Recycled Plastics Market 2030: Analyzing Consumer Demand and Supply Chain Dynamics

Posted on 2024-10-04 by researchinsights in Chemicals // 0 Comments

Recycled Plastics Market Growth & Trends

The global recycled plastics market size was valued at USD 96.48 billion in 2023 and is expected to exhibit grow at a compound annual growth rate (CAGR) of 9.5% from 2024 to 2030. Increasing environmental concerns, rapid urbanization & industrialization, and the rising need to reduce the carbon footprint in the manufacturing of virgin plastic resin are expected to drive the demand for recycled plastics over the forecast period. The demand for recycled plastics is expected to increase mainly in the packaging application, which includes packaging of processed food & beverages, medical, electronics, and various other products, owing to the growing number of COVID-19 positive cases.

The demand for medical & healthcare products has increased owing to the safety and hygiene required to tackle the pandemic situation. Amid the global COVID-19 pandemic, the demand for electrical & electronic products, such as laptops and mobiles, has increased as companies are following the work-from-home model and educational institutions have shifted from classroom learning to online classes. Thus, the growth in the demand for electrical & electronic products is expected to drive the market over the forecast period. The regional market of Asia Pacific is anticipated to register the fastest growth rate during the forecast period.

Gather more insights about the market drivers, restrains and growth of the Global Recycled Plastics market

This growth can be attributed to various factors, such as the presence of supportive government initiatives like Make in India, Atmanirbhar Bharat (self-dependent India), rising number of manufacturers operating in the electrical & electronics, automotive, and textile industries, and increasing R&D investments by private as well as public organizations for the development of new applications for recycled plastics. In addition, various electronic products and automotive components manufacturing companies have started looking toward India for establishing their manufacturing facilities post-COVID-19 pandemic. This will also provide tremendous growth opportunities to the regional market in the years to come.

Recycled Plastics Market Report Highlights

The polyethylene segment led the market with the largest revenue share of 26.0% in 2023. This high share is attributable to the rising demand for packaging material in consumer goods, food & beverage, industrial, and various other industries.
Based on source, the plastic bottles segment led the market with the largest revenue share of 74.14% in 2023.
In terms of application, the packaging segment led the market with the largest revenue share of over 37.4% in 2023.
The recycled plastics market in North America is expected to grow at a significant CAGR over the forecast period. The North America market accounted with a revenue share of 18.27% in 2023.
Asia Pacific dominated the recycled plastics market with a revenue share of over 47.97% in 2023. Asia Pacific is characterized by the growing packaging industry and technological advancements in the industry.

Browse through Grand View Research’s Plastics, Polymers & Resins Industry Research Reports.

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Recycled Plastics Market Segmentation

Grand View Research has segmented the global recycled plastics market report based on product, source, application, and region:

Recycled Plastics Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)

Polyethylene
Polyethylene Terephthalate
Polypropylene
Polyvinyl Chloride
Polystyrene
Others Products

Recycled Plastics Source Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)

Plastic Bottles
Plastic Films
Polymer Foam
Others Sources

Recycled Plastics Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)

Building & Construction
Packaging
Electrical & Electronics
Textiles
Automotive
Others Applications

Recycled Plastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)

North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Italy
Asia Pacific
- China
- India
- Japan
Southeast Asia
- Malaysia
- Indonesia
- Thailand
Central & South America
- Brazil
Middle East & Africa
- Saudi Arabia

Order a free sample PDF of the Recycled Plastics Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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