SAN FRANCISCO, May 9, 2022 /PRNewswire/ — The global recycled plastic market size is expected to reach $69.2 billion by 2030, according to a new report from Grand View Research, Inc., with a CAGR of 4.8% over the forecast period. Rising environmental concerns, rapid urbanization and industrialization, and growing need to reduce carbon footprint in virgin plastic resin manufacturing are expected to drive the demand for recycled plastics over the forecast period. The demand for recycled plastics is expected to rise mainly in the packaging application, which includes packaging for processed food and beverages, medical, electronics, and various other products, owing to the rising number of COVID-19 positive cases.
Main information and conclusions of the report:
- The building and construction application segment is expected to witness the fastest CAGR during the forecast period, in terms of revenue.
- The growth of the segment is attributed to the growing demand for recycled plastics in composite wood, tiles, insulation, rocks and fencing.
- The electrical and electronic applications segment accounted for the maximum revenue share in 2021.
- This is attributed to the high demand for lightweight and durable electronics and well electrically insulated products to reduce heat loss and improve the performance of electronic components and products.
- Asia Pacific accounted for the largest share of revenue in 2021. The market for China recycled is expected to experience significant growth to reach a net worth of $17.3 billion by 2030.
Read the 110-page market research report, “Recycled Plastics Market Size, Share and Trend Analysis Report by Product (PET, PVC), by Source (Plastic Bottles, Polymer Foam) , by Application (Packaging, Automotive), by Region and Segment Forecast, 2022 – 2030”, published by Grand View Research.
Recycled Plastic Market Growth and Trends
The demand for medical and healthcare products has increased due to the safety and hygiene required to deal with the pandemic situation. Amid the global COVID-19 pandemic, demand for electrical and electronic products, such as laptops and cell phones, has increased as businesses follow the work-from-home model and educational institutions moved from classroom learning to online courses. Thus, the growth in demand for electrical and electronic products is expected to drive the market over the forecast period. The regional market Asia Pacific is expected to register the fastest growth rate during the forecast period.
This growth can be attributed to various factors, such as the presence of supportive government initiatives like Make in IndiaAtmanirbhar Bharat (self-dependent India), the growing number of manufacturers operating in the electrical and electronics, automotive and textile sectors, and the increase in R&D investments by private and public organizations for the development of new applications for recycled plastics. In addition, various electronics and automotive component manufacturing companies have started to turn to India to establish their manufacturing facilities after the COVID-19 pandemic. It will also provide huge growth opportunities to the regional market in the coming years.
Recycled Plastics Market Segmentation
Grand View Research has segmented the global recycled plastics market based on product, source, application, and region:
Recycled Plastics Market – Product Outlook (Volume, Kilotons; Revenue, USD Million, 2019-2030)
- Polyethylene (PE)
- Polyethylene terephthalate (PET)
- Polypropylene (PP)
- Polyvinyl chloride (PVC)
- Polystyrene (PS)
Recycled Plastics Market – Source Outlook (Volume, Kilotons; Revenue, USD Million, 2019-2030
- plastic bottles
- Plastic films
- Polymer foam
Recycled Plastics Market – Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 – 2030)
- Building construction
- Electrical and Electronic
Recycled Plastics Market – Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2019-2030)
- North America
- Asia Pacific
- South East Asia
- Central & South America
- Middle East and Africa (SOUL)
List of Recycled Plastics Market Key Players
- REMONDIS SE & Co. KG
- Republic Services, Inc.
- WM Intellectual Property Holdings, LLC
- Shell International B.V.
- waste connections
- CLEAN PORTS, INC.
- Covetsro AG.
Check out other related studies published by Grand View Research:
- Post-consumer recycled plastics in the consumer electronics market – The global market size of post-consumer recycled plastics in consumer electronics is expected to reach $21.6 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 8.6% from 2021 to 2028. The growing adoption of post-consumer recycled plastic resin in the production of consumer electronics is expected to fuel the market growth over the forecast period. The growth of e-waste has become a global concern, which many countries have started to address. Many companies have started incorporating post-consumer recycled plastics into their electronics and have included them in their sustainability goals.
- Post-consumer recycled plastics market – The global post-consumer recycled plastics market size is expected to reach $16.7 billion by 2027, according to a new report from Grand View Research, Inc., expanding at a CAGR of 10.6% over the forecast period. Rising environmental concerns, increasing urbanization, industrialization and rising concerns over reducing carbon footprint in plastic resin manufacturing are expected to drive the market
- Asia Pacific Recycled Plastics Market – The Asia Pacific the size of the recycled plastics market is expected to reach $25.7 billion by 2025, growing at a CAGR of 6.4% over the forecast period, according to a new study published by Grand View Research, Inc. Growing demand for recycled film from various end-use industries is expected to drive the growth.
Browse plastics, polymers and resins industry research reports from Grand View Research.
About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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SOURCEGrand View Research, Inc.