Recycled Plastics Market to grow by 18.37 million tons from 2022 to 2027|APAC is estimated to witness an incremental growth of 56% of the market share- Technavio
NEW YORK, Nov. 1, 2023 /PRNewswire/ — The recycled plastics market size is estimated to grow by USD 18.37 million tons from 2022 to 2027, according to Technavio. The market is estimated to rise at a CAGR of 4.75%. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 56%. The use of recycled plastics in the industries such as automotive, textile, and construction drives the growth of the regional market. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
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Global Recycled Plastics Market – Segmentation Assessment
Technavio has segmented the market based on type (PET, HDPE, PP, LDPE, and Others), industry application (packaging, construction, automotive, electrical and electronic components, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
- The PET segment will be significant during the forecast period. With the mixture of two monomers, namely modified ethylene glycol, and purified terephthalic acid PET is created, PET is a plastic resin. PET offers recycled plastics which is affordable, lightweight, resealable, shatterproof, and recyclable. It also has high tensile strength, thermostability, and transparency. Moreover, recycled PET plastic is used to make beverage bottles, containers, furniture, and textiles. Recycled PET plastic is one of the most commonly used plastics in a wide variety of applications such as T-shirt fabrics, athletic shoes, bags, upholstery, sweaters, industrial tapes, auto parts, and plastic containers. Thus, the rising number of applications of PET in various industries will drive the growth of the global recycled plastics market during the forecast period.
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Recycled Plastics Market – Market Dynamics
The high investment in infrastructure in emerging countries is notably driving the recycled plastics market growth. The construction industry is rapidly growing, especially in emerging countries. In South America and the MEA, governments of emerging countries are investing remarkably in residential homes due to the migration of people to urban areas. Moreover, recycled plastics are widely used in the construction industry. Owing to the high infrastructure development in developing economies the consumption of recycled plastics in the construction sector is high. Thus, the construction industry accounted for a significant market share in the recycled plastics market. Hence, the rising demand for infrastructure projects in emerging countries is expected to drive the growth of the global recycled plastics market during the forecast period.
The increasing demand for recycled plastics in the automotive industry is a key trend shaping the growth of the recycled plastics market. Plastics and composites are lightweight materials that are commonly used in the application process in the automotive industry. Some of these applications include structural, powertrain, exterior and interior, and electronic and electrical components. Automakers are focusing on producing lighter, more fuel-efficient, and environmentally friendly vehicles to meet stringent environmental regulations. Using recycled plastic reduces vehicle weight, fuel consumption, and greenhouse gas emissions. Hence, rising vehicle production across the world will grow the demand for recycled plastics during the forecast period.
The increasing demand for biodegradable plastics is the key challenge impeding the growth of the recycled plastics market. The preference for biodegradable materials is increasing among manufacturers and market players, with the rising demand from consumers for eco-friendly packaging. Moreover, government regulations regarding the use of plastic products are motivating manufacturers to push for biodegradable plastics. The growth of the biodegradable plastics market is driven by the emergence of renewable resources, such as biomass and bio-based raw materials. Hence, the rising demand for biodegradable plastics will hinder the growth of the recycled plastics market during the forecast period.
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What are the key data covered in this Recycled Plastics Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the recycled plastics market between 2023 and 2027
- Precise estimation of the recycled plastics market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the recycled plastics market across APAC, Europe, North America, Middle East and Africa, and South America
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of recycled plastics market vendors
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Industry Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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