Latest News: Recycled Plastic Market to Hit USD 76.23 Billion by 2028 | With a 8.2% CAGR
The global recycled plastic market covered major segments By Type (Polyethylene Terephthalate, High-density Polyethylene, Polypropylene, Low-density Polyethylene, and Others), By Application (Non-Food Packaging, Food Packaging, Construction, Automotive, and Others), and Regional Forecast, 2021-2028
Pune, India, May 23, 2023 (GLOBE NEWSWIRE) -- According to the research report published by *Fortune Business Insights™*, the global recycled plastic market size was valued at $44.03 billion in 2021 and is expected to reach $76.23 billion by 2028, with a CAGR of 8.2% during the forecast period. The growth of the market is primarily driven by the increasing demand for recycled plastic products in various industries, including packaging, construction, automotive, and textiles.
The recycled plastic market is a rapidly growing industry that is gaining attention due to the increasing awareness of environmental issues and the need to reduce waste. The market report provides a comprehensive analysis of the industry, including market size, growth rate, trends, and forecasts.
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*List of Key Players Mentioned in the Recycled Plastic Market Report:*
· Plastipak Holdings (U.S.)
· The Coca-Cola Company Incorporated (U.S.)
· Suez (France)
· B. Schoenberg & Co. U.S.)
· Fresh Pak Corporation (U.S.)
· B&B Plastics (U.S.)
· Green Line Polymers (U.S.)
· Ultra Poly Corporation (U.S.)
· Clear Path Recycling (U.S.)
· Jayplas (U.K.)
· MBA Polymers (U.S.)
· RJM International Inc. (U.S.)
· CarbonLite Industries LLC (U.S.)
*Competitive Landscape*
The recycled plastic market is highly competitive and fragmented, with a large number of players operating in the market. The market is characterized by the presence of both large and small players, with regional and global players competing for market share. These companies are focusing on strategic initiatives such as mergers and acquisitions, partnerships, and collaborations to strengthen their market position and expand their product portfolio.
In addition to these established players, there are also many start-ups and new entrants in the market, which are leveraging innovative technologies and business models to disrupt the market. For instance, companies like TerraCycle and The Ocean Cleanup are using innovative methods to collect and recycle plastic waste from oceans and waterways.
**Report Scope & Segmentation**
*Report Coverage* *Details*
Forecast Period 2021-2028
Forecast CAGR 8.2 %
2028 Value Projection USD 76.23 Billion
Market Size in 2021 USD 44.03 Million
Historical Data 2017-2019
No. of Pages 300
Report Coverage Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered · By Types
· By End Use
Regions Covered · North America
· Europe
· Asia Pacific
· Latin America
· Middle East and Africa
Recycled Plastic Growth Factors Growing awareness about environmental issues and the need to reduce waste is driving the demand for sustainable and eco-friendly products
Development of advanced recycling technologies is making it easier and more cost-effective to recycle plastic waste
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*Segmentation *
The recycled plastic market can be segmented based on several factors, including type, source, end-use application, and region. Here's a brief overview of each segmentation:
· *Type:* The market can be segmented based on the type including polyethylene terephthalate (PET), high-density polyethylene (HDPE), low-density polyethylene (LDPE), polypropylene (PP), and others.
· *Source:* The market can be segmented based on the source including post-consumer and post-industrial. Post-consumer recycled plastic is obtained from consumer waste, such as plastic bottles and packaging, while post-industrial recycled plastic is obtained from industrial waste, such as manufacturing and processing waste.
· *End-use application:* The market can be segmented based on the end-use application including packaging, construction, automotive, textiles, and others. Packaging is the largest application area for recycled plastic, followed by construction and automotive.
· *Region:* The market can be segmented based on geography, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Each of these segments has industry dynamics, growth drivers, and challenges. For example, the demand for recycled plastic in packaging is driven by the increasing awareness of environmental issues and the need for sustainable packaging solutions. On the other hand, the demand for recycled plastic in construction is driven by the increasing use of plastic in construction materials to improve sustainability and reduce the environmental impact of the construction industry.
*Report Coverage*
The report offers a comprehensive analysis of the market, focusing on top segments and the latest trends. It provides an in-depth discussion of the factors driving and restraining market growth, including the impact of COVID-19. Furthermore, the report examines regional developments and explores the strategies implemented by key players in the market.
*Drivers and Growth Impact Factor*
The recycled plastic market is being driven by several key factors, including:
· *Environmental concerns:* The increasing awareness about environmental issues, such as plastic pollution and waste, is driving demand for sustainable and eco-friendly products. Recycled plastic is seen as a more sustainable alternative to virgin plastic, driving the growth of the market.
· *Government regulations and policies:* Many governments around the world are implementing regulations and policies to promote the use of recycled plastic. For example, bans on single-use plastics, taxes on plastic bags, and mandates for recycled content in products are driving demand for recycled plastic.
· *Technological advancements:* The development of advanced recycling technologies is making it easier and more cost-effective to recycle plastic waste. This is increasing the supply of recycled plastic, leading to lower costs and increased demand.
· *Increasing use of recycled plastic in various industries:* Recycled plastic is being increasingly used in various industries, including packaging, construction, automotive, and textiles. This is driving demand for recycled plastic and contributing to the growth of the market.
· *Consumer demand for sustainable products:* Consumers are increasingly demanding sustainable and eco-friendly products, leading to increased demand for recycled plastic products.
Overall, the recycled plastic market is being driven by a combination of environmental concerns, government regulations, technological advancements, increasing use in various industries, and consumer demand for sustainable products. These drivers are expected to continue to contribute to the growth of the recycled plastic market in the coming years.
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*Regional Insights*
The recycled plastic market has different regional dynamics, driven by factors such as government regulations, consumer behavior, and the availability of recycling infrastructure. Here are some regional insights into the recycled plastic market:
· *North America:* North America is a significant market for recycled plastic due to the presence of stringent regulations and policies that promote the use of recycled plastic. The region is also home to several large packaging and automotive companies that are driving demand for recycled plastic.
· *Europe:* Europe is the largest market for recycled plastic, driven by the implementation of strict regulations and policies that promote the use of recycled plastic. The region also has a well-established recycling infrastructure, contributing to the growth of the market.
· *Asia Pacific:* Asia Pacific is a rapidly growing market driven by the increasing demand for sustainable products and the implementation of government regulations and policies. The region is also home to several large manufacturing companies that are driving demand for recycled plastic.
· *Latin America:* Latin America is an emerging market driven by the increasing awareness of environmental issues and the need to reduce waste. The region is also witnessing the development of new recycling technologies and infrastructure, contributing to the growth of the market.
· *Middle East & Africa:* The Middle East & Africa is a small market but it is expected to grow rapidly in the coming years due to the implementation of government regulations and the increasing demand for sustainable products.
*Detailed Table of Content*
· *Introduction*
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· *Executive Summary*
· *Market Dynamics*
· Market Drivers
· Market Restraints
· Market Opportunities
· *Key Insights*
· Key Emerging Trends – For Major Countries
· Key Developments: Mergers, Acquisition, Partnership, etc.
· Latest Technological Advancement
· Insights on Regulatory Scenario
· Porters Five Forces Analysis
· *Qualitative Insights – Impact of COVID-19 on Global Recycled Plastic Industry*
· Supply Chain Challenges
· Steps taken by Government/Companies to overcome this impact
· Potential opportunities due to COVID-19 outbreak
· *Global Recycled Plastic Market Analysis, Insights and Forecast, 2017-2028*
· Key Findings / Summary
· By Type (Volume/Value)
· Polyethylene Terephthalate (PET)
· High-Density Polyethylene (HDPE)
· Polypropylene (PP)
· Low-Density Polyethylene (LDPE)
· Others
· By Application (Volume/Value)
· Non-Food Packaging
· Food Packaging
· Construction
· Automotive
· Others
· By Region (Volume/Value)
· North America
· Europe
· Asia pacific
· Latin America
· Middle East & Africa
*TOC Continued…!*
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