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global recycled plastics market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the recycled plastics market?
Market Size in 2022
US$ 39.9 Billion
Market Forecast in 2028
US$ 53.5 Billion
Growth rate (2023 to 2028)
CAGR of 4.88%
Base Year of the Analysis
What are recycled plastics?
Recycled plastics refer to plastic materials that have undergone a process of recycling, transforming them from their original form into new products or materials. Plastic recycling is an important practice aimed at reducing waste, conserving resources, and mitigating the environmental impact of plastic pollution. The recycling process typically involves several steps. First, the collected plastic waste is sorted and separated based on the type of plastic resin. This sorting is crucial because different types of plastics have varying properties and recycling requirements. The sorted plastics are then cleaned and prepared for processing. Next, the plastics are mechanically or chemically processed to break them down into smaller pieces, commonly known as plastic flakes or pellets. These flakes or pellets serve as the raw material for manufacturing new plastic products. The recycling process can vary depending on the type of plastic and the desired end product. Recycled plastics have numerous applications across various industries. They can be used to create a wide range of products, including packaging materials, containers, fibers for textiles, building materials, automotive components, and more. By utilizing recycled plastics, the demand for virgin plastic production can be reduced, lessening the need for extracting and processing fossil fuels, which are the primary raw materials for plastic production.
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Current Trends Shaping the Recycled Plastics Market
One of the primary factors driving the recycled plastics market is the growing awareness of environmental issues associated with plastic waste. Plastic pollution has become a global concern, with its detrimental impact on ecosystems, wildlife, and human health. As a result, there is a rising demand for sustainable solutions to address plastic waste, leading to an increased focus on recycling. Additionally, growing consumer awareness and preferences for sustainable products are also driving the demand for recycled plastics. Consumers are increasingly conscious of the environmental impact of their purchasing decisions and seek products that are environmentally friendly.
Recycled plastics offer a solution by providing a sustainable alternative to virgin plastics. This demand from environmentally conscious consumers encourages businesses to incorporate recycled plastics into their products and packaging, thus driving market growth. Besides this, the demand for recycled plastics is driven by the need for companies to meet corporate sustainability goals and reduce their carbon footprint. Many companies are actively adopting sustainable practices and incorporating recycled materials into their supply chains. This not only helps them meet sustainability targets but also enhances their brand image and appeals to environmentally conscious consumers. Other than this, government demand for recycled plastics is driven by the need for companies to meet corporate sustainability goals and reduce their carbon footprint. Many companies are actively adopting sustainable practices and incorporating recycled materials into their supply chains. This not only helps them meet sustainability targets but also enhances their brand image and appeals to environmentally conscious consumers.
Who are the key players operating in the industry?
The report covers the major market players including. Some of the top recycled plastic companies are
- Avangard Innovative
- B. Schoenberg & Co., Inc.
- Delta Plastics
- UltrPET LLC
- CarbonLITE Industries
- Veolia Environment SA
- Suez Recycling & Recovery Holdings
- KW Plastics
What is included in market 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)
Breakup by Application:
- Non-Food Contact Packaging
- Food Contact Packaging
Breakup by Raw Material:
- Plastic Bottles
- Plastic Films
- Rigid Plastic and Foam
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
Recycled Plastic Manufacturing Plant Cost and Revenue | Project Report 2023: Industry Trends, Plant Setup, Machinery, Raw Materials, Investment Opportunities
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