The global market for recycled plastics is experiencing significant growth, driven by various factors. The market size was estimated at USD 51.70 billion in 2023 and is projected to expand at a CAGR of 9.5% from 2024 to 2030. The increasing consumption of plastics in the production of lightweight components across industries such as building and construction, automotive, electrical and electronics, and others is a major driver of market growth.
The rise in online shopping for electrical and electronics, personal care products, and personal protective equipment has also contributed to the demand for recycled plastics in packaging. The surge in demand for affordable consumer electronic products, facilitated by e-commerce platforms, has further boosted the demand for recycled plastics in the electrical and electronics as well as packaging sectors.
In summary, the global recycled plastics market is experiencing robust growth due to factors such as increasing plastic consumption in various industries, the rise in online shopping, and the growing demand for affordable consumer electronics. These trends are expected to drive the market's continued expansion in the coming years.
Gather more insights about the market drivers, restrains and growth of the Recycled Plastics Market
Product Segmentation Insights
The polyethylene segment dominated the market with a significant revenue share of 26.0% in 2023. This dominance is attributed to the increasing demand for packaging materials in various industries, including consumer goods, food and beverage, and industrial sectors. Polyethylene is widely used in packaging applications such as laundry detergent containers, milk cartons, cutting boards, and garbage bins.
Polypropylene is another important segment in the market, finding extensive applications in automotive components, packaging and labeling, medical devices, and laboratory equipment. Its excellent chemical and mechanical properties, including resistance to chemical solvents, acids, and bases, make it a versatile material. Polypropylene is also one of the most highly formulated plastics globally.
Components produced using polypropylene are known for their fatigue resistance, making them valuable in the building and construction industry. They are used in applications such as plastic hinges, piping systems, consumer products, mats, carpets, and rugs. The growth of the automotive, packaging, and building and construction sectors is expected to drive the demand for recycled polypropylene in the coming years.
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