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Recycled Plastics Market 2024: Sustainability Trends and Growth Outlook
Recycled Plastics Market 2024
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According to The Business Research Company's, The recycled plastics market size has grown steadily in recent years. It will grow from $52.03 billion in 2023 to $54.52 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to environmental awareness, government regulations, e-waste recycling, consumer demand, supply chain sustainability, .
The recycled plastics market size is expected to see steady growth in the next few years. It will grow to $65.65 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to circular economy initiatives, corporate sustainability goals, plastic waste reduction, bioplastics and hybrid materials, sustainable packaging. Major trends in the forecast period include advanced recycling technologies, eco-friendly packaging, plastic-to-fuel conversion, e-waste recycling, sustainable fashion.
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Market Drivers and Trends:
The rising awareness among investors regarding environmental protection is expected to propel the growth of the recycled plastics market going forward. Environmental protection is any action taken to preserve or improve the quality of environmental media by preventing pollution from entering them or reducing their presence there. The use of recycled plastics would be an alternative to protect the environment since, instead of discarding, the plastic would be utilized or recycled for further use. For instance, according to a study named 'Consumer Passion For The Environment Grows As A Result Of The Pandemic', conducted by Mastercard Inc., a US-based financial services corporation among 24 countries and featuring 25,519 adults from respective countries between January 19th and March 5th, 2021, it has been found that 58% of adults are more aware of their environmental impact and 85% are prepared to take personal action to address environmental and sustainability issues in 2021. Therefore, the rising awareness among investors regarding environmental protection is expected to propel the growth of the recycled plastics market going forward.
Technological advancements are a key trend gaining popularity in the recycled plastics market. Major companies operating in the recycled plastics market are focused on developing new technological solutions to strengthen their position in the market. For instance, in September 2021, Sumitomo Chemical Co., Ltd., a Japan-based chemical company, launched MeguriTM, a new brand for plastic products obtained through recycling technology. MeguriTM refers to a range of recycled plastic items made using chemical or material recycling techniques, including acrylic resin (PMMA, poly-methyl-methacrylate), polyethylene, and polypropylene. It embodies Sumitomo Chemical's founding principle of resolving social challenges through its business activities by representing a circular economy for resources, a circle of people, and circling back to the origin.
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Major Key Players of the Market:
Rethmann SE & Co. KG, Biffa Waste Services Limited, Stericycle Inc., Veolia India Private Limited, Jayplas Limited, KW Plastics, MBA Polymers Inc, Waste Connections Inc., Clean Harbors Inc, Suez India Private Limited, Plastic Recycling Inc., UltrePET LLC, Greenotech Recycling Private Limited., Advanced Environmental Recycling Technologies Inc., Alpek S.A.B. de C.V., B. Schoenberg & Co Inc., B&B Plastics Recycling Inc., Berry Global Inc., CABKA North America Inc., CarbonLite Industries LLC, Custom Polymers Inc., Dart Container Corporation., Delta Plastics of the South LLC, ECO-Cycle Solutions LLC, Emco Industrial Plastics Inc., Envision Plastics LLC, Far Eastern New Century Corporation, Fresh Pak Corporation, GDB International Inc.
Recycled Plastics Market 2024 Key Insights:
• The recycled plastics market size is expected to see steady growth in the next few years. It will grow to $65.65 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%.
• Growing Investor Awareness Fuels Recycled Plastics Market Growth
• Technological Advancements Drive Innovation In The Recycled Plastics Market
• Asia-Pacific was the largest region in the recycled plastics market in 2023
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