Rockville, MD, Aug. 28, 2024 (GLOBE NEWSWIRE) -- According to a new industry report by Fact.MR a market research and competitive intelligence provider, the global recycled plastic market is estimated to reach a valuation of US$ 85.18 billion in 2024 and is further forecasted to touch US$ 180.51 billion by the end of 2034.
The efficacy and quality of recovered plastics are being improved by the latest and continuous technological advancements related to recycling. Material separation accuracy is being improved through several technological advancements in sorting that make use of sensors and automated systems. Advances in processing techniques are enabling the conversion of waste plastics into high-quality raw materials. Aside from this, advances in chemical recycling methods are enabling the breakdown of plastic into its constituent monomers, providing a pathway for the synthesis of novel, high-purity polymers from recycled materials.
East Asia is projected to hold a leading position throughout the projection period. The market is expanding in the region due to the increasing implementation of stringent rules and regulations concerning the usage of ordinary or virgin plastic products in South Korea, Japan, and China.
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Key Takeaways from Market Study
- The worldwide recycled plastic market is projected to increase at a CAGR of 7.8% from 2024 to 2034.
- East Asia is set to hold 36.5% of the global market share in 2024.
- The United States is forecasted to account for a 74.6% market share in the North American region by 2034.
- The market in South Korea is projected to rise at a CAGR of 8.6% between 2024 and 2034.
- The market in China is forecasted to generate revenue worth US$ 39.72 billion by the end of 2034.
- Based on source, the plastic bottles are projected to generate revenue worth US$ 44.33 billion by 2034.
“To increase their quality and efficiency, key companies in the recycled plastic market are making significant investments in the development of advanced recycling technology and also concentrating on expanding the range of products they offer by including various recycled plastic grades,” says a Fact.MR analyst
Leading Players Driving Innovation in the Recycled Plastic Market:
Key industry participants like Clean Harbors, Inc.; Shell International B.V.; Covestro AG; Waste Connections; WM Intellectual Property Holdings, LLC.; Alpek; Plastipak Holdings, Inc.; Veolia; MBA Polymers Inc.; Green Line Polymers; CarbonLite Industries LLC; ReVital Polymers; Dow Chemical Company; INEOS Olefins & Polymers.
Growing Application of Recycled Plastic in Packaging:
Due to legal restrictions and environmental concerns in several countries, recycled plastic is being used in packaging more. More companies are trying to reduce the issue of plastic pollution by increasing the percentage of recycled material in their packaging. By lowering reliance on virgin polymers, this modification addresses resource depletion and contributes to lowering carbon footprints.
Packaging firms are being pushed to use recycled plastic by the growing global trend of environment-friendly products. Furthermore, as recycling techniques continue to progress technologically, recycled plastic is becoming increasingly suitable for a wider range of packaging uses.
Regional Analysis
In the North American region, the United States is projected to account for 72.6% market share in 2024. The utilization of recycled plastic is rising in the United States due to regulatory pressure. Stricter laws are being passed by the federal government to combat plastic waste and encourage recycling. Manufacturers are required to undergo programs such as extended producer responsibility (EPR) to oversee the entire lifecycle of their products, including recycling and disposal. Laws encouraging the use of recycled content in goods and packaging are also pressuring businesses to use renewable materials.
Recycled Plastic Industry News:
- In June 2024, Dow debuted their revolutionary REVOLOOP Recycled Plastics Resins line, marking a significant step toward promoting circularity and bringing about change in the waste management sector.
- According to the Globe and Mail, the Coca-Cola Company completed converting all of the 500ml bottles in its sparkling beverage line in Canada to 100% recycled plastic in May 2024.
- The companies PepsiCo, INEOS Olefins & Polymers Europe, and Amcor announced in March 2024 that they would be working together to introduce a new snack packaging solution for Sunbites crisps that employs 50% recycled plastic.
- At the K 2022 trade show in Dusseldorf, Germany, in October 2022, Veolia introduced "PlastiLoop," a new line of recycled plastics and associated services. This cutting-edge service is made possible by Veolia's extensive professional network and its global network of 37 plastic recycling facilities. With this new product, customers can select from a large variety of ready-to-use recycled resins, such as PP, PET, PS, HDPE, LDPE, ABS, and PC.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the recycled plastic market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (high density polyethylene, low density polyethylene, polypropylene, polyethylene terephthalate, polyamides, polystyrene, PVC), source (plastic bottles, plastic films, rigid plastic & foam, synthetic fiber), and application (packaging, construction, automotive), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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