Recycled Plastics Market to Reach US$ 61.7 Billion by 2032 Market Overview:
The global recycled plastics market size reached US$ 41.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 61.7 Billion by 2032, exhibiting a growth rate (CAGR) of 4.3% during 2024-2032.
Recycled plastics refer to plastic materials that have undergone a process of reprocessing or reclamation to be reused or repurposed, thereby reducing their environmental impact and promoting sustainability. It is an essential component of waste management and environmental conservation efforts. The recycling process typically involves collecting used plastic items, such as bottles, containers, and packaging materials, and then subjecting them to various treatment methods to transform them into new products. These treatment methods can include sorting, cleaning, shredding, and melting the plastics to produce pellets or flakes, which can be used as raw materials for manufacturing a wide range of products.
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Market Trends and Drivers:
The global recycled plastics market is primarily driven by the growing concerns about environmental sustainability and the need to address plastic pollution. Moreover, governments and regulatory bodies in various countries have implemented favorable initiatives and policies that encourage or mandate the use of recycled plastics in various industries, thereby accelerating the product adoption rate. Along with this, the increasing consumer awareness about the environmental impact of single-use plastics and a growing preference for eco-friendly products have augmented the demand for recycled plastic materials.
The report has segmented the market into the following categories:
Breakup by Plastic Type:
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- Polyethylene Terephthalate (PET)
- High Density Polyethylene (HDPE)
- Polypropylene (PP)
- Low Density Polyethylene (LDPE)
- Others
Breakup by Application:
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- Non-Food Contact Packaging
- Food Contact Packaging
- Construction
- Automotive
- Others
Breakup by Raw Material:
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- Plastic Bottles
- Plastic Films
- Rigid Plastic and Foam
- Fibres
- Others
Market Breakup by Region:
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- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
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