As per Inkwood Research, the Global
Recycled Plastics Market is projected to grow at a CAGR of 8.15% in terms of
revenue and 2.69% in terms of volume over the forecasting period of 2024-2032.
“Browse 78 Market Data Tables and 60
Figures spread over 261 Pages, along with an in-depth TOC on the Global
Recycled Plastics Market Forecast 2024-2032.”
Recycled plastic refers to plastic
recovered from scrap or waste materials and reprocessed into new products.
This process is essential in
significantly reducing the amount of plastic waste that would otherwise be sent
to landfills or contribute to environmental pollution. By transforming
discarded plastics into usable materials, recycling helps tackle several
critical environmental and economic challenges.
Environmental Concerns to Fuel
Recycled Plastics Market Growth
Growing environmental concerns are a
major driver of the recycled plastics market’s expansion, as increasing
awareness of plastic pollution and its harmful effects on ecosystems fuels the
demand for sustainable solutions. Governments worldwide are implementing
stricter regulations and policies to reduce plastic waste, such as bans on
single-use plastics and mandatory recycling targets, which encourage industries
to adopt recycled materials. Consumers are also pushing for eco-friendly
products, prompting companies to incorporate recycled plastics into their
manufacturing processes. This shift not only reduces the volume of plastic
waste entering landfills and oceans but also decreases the reliance on fossil
fuels for virgin plastic production, further enhancing the environmental
sustainability of the market.
Chemical Recycling: Fastest-Growing
Recycling Process between 2024-2032
Chemical recycling involves breaking
down polymers into monomers or other valuable chemicals, enabling a broader
range of plastics to be recycled, including mixed or contaminated plastics that
are challenging for traditional methods. This process uses techniques such as
depolymerization, pyrolysis, or gasification to transform plastic waste into
reusable components.
Europe Captured the Highest Share in
2023
Europe is prioritizing a circular
economy, with a strong emphasis on reusing and recycling resources, including
plastics, across multiple industries. Strict regulations in many European
countries are designed to reduce plastic waste, promote recycling, and boost
the use of recycled plastics in manufacturing.
Additionally, rising consumer
awareness of plastic pollution is increasing the demand for sustainable
products, pushing manufacturers to incorporate recycled plastics into packaging
and other goods. Some of the leading companies operating in the global market
are Veolia Environment SA, Indorama Ventures PCL, Plastipak Holdings Inc, etc.
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