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Global Recycled Plastics Market Research Report:
The latest report by IMARC, titled “ Recycled Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023 -2028
”"findsthattheglobalrecycledplasticsmarketsizereachedUS$39.9Billionin2022.
Plastic recycling refers to the process of recovering and reprocessing plastic materials into valuable products. It comprises various steps, including washing, shredding, identifying, sorting, classifying, extruding, and reprocessing plastics. It helps save natural resources, clear landfill space, conserve energy, and produce biodegradable and environment-friendly products. Owing to these benefits, recycled plastics are extensively used to manufacture footwear, toys, bags, fabrics, toothbrushes, and severalconsumerproducts.
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The market is primarily driven by the rising environmental consciousness among individuals regarding the harmful effects caused by plastic waste. In addition, the implementation of stringent government regulations and plastic recycling programs to minimize waste production and promote the recycling of plastic scraps represents another major growth-inducing factor. Besides this, plastics are widely used in making different components of vehicles. This, coupled with the escalating demand for ready-to-eat (RTE) and processed food products due to the busy schedules and inflating income levels of individuals, is increasing the sales of packaged plastic materials, thus propelling market growth.
Moreover, the increasing construction activities of residential and commercial complexes and research and development (R&D) activities conducted by key players to improve the quality and performance of products are also creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 53.5 Billion by 2028, exhibiting a CAGR of 4.88% during the forecast period (2023-2028).
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
Market Summary:
Breakup by Plastic Type:
•PolyethyleneTerephthalate(PET)
•HighDensityPolyethylene(HDPE)
•Polypropylene(PP)
•LowDensityPolyethylene(LDPE)
•Others
Breakup by Application:
•Non-FoodContactPackaging
•FoodContactPackaging
•Construction
•Automotive
•Others
Breakup by Raw Material:
•PlasticBottles
•PlasticFilms
•RigidPlasticandFoam
•Fibres
•Others
Regional Insights:
•NorthAmerica
•Europe
•AsiaPacific
•LatinAmerica
•MiddleEastandAfrica
Competitive Landscape with Key Players:
• AvangardInnovative
• B.Schoenberg&Co.Inc.
• DeltaPlastics
• UltrPETLLC
• CarbonLITEIndustries
• VeoliaEnvironmentSA
• SuezRecycling&RecoveryHoldings
• KWPlastics
View Full Report with TOC & List of Figure: https://www.imarcgroup.com/recycled-plastics-market
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