Press release
Recycled Plastics Market Set to Reach $70.03 Billion by 2029 with 0.0539265692817867% Yearly Growth
Recycled Plastics Market Size
The expansion of online commercial activities is anticipated to fuel the recycled plastics market development. Such activities, including purchasing and selling online, digital transactions, and varied business models, have transformed commerce via the internet. The use of recycled plastics in e-commerce packaging solutions, such as delivery boxes, envelopes, and cushioning materials, is on the rise, aiming to decrease rubbish and lessen internet-based retail's ecological footprint. For example, a report issued by the U.S. Census Bureau, a branch of the United States Department of Commerce, confirmed that the American retail online sales for the third quarter of 2023 reached about $284.1 billion. This figure indicates an increase of 2.3% compared to the previous quarter in the same year. Hence, the escalating trend in the online business sector will contribute to the expansion of the market for recycled plastics.
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What Is the projected market size and growth rate for the recycled plastics market?
The market size for recycled plastics has been consistently expanding over recent years. It is projected to increase from $54.16 billion in 2024 to $56.75 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 4.8%. The rise in the previous period is due to factors such as heightened environmental consciousness, governmental policies, recycling of electronic waste, consumer demand, and sustainable supply chains.
The market size of recycled plastics is anticipated to witness substantial growth in the upcoming years, expanding to a worth of $70.02 billion by 2029, with a compound annual growth rate (CAGR) of 5.4%. This growth during the projected period can be ascribed to factors like circular economy movements, corporate aims for sustainability, reduction of plastic waste, development of bioplastics and hybrid materials, and durable packaging methods. Key trends for the forecast duration include the advancement of recycling technologies, environment-friendly packaging developments, plastic-to-fuel transition technology, electronic waste recycling, and sustainability in fashion.
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What new trends are reshaping the recycled plastics market and its opportunities?
Improvements in technology are becoming a prominent trend in the recycled plastics industry. To fortify their standing in the market, dominant corporations within the recycled plastics sector are committing to the creation of innovative technological solutions. An example of this can be seen in February 2024 when the German chemical firm, BASF SE, introduced ChemCycling. This is a process in which plastic waste is chemically recycled into valuable raw materials. This initiative not only promotes sustainability but also supports the circular economy by using these recycled materials instead of fossil-based resources in plastic manufacturing.
What major market segments define the scope and growth of the recycled plastics market?
The recycled plastics market covered in this report is segmented -
1) By Type: Polyethylene Terephthalate, Polyvinyl Chloride, Polyethylene, Polypropylene, Polystyrene, Other Types
2) By Source: Plastic Bottles, Plastic Films, Plastic Foams, Plastic Fibers, Other Sources
3) By Application: Packaging, Textile, Automotive, Building And Construction, Electrical And Electronics, Other Applications
Subsegments:
1) By Polyethylene Terephthalate (PET): Post-Consumer Recycled PET (rPET), Post-Industrial Recycled PET
2) By Polyvinyl Chloride (PVC): Rigid PVC, Flexible PVC
3) By Polyethylene (PE): High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE)
4) By Polypropylene (PP): Homopolymer PP, Copolymer PP
5) By Polystyrene (PS): Expanded Polystyrene (EPS), High-Impact Polystyrene (HIPS)
6) By Other Types: Acrylonitrile Butadiene Styrene (ABS), Polycarbonate (PC)
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Which region dominates the recycled plastics market?
Asia-Pacific was the largest region in the recycled plastics market in 2024. North America is expected to be the fastest-growing region in the recycled plastics market share during the forecast period. The regions covered in the recycled plastics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Which key market leaders are driving the recycled plastics industry growth?
Major companies operating in the recycled plastics market include 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.
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What Is Covered In The Recycled Plastics Global Market Report?
•Market Size Forecast: Examine the recycled plastics market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the recycled plastics market for a structured understanding.
•Key Players Overview: Analyze major players in the recycled plastics market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the recycled plastics market.
•Segment Contributions: Evaluate how different segments drive overall growth in the recycled plastics market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the recycled plastics market.
•Industry Challenges: Identify potential risks and obstacles affecting the recycled plastics market.
•Competitive Landscape: Review strategic developments in the recycled plastics market, including expansions, agreements, and new product launches.
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