The global recycled plastics market size is expected to reach USD 86,968.51 million by 2030, according to a new study by Polaris Market Research. The report “Recycled Plastics Market Share, Size, Trends, Industry Analysis Report, By Type (Polyethylene (PE), Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), Polypropylene (PP), Polystyrene (PS), Others); By Source; By End-Use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growth of the industry is attributed to the increased focus on lowering the volume of plastic waste, encouraging government regulations, and increasing acceptance of recycled products. The development in industrialization and commercialization has boosted plastic usage, which has resulted in a significant increase in plastic waste.
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Growing inclination toward minimizing the environmental impact of plastic items is a major supporting the growth of the industry. Many corporations are establishing sustainability goals and incorporating recycled plastics into their products. Also, the increasing use of recycled plastics in textiles and automotive industries drives the growth of this industry.
Based on the end-use industry, the global market is segmented into packaging, automotive, construction, textile, electrical & electronics, and others. The packaging segment accounted for a major share in 2021. The increasing trend of E-commerce has increased the demand for packaging solutions comprising recycled plastics.
The growth in demand for convenience and food products has also boosted the application of the industry. The rise in population, growth in demand from the electronics sector, and greater need to reduce packaging waste are factors expected to influence the industry during the forecast period.
Asia Pacific is estimated to account for the largest revenue share in the recycled plastic industry. Rising industrial growth, urbanization, and growth in the e-commerce sector support the industry growth in this region. Increasing application in construction and automotive industries coupled with increasing environmental awareness fuels growth in this region.
Recycled Plastics Market Report Highlights
Polaris Market Research has segmented the recycled plastics market report based on type, source, end-use, and region:
Recycled Plastics, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Recycled Plastics, Source Outlook (Revenue - USD Billion, 2018 - 2030)
Recycled Plastics, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Recycled Plastics, Regional Outlook (Revenue - USD Billion, 2018 - 2030)