The recycled plastics market comprises products made from post-consumer or post-industrial plastic waste diverted from the waste stream through recycling programs. Plastic recycling offers numerous environmental benefits such as reducing carbon footprint, conserving natural resources, and decreasing pollution. It helps tackle plastic waste accumulation and supports transition towards a circular economy model. The Global Recycled Plastics Market Size is estimated to be valued at US$ 79.95 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased emphasis on circular economy across countries has been a major factor driving the growth of recycled plastics. Circular economy intends to design waste and pollution out of the system by keeping materials and products in use for longer which has increased focus on recycling of plastics globally. Various policy frameworks and initiatives launched by governments and intergovernmental organizations like EU Action Plan for Circular Economy are promoting increase in collection and recycling rates of plastic waste through mandates and targets on reusable/recyclable plastic packaging. This in turn is facilitating growth of recycled plastics market.
Segment Analysis
The recycled plastics market is dominated by the plastic bottles and containers segment. Plastic bottles and containers account for over 30% of the market share owing to the high usage of plastic water bottles and food packaging worldwide. Most of the plastic bottles collected are made from PET and HDPE materials which are durable and easily recyclable. This enables effective collection and recycling of plastic bottles and containers leading to their dominance in the recycled plastics market.
Key Takeaways
The global recycled plastics market is expected to witness high growth over the forecast period of 2024 to 2031. Rapid urbanization, rising environmental concerns, and government regulations promoting the use of recycled content are driving the market.
Regional analysis: Asia Pacific region accounts for the largest share in the recycled plastics market currently. Countries like China, India, and Japan generates huge volumes of post-consumer plastic waste annually. Establishing effective waste management infrastructure and incentives for recycling plastic waste production are helping to boost recycling rates in the region.
Key players operating in the recycled plastics market are F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (US), and PHC Holdings Corporation (Japan). F. Hoffmann-La Roche Ltd dominates the market with its expertise in mechanical recycling technology to produce recycled plastic pellets from mixed plastic waste. Danaher Corporation focuses on chemical recycling methods for difficult to recycle plastic types.PHC Holdings Corporation leads in Asia Pacific region with its integrated recycling facilities near major plastic waste generators.
Get More Insights Here: https://www.newswirestats.com/recycled-plastics-market-size-share-and-growth-forecast-2023-2030/
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