The recycled plastics market industry size is projected to grow from USD 69.4 billion in 2023 to USD 120.0 billion by 2030, at a CAGR of 8.1% from 2023 to 2030. The rising environmental awareness and stringent regulations about the harmful effects of plastic disposal are driving the growth of the market.
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Based on source, the bottles segment is projected to be the fastest-growing segment during 2023 to 2030. This dominance is because bottles are the most commonly recycled post-consumer plastics, and they have a better network for collection and sorting.
Based on plastic type, the polypropylene (PP) segment is projected to be the fastest-growing segment in the recycled plastics market during forecast period. PP is majorly employed in automotive parts, thermal vests, yogurt containers, disposable diapers, plastic lumbers, park benches, speed bumps, and other industrial applications.
Based on type, the post-consumer recyclate segment is predicted to be the fastest-growing segment in the recycled plastics market during 2023 to 2030. Factors such as growing usage of plastics in a wide range of products such as clothing and food & beverages are expected to drive the market for the post-consumer recyclates segment during the forecast period.
Based on end-use industry, the packaging segment is anticipated to be the fastest-growing segment during forecast period. Increase in the usage of recycled plastics in packaging industry for a wide range of products is expected to boost demand in coming years.
Based on region, Asia Pacific is projected to be the fastest-growing market for recycled plastics during 2023 to 2030. The rising demand for recycled plastics from the building & construction industry in key countries such as India, Japan, and South Korea is expected to drive the European market during the forecast period.
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Major players operating in the recycled plastics market include Veolia (France), Indorama Ventures (Thailand), Far Eastern New Century Corporation (Taiwan), Alpek (Mexico), and Berry Global Inc. (US). The companies have wide-spread recycling facilities with an established portfolio of recycled plastics, a robust market presence, and strong business strategies. This factors are attributing to their growth in recycled plastics market.
