Global Recycled Plastics Market Size Revenue Set to Reach USD 68.81 Billion By 2030, at 4.7% CAGR Growth: Polaris Market Research

NEW YORK, Jan. 10, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Recycled Plastics Market Share, Size, Trends, Industry Analysis Report, By Type (Polyethylene (PE), Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), Polypropylene (PP), Polystyrene (PS), Others); By Source; By End-Use; By Region; Segment Forecast, 2022 - 2030" published by Polaris Market Research in its research repository.

According to the recent research study, the global recycled plastics market size & share was valued at USD 46.08 billion in 2021 and is expected to reach USD 68.81 Billion by 2030, growing at a CAGR of 4.7% during the forecast period.

What is Recycled Plastics? How Big is Recycled Plastics Market Size & Share?

• Overview

Plastic recycling is the process of gathering scrap or waste plastics and reprocessing the material into new and useful plastic products. Plastic recycling is performed to reduce dependence on landfill and save the environment from plastic pollution and greenhouse gas emissions. The traditional recycling method involved melting plastics and processing them into new products through injection molding.

There are numerous benefits of recycled plastic. It reduces the release of carbon dioxide and harmful gases into the environment. It prevents global warming. It also creates additional revenue for the government and private companies. Growing plastic use in the production of small components, which are used in various sectors, including building & construction, automotive, and electrical & electronics, is anticipated to augment the recycled plastics market size.

Request Sample Copy of "Recycled Plastics Market" Research Report @ https://www.polarismarketresearch.com/industry-analysis/recycled-plastics-market/request-for-sample

(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report May Includes:

• 2030 Updated Report Introduction, Overview, and In-depth industry analysis
• 115+ Pages Research Report (Inclusion of Updated Research)
• Provide Chapter-wise guidance on Request
• 2022 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
• Includes Updated List of table & figures
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis

Important Details Provided by The Report

• Precise market size estimations of the industry
• Direct and indirect factors that have a profound effect on the industry
• Analysis of the challenges, threats, and how to tackle these situations.
• List of the top players in the market with an explanation of strategies on manufacturing, distribution, marketing, and more used by them.
• It elaborates the collected data, statistical analysis, strategies on development and sustainability, planning, and investment.

Some of the Top Market Players Are:

• Alpek S.A.B. de C.V.
• Biffa plc
• Custom Polymers
• Envision Plastics Industries
• Far Eastern New Century
• Green Line Polymers
• Indorama Ventures
• Jayplas
• KW Plastics
• Plastipak Holdings
• Republic Services
• Stericycle
• Suez
• Ultra Poly Corporation
• Veolia Polymers

To know an additional revised list of top market players, request a sample report, 2022 - 2030: https://www.polarismarketresearch.com/industry-analysis/recycled-plastics-market/request-for-sample

Growth Driving Factors

• Growing consumption of plastics across various industries to push the market growth

Increasing environmental concerns, strong guidelines about packaging waste, and the introduction of new recycling techniques are driving the recycled plastics market growth. Growing technological developments and favorable government initiatives to reduce their carbon footprint are the key factors supporting the industry expansion. For instance, in January 2020, Nestlé invested significantly to support the shift from virgin plastics to food-grade plastic. Also, a surge in R&D investments has been fueling the market demand.

Moreover, the growing consumption of plastics in industries including construction, automotive, medical devices, and electrical & electronics is projected to boost the recycled plastics industry growth. Rising demand for affordable consumer electronic products, such as laptops, recycled plastics in electrical & electronics, and packaging applications is further expected to accelerate the recycled plastics market demand.

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Recent Developments

• In November 2021, the commercialization of Honeywell's "UpCycle Process Technology" plastic recycling method was announced.

Segmental Analysis

• Polyethylene Terephthalate (PET) segment is projected to hold the largest recycled plastics market share

Based on type, the polyethylene terephthalate (PET) segment recorded the highest share in 2021 due to its increased use in food packaging and bottles. Properties such as transparency, durability, lightweight, and recyclability, non-toxicity are fueling PET's demand for use in the packaging of food and beverage goods. Also, Bottled water and beverage manufacturers prefer recycled PET for manufacturing packaging bottles due to the guidelines imposed by governments across the globe.

• Packaging segment is anticipated to witness the largest revenue share

In terms of end-use, the packaging segment held a significant market share in 2021 due to its increasing usage in packaging solutions for food and beverages, consumer goods, and electronic devices. Factors like growing environmental concerns coupled with a surge in consumer awareness about recycling and packaging waste disposal further accelerate the segment growth of the recycled plastics market. In addition, rising initiatives by key market players to develop recycled packaging solutions in order to minimize the environmental impact are projected to flourish the segmental expansion.

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Recycled Plastics Market: Report Scope

Geographic Overview

• Asia Pacific generated the greatest market share in 2021

Based on geography, in 2021, the recycled plastics market in Asia Pacific witnessed the largest revenue share owing to rising economic growth, growing industrialization, and urbanization. The industry is booming in the region due to the increased use of plastics in the manufacturing sector, growth in automotive penetration as well as greater use of plastics in construction and development activities. Growing investments in infrastructure development also boost the market expansion in the Asia Pacific. Moreover, rising environmental concerns and initiatives to use sustainable solutions have fueled regional market growth.

Browse the Detail Report "Recycled Plastics Market Share, Size, Trends, Industry Analysis Report, By Type (Polyethylene (PE), Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), Polypropylene (PP), Polystyrene (PS), Others); By Source; By End-Use; By Region; Segment Forecast, 2022 - 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/recycled-plastics-market       

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Recycled Plastics Market Report Highlights

• Plastic bottles segment is estimated to account for the largest revenue share due to their use in water, pharmaceuticals, and carbonated drinks.
• Polyethylene terephthalate is the largest segment owing to the several properties that it exhibits including transparency, durability, and completely recyclable along with its wide use in food packaging and bottles.
• Packaging segment dominated the global market owing to greater concerns regarding packaging waste and increasing environmental concerns. Additionally, there are several industry players who are taking initiatives to develop recycled packaging solutions to reduce the environmental impact associated with packaging.
• Asia Pacific accounted for a significant share of the market owing to growth in the e-commerce industry and strengthening packaging sector coupled with wider application in construction and development activities.

Polaris Market Research has segmented the recycled plastics market report based on type, source, end-use, and region:

By Type Outlook

• Polyethylene (PE)
• Polyvinyl Chloride (PVC)
• Polyethylene Terephthalate (PET)
• Polypropylene (PP)
• Polystyrene (PS)
• Others

By Source Outlook

• Foams
• Films
• Bottles
• Fibers
• Others

By End-Use Outlook

• Packaging
• Automotive
• Construction
• Textile
• Electrical & Electronics
• Others

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research