Recycled Plastics Market to Hit US$ 4001.37 million by 2028
The recycled plastics market is projected to reach US$ 4001.37 million by 2028 from US$ 2682.21 million in 2022; it is expected to grow at a CAGR of 6.9% from 2022 to 2028.
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In the automotive industry, recycled plastic is used to produce new parts. The primary reason for using recycled plastic in the automotive industry is to reduce vehicle mass, directly linked to reducing carbon emissions. In addition, these plastic parts are not prone to corrosion, offer flexibility and resilience for added safety, and provide thermal insulation. All these factors support the demand for recycled plastics in the automotive industry. A rise in the sales of passenger and commercial vehicles is driving the market in the automotive sector. The use of recycled plastics is on the rise in developing regions, such as Asia Pacific, the Middle East & Africa, and South & Central America, which creates a huge impact on the overall market. Asia Pacific accounts for the largest share of the overall recycled plastics market.
REMONDIS SE & CO.KG; Biffa; Stericycle, Inc.; Veolia; Jayplas; Alpek S.A.B.de C.V.; Republic Services, Inc.; B & B Plastics Inc.; Clear Path Recycling; and PLASTIPAK HOLDINGS, INC. are among the key players in the recycled plastics market. These market players emphasize on developing high-quality and innovative products and expanding their product portfolios to address continuously evolving customer demands.
Impact of COVID-19 Pandemic on Recycled Plastics Market
The COVID-19 pandemic led to adverse effects in many industries, such as the chemical & materials, as they faced unprecedented challenges due to disruptions in supply chains and disharmony in manufacturing, delivery schedules, and sales of various goods. The demand for recycled plastics decreased due to disturbances in the operations of several industrial sectors. Many recycled plastics production sites were either closed partially or completely in 2020. Moreover, fluctuations in raw material costs and availability resulted in the volatility of prices of recycled plastics. However, with economies reviving gradually since 2021, the demand for recycled plastics has seen surge.
The major factor driving the market growth in this region is the high demand for recycled plastics from manufacturing industries, including automotive, packaging, textile, building and construction, and consumer goods. Strong automotive and food & beverages industries in Japan, South Korea, China, and India create a huge demand for recycled plastics. Moreover, these recycled plastics are widely used to manufacture sustainable food packagings such as bottles, containers, and films. Furthermore, increasing purchasing power, especially in developing economies, propels packaged food consumption. Moreover, the massive demand for recycled plastic in the automotive industry will create lucrative opportunities for the market in Asia Pacific.
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