April 22, 2024
Recycled Plastics Market

Recycled Plastics Market Propelled by Surge in Adoption of Eco-Friendly Plastics

Recycled plastics are derived from post-consumer or post-industrial plastic scraps through mechanical or chemical process. Recycled plastics are often used in the production of various consumer goods to reduce the environmental footprint. These plastics provide an eco-friendly alternative to virgin plastics at lower cost. The global recycled plastics market provides opportunities for waste managers and plastic product manufacturers to capitalize on the rising need for sustainability. The Global Recycled Plastics Market Size is estimated to be valued at US$ 79.95 Billion in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The surge in adoption of eco-friendly plastics is one of the key trends propelling the growth of the recycled plastics market. Customers are increasingly demanding sustainable plastic products to reduce carbon footprint. This is encouraging plastic manufacturers to increase the use of recycled plastic content in their products. According to Plastic Industry Association, around 35% of plastic products contained recycled plastic content in 2024 compared to 25% in 2018. In addition, government regulations like ban on single-use plastic products and mandates on plastic recycling targets are also driving plastic companies to rely more on recycled plastics.

SWOT Analysis

Strength: Recycled plastics can reduce reliance on virgin plastics. They help in conserving natural resources and energy. Weakness: The quality of recycled plastics is generally lower than new plastics. It is difficult to separate different types of recycled plastics. Opportunity: Growing concerns about sustainability and waste management are driving demand for recycled plastics. Recycled plastics can replace some uses of virgin plastics. Threats: Collection and sorting of plastic waste for recycling is a challenge. Higher production costs of recycled plastics threaten their use compared to cheap virgin plastics.

Key Takeaways

The global recycled plastics market is expected to witness high growth.

Regional analysis: Asia Pacific region dominates the global recycled plastics market currently. China accounts for the largest share owing to presence of a strong recycling infrastructure and policies supporting plastic waste management in the country. Europe and North America are other major markets for recycled plastics.

Key players operating in recycled plastics market are F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (US), and PHC Holdings Corporation (Japan). Major players are focusing on improving recycling technologies to enhance quality of recycled plastics and drive broader adoption.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it