Recycled Plastics Market Growth
Ascribed to Environmental Concerns
As per Inkwood Research, the Global Recycled Plastics Market is projected to grow at a CAGR of 8.15% in terms of revenue and 2.69% in terms of volume over the forecasting period of 2024-2032.
Recycled plastic refers to plastic recovered from scrap or waste materials and reprocessed into new products. This process is essential in significantly reducing the amount of plastic waste that would otherwise be sent to landfills or contribute to environmental pollution. By transforming discarded plastics into usable materials, recycling helps tackle several critical environmental and economic challenges.
Environmental Concerns to Fuel Recycled Plastics Market Growth
Growing environmental concerns are a major driver of the recycled plastics market’s expansion, as increasing awareness of plastic pollution and its harmful effects on ecosystems fuels the demand for sustainable solutions. Governments worldwide are implementing stricter regulations and policies to reduce plastic waste, such as bans on single-use plastics and mandatory recycling targets, which encourage industries to adopt recycled materials. Consumers are also pushing for eco-friendly products, prompting companies to incorporate recycled plastics into their manufacturing processes. This shift not only reduces the volume of plastic waste entering landfills and oceans but also decreases the reliance on fossil fuels for virgin plastic production, further enhancing the environmental sustainability of the market.
Chemical Recycling: Fastest-Growing Recycling Process between 2024-2032
Chemical recycling involves breaking down polymers into monomers or other valuable chemicals, enabling a broader range of plastics to be recycled, including mixed or contaminated plastics that are challenging for traditional methods. This process uses techniques such as depolymerization, pyrolysis, or gasification to transform plastic waste into reusable components.
Europe Captured the Highest Share in 2023
Europe is prioritizing a circular economy, with a strong emphasis on reusing and recycling resources, including plastics, across multiple industries. Strict regulations in many European countries are designed to reduce plastic waste, promote recycling, and boost the use of recycled plastics in manufacturing.
Additionally, rising consumer awareness of plastic pollution is increasing the demand for sustainable products, pushing manufacturers to incorporate recycled plastics into packaging and other goods. Some of the leading companies operating in the global market are Veolia Environment SA, Indorama Ventures PCL, Plastipak Holdings Inc, etc.
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