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Global Recycled Plastics Market Projected to Grow at 5.4% CAGR, Reaching $70.02 Billion by 2029
Recycled Plastics
What Will the Recycled Plastics Industry Market Size Be by 2025?
The market for recycled plastics has been consistently expanding over the past few years. It is projected to rise from a valuation of $54.16 billion in 2024 to $56.75 billion in 2025, maintaining a compound annual growth rate (CAGR) of 4.8%. Factors contributing to this historical growth include increased environmental consciousness, governmental regulations, recycling of electronic waste, customer demand and the sustainability of the supply chain.
What's the Long-Term Growth Forecast for the Recycled Plastics Market Size Through 2029?
The market size of recycled plastics is set to experience substantial expansion in the years to come, reaching a worth of $70.02 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 5.4%. The rise during the prediction period can be connected to initiatives related to the circular economy, goals of corporate sustainability, reduction of plastic waste, the use of bioplastics and hybrid materials, and sustainable packaging. The forecast period also points towards significant trends such as breakthrough recycling technologies, environmentally-friendly packaging, converting plastic to fuel, e-waste recycling, and sustainable fashion.
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What Are the Key Growth Drivers Fueling the Recycled Plastics Market Expansion?
The rise in e-commerce activities is predicted to stimulate the expansion of the recycled plastics industry. E-commerce activities involve online purchasing and selling, digital payments, and various transaction patterns, all of which are transforming commerce via the internet. Recycled plastics are increasingly utilized in e-commerce packaging, for items like shipping boxes, mailers, and protective materials. This is done to decrease waste and lessen the environmental consequences of online retail. For instance, a report issued by the U.S. Census Bureau, a subdivision of the United States Department of Commerce, in November 2023 detailed that retail e-commerce sales in the U.S. were around $284.1 billion in the third quarter of 2023. This represented a 2.3% increase compared to the second quarter of the same year. Thus, the swift rise in e-commerce activities will fuel the expansion of the recycled plastics industry.
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What Are the Key Trends Driving Recycled Plastics Market Growth?
Emerging technological innovations are becoming a rising trend within the recycled plastics market. The majority of substantial businesses in this market are striving to create new technology-oriented solutions to solidify their market stand. For instance, BASF SE, a chemical firm based in Germany, unveiled ChemCycling in February 2024. This process converts plastic waste into precious raw materials via chemical recycling, aiding sustainability and circular economic goals by substituting fossil-based resources in the manufacturing of plastic.
How Is the Recycled Plastics Market Segmented?
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 Companies Are Leading the Charge in Recycled Plastics Market Innovation?
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.
Which Regions Are Leading the Global Recycled Plastics Market in Revenue?
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.
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