How Will the Recycled Plastics Market Size Develop From 2024 to 2029?
The recycled plastics market size has exhibited steady growth in recent years. The market size is expected to grow from $54.16 billion in 2024 to $56.75 billion in 2025 at a compound annual growth rate (CAGR) of 4.8%. The growth during this historic period is primarily attributed to increased environmental awareness, government regulations, e-waste recycling, demand from consumers, and a focus on supply chain sustainability.
The recycled plastics market size is set to witness strong growth in the future. It is forecasted to grow to $70.02 billion in 2029 at a compound annual growth rate (CAGR) of 5.4%. The forecasted growth can be attributed to initiatives supporting a circular economy, corporate sustainability goals, efforts to reduce plastic waste, the development of bioplastics and hybrid materials, and a shift towards sustainable packaging. Major trends during the forecast period include advanced recycling technologies, eco-friendly packaging, plastic-to-fuel conversion, e-waste recycling, and sustainable fashion.
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What are the Key Growth Drivers of the Recycled Plastics Market?
The growth of the recycled plastics market is significantly driven by increasing e-commerce activities. E-commerce encompasses online buying and selling, digital payments, and various transaction models, revolutionizing commerce through the internet. Recycled plastics are being used extensively in e-commerce packaging, such as shipping boxes, mailers, and protective materials, to reduce waste and minimize the environmental impact of online retail. For instance, in November 2023, a report from the U.S. Census Bureau indicated that retail e-commerce sales in the United States amounted to approximately $284.1 billion, reflecting a growth of 2.3% compared to the second quarter of 2023. This rapid growth in e-commerce activities is expected to drive the growth of the recycled plastics market in the upcoming years.
What are the Major Segments in the Recycled Plastics Market?
• By Type: Polyethylene Terephthalate, Polyvinyl Chloride, Polyethylene, Polypropylene, Polystyrene, Other Types
• By Source: Plastic Bottles, Plastic Films, Plastic Foams, Plastic Fibers, Other Sources
• By Application: Packaging, Textile, Automotive, Building And Construction, Electrical And Electronics, Other Applications
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Which are the Major Players in the Recycled Plastics Market?
Major companies operating in the recycled plastics market include Rethmann SE & Co. KG, Biffa Waste Services Limited, Stericycle Inc., Veolia India Private Limited, Jayplas Limited, KW Plastics, MBA Polymers Inc, Waste Connections Inc., Clean Harbors Inc, Suez India Private Limited, Plastic Recycling Inc., UltrePET LLC, Greenotech Recycling Private Limited., Advanced Environmental Recycling Technologies Inc., Alpek S.A.B. de C.V., B. Schoenberg & Co Inc., B&B Plastics Recycling Inc., Berry Global Inc., CABKA North America Inc., CarbonLite Industries LLC, Custom Polymers Inc., Dart Container Corporation., Delta Plastics of the South LLC, ECO-Cycle Solutions LLC, Emco Industrial Plastics Inc., Envision Plastics LLC, Far Eastern New Century Corporation, Fresh Pak Corporation, GDB International Inc.
What are the Emerging Trends in the Recycled Plastics Market?
Technological advancements are emerging as a significant trend in the recycled plastics market. Major companies in the market are developing new technologies to solidify their presence. For instance, in February 2024, BASF SE, a leading chemical company based in Germany, launched ChemCycling. This initiative transforms plastic waste into valuable raw materials through chemical recycling, supporting sustainability and circular economy efforts by replacing fossil-based resources in plastic production.
Which Region is Set to Grow the Fastest in the Recycled Plastics Market?
Asia-Pacific was the largest region in the recycled plastics market in 2024. However, North America is predicted to be the fastest-growing region in the future. The regions covered in the recycled plastics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Recycled Plastics Market Report 2025 Offer?
Recycled plastic is plastic that has undergone decontamination and additional post-processing but has not yet been converted into recycled plastic products. This process involves collecting used plastic waste and transforming it into brand-new, functional plastic items. Over a trillion pounds of plastic are produced and used worldwide. The recycled plastics are used in the manufacturing of containers for beauty products, new plastic bottles, and durable plastics such as plant holders. The Recycled Plastics Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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