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Recycled Plastic Market to Reach $141.9 Billion, Globally, by 2032 at 7.9% CAGR: Allied Market Research
Increasing awareness about environmental issues such as plastic pollution and ocean trash and garbage, as well as rising greenhouse gas emissions are expected to drive the growth of the global recycled plastic market in the forecast period from 2023 to 2032. However, inconsistent regulations related to plastic recycling may hamper the growth of the recycled plastic market in the coming future. On the contrary, the growing popularity of circular economy efforts, in which products and materials are designed to be recycled or reused, is expected to offer remunerative opportunities for the expansion of the recycled plastic market during the forecast period.
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The polyethylene terephthalate (PET) sub-segment of the global recycled plastic market accounted for the largest share of 58.5% in 2022 and is predicted to grow at the highest CAGR of 8.2% by 2032. The prominent growth of the sub-segment is mainly because PET is commonly used in single-use beverage bottles, textiles, and food packaging. Recycling PET reduces the need for virgin plastic production and additionally helps in the removal of plastic trash from landfills and oceans.
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The agriculture, farming and gardening sub-segment of the recycled plastic market accounted for the highest share of 31.5% in 2022 and is projected to witness significant growth during the forecast period. The prominent growth of the sub-segment is mainly because incorporating recycled plastics into agricultural techniques promotes the concept of a circular economy, in which plastics are recycled and utilized rather than dumped as garbage. This contributes to trash reduction and environmental impact reduction by removing plastic garbage from landfills and oceans.
The recycled plastic market in the Asia-Pacific region accounted for the largest share of 44.5% in 2022 and is predicted to grow at the highest CAGR of 8.4% by 2032. This growth is mainly due to a shortage of traditional raw materials in this region which has triggered the need for adopting alternatives such as recycled plastics. Using recycled plastics helps reduce the burden on natural resources. Furthermore, businesses are responding by using recycled plastics in their products, which is creating demand for recycled plastic resources.
The report provides a detailed analysis of the key players of the global recycled plastic market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon . Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar , the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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