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The recycled plastics market is expected to register a CAGR of 9. 4% from 2022 to 2028.
Pune, India, November 3, 2023 (GLOBE NEWSWIRE) — According to our new study on “Recycled Plastics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – Across Type, Source, Application, and Geography,” recycled plastics market is expected to earn $82. 42 billion through 2028, up from $44. 38 billion in 2022; It is expected to grow at a CAGR of 9. 4% from 2022 to 2028. The projected expansion of the recycled plastics market in the forecast era is mainly attributed to the thriving automotive sector and packaging industry.
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Recycled Plastics Market: Competitive Landscape
REMONDIS SE
Scope of Recycled Plastics Market Report, Segmentations, Regional and Country Scope:
Report Coverage
Details
Market Value at
$44. 38 billion in 2022
Market Size Value Per
$82. 42 billion through 2028
Growth Rate
CAGR of 9. 4% from 2022 to 2028
Forecast period
2022-2028
Base Year
2022
Number of pages
150
Number of tables
84
Number of graphs and figures.
81
Historical knowledge available
yes it
Segments covered
Type, Source, and Application
Regional Scope
North America; Europe ; Pacific; Latin America; MEA
Nationwide Outreach
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Oman, Russia, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Report Coverage
Revenue forecasts, company rankings, competitive landscape, growth drivers, and trends
In 2022, Asia-Pacific had the largest percentage in the recycled plastics market. The market expansion in this region is mainly attributed to the increasing demand for additives from the automotive, packaging, and structures and structures industries. Increased structural activities in emerging economies are particularly driving the expansion of the recycled plastics market. Rapid urbanization and an increase in the world’s population are driving the demand for recycled plastic in structural structures and activities. The increasing expansion of the structural sector is due to the population. expansion in emerging economies, especially India and China. In addition, those countries use recycled plastic in residential and advertising structures and other infrastructure projects.
The growing demand for greener homes with a lower carbon footprint and open green spaces is expanding the expansion of the recycled plastics market. Roofing titles are a must for any structure, and their installation requires copious sums of money. Recycled plastic is also used to construct roof titles because they are less expensive than other structural fabrics. In addition, investors’ growing awareness of environmental coverage is driving demand for recycled plastic in structural fabrics and the design of more environmentally sustainable homes. Spending and investing in domestic infrastructure and aiding economic expansion would create lucrative opportunities for recycled plastic in the structural industry, especially in emerging countries.
Stricter government regulations to increase the recycling rate of plastics and encourage the growth of the recycled plastics market
Recycled plastics are resins that are obtained by reusing plastic waste. In addition, they are produced by recovering plastic and other waste and then turning it into useful products. In addition, plastics recycling is experiencing accelerated expansion due to growing awareness about the environment. Many organizations are recruiting corporations to opt for recycled plastics in their production facilities. Growing environmental considerations and the need for frameworks to conserve energy, coupled with flexible applicability and strict government regulations in many regions. Technological advances in plastic recycling are turning heads. Recycled plastic. Plastic recycling is seen as a more sustainable solution in the long term.
Recycled Plastics Market: Segrainical Overview
Based on type, the recycled plastics market is segmented into polyethylene terephthalate, polyvinyl chloride, polyethylene, polystyrene, and others. The demand for polyethylene terephthalate market is expected to grow especially in the studied forecast era. It is a polymer created by combining two monomers. , such as modified ethylene glycol and purified terephthalic acid. Recycled polyethylene plastics can be known through their number 1 recycling code, because they have a short shelf life, are easy to recycle, and the low diffusion coefficient makes polyethylene terephthalate much more suitable in comparison. to other plastics. Polyethylene terephthalate is the most commonly used plastic. It is transparent, resistant, lightweight and one hundred percent recyclable.
The recycled plastics market, based on source, is segmented into plastic bottles, plastic films, plastic foams, plastic fibers, and others. The market demand for recycled plastics for plastic bottles is expected to grow particularly during the forecast period. the maximum number of recycled post-consumer plastics. Recycling plastic bottles can help save 80% of the energy used in the manufacture of new bottles, packaging, and other products. Recycled plastic bottles are more environmentally friendly than non-recycled single-use plastic bottles, as they assist in alleviating the environmental crisis due to severe climate change. Therefore, a big shift in preference for recycled plastic bottles is necessary to avoid the landfill challenge.
Based on applications, the recycled plastics market is segmented into packaging, textiles, automotive, construction and construction, electrical, and electronics, among others. The automotive industry is the largest customer for recycled plastics. The increase in car production in emerging economies, coupled with the rise of construction in the global population, portends a demand for recycled plastics for the manufacture of auto parts. The automotive industry is one of the industries with the highest consumption of plastic. In the automotive industry, recycled plastic is used to produce new parts. The main explanation for the use of recycled plastic in the automotive industry is to help reduce the mass of vehicles, which is directly similar to reducing carbon emissions. In addition, those plastic parts are not prone to corrosion and offer flexibility and strength for protection and supply. thermal insulation.
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Impact of the COVID-19 pandemic on the recycled plastics market
The COVID-19 pandemic caused significant economic losses around the world, specifically in 2020 and early 2021. The recycled plastics market was also negatively impacted by the COVID-19 pandemic in 2020. The pandemic has temporarily hampered the operational power of industries, leading to limited demand for recycled lubricants and plastics. However, economies began to restart operations in 2021. The resulting growing demand for recycled plastics and significant investments through major brands to develop production capacities are driving the expansion of the recycled plastics market.
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