Recycled Plastic Market size worth $ 55.92 Billion, Globally, by 2026 at 6.03% CAGR: Verified Market Research®


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Jul 25, 2023

Recycled Plastic Market size worth $ 55.92 Billion, Globally, by 2026 at 6.03% CAGR: Verified Market Research®

The "Global Recycled Plastic Market Size By Type, By Application, By Source, By Method, By Geographic Scope And Forecast" report has been published by Verified Market Research®. The report provides an

The "Global Recycled Plastic Market Size By Type, By Application, By Source, By Method, By Geographic Scope And Forecast" report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Recycled Plastic Market, including its growth prospects, market trends, and market challenges.

JERSEY CITY, N.J., July 31, 2023 /PRNewswire/ -- The Global Recycled Plastic Market is projected to grow at a CAGR of 6.03% from 2019 to 2026, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 35.04 Billion in 2018 and is expected to reach USD 55.92 Billion by the end of the forecast period.

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Driving Sustainable Growth Despite Environmental Challenges: The Recycled Plastic Market

Due to its crucial role in converting waste or scrap plastic into valuable and useful items, the demand for recycled plastic in the global market has significantly increased. A thorough study of the Recycled Plastic Market offers a thorough analysis of recyclable plastics, the plastic recycling process, market trends, advantages, difficulties, and prospective possibilities. The paper also examines how consumer demand and governmental policy affect industry expansion.

Introduction to Recycled Plastic

There are many different types of recyclable plastics available on the market, including PET, HDPE, PVC, LDPE, PP, PS, acrylic, nylon, polylactic, and polycarbonate. Sorting plastic by polymer type is followed by shredding, washing, melting, and pelletizing, which finally results in the creation of novel products. The methods of recycling include pyrolysis, distributed recycling, distributed recycling, thermal decomposition, and other cutting-edge processes.

Increasing Value of Plastic Recycling

Since most plastics cannot biodegrade, recycling is essential for reducing pollution and protecting the environment. The Recycled Plastic Market has increased as a result of growing environmental concerns, offering a sustainable option. Additionally, recycling plastic has other advantages, such as lessening pollution, using landfills less frequently, and reducing reliance on foreign crude oil sources. The manufacturing of recycled plastics is being accelerated by governments around the world actively pursuing initiatives to promote 100% recyclable packaging.

Lucrative Opportunities in the Construction Industry

Recycled plastic is becoming increasingly valued as the construction industry makes a striking transition to sustainable practices. Numerous potentials for Recycled Plastic Market expansion are provided by its uses in roofing shingles, concrete mixing, interior insulation, structural timber as a steel substitute, PVC windows, bricks, fences, floor tiles, carpets, and ceiling tiles. It not only helps to protect the environment, but it also offers the construction sector strong, affordable alternatives.

Reprocessing Plastic: Challenges

Although the Recycled Plastic Market is booming, there are several issues that need to be addressed. Food waste contamination-related segregation problems and the presence of several polymer types in packaging can impede market expansion through recycling process complexity. The recycling sector faces problems from municipal regulations that vary and from price determinations.

Continuous Innovations in Technology

The industry is actively pursuing technology breakthroughs to meet the aforementioned issues rather than sitting back and taking it easy. To increase the efficiency of recycling processes, cutting-edge technologies are being developed. These include artificial intelligence (AI) for understanding natural systems, satellite-based ocean plastic identification, Clarke, infrared (IR) laser, IR beams, label removals, cleaning technology, data visualisation, big data analytics, and wireless tracking for waste clearing.

Market Outlook

Due to a number of market factors and the industry's dedication to sustainability, the Recycled Plastic Market is poised for a bright future. The manufacturing of recycled plastics is anticipated to significantly increase as governments continue to enact supportive laws and customers want eco-friendly goods. The preference for recycled plastic in the building industry for a variety of applications will also help the market grow.

Analysis of the Key Players and Competitors

The recycled plastic market is dominated by a number of well-known businesses that significantly contribute to its expansion. Avangard Innovative LP, B. Schoenberg & Co., Inc., Suez Recycling & Recovery Holdings Pty Limited, REPLAS, Clear Path Recycling, Delta Plastics, UltrePET LLC, CarbonLite Industries LLC, Veolia Environment S.A, and KW Plastics are a few notable participants in the market.

Understanding the competitive environment and each player's market position requires a thorough examination of financial statements, product benchmarking, SWOT analysis, key development strategies, market share, and market ranking.

In conclusion, the global push for environmental sustainability and waste reduction has fueled the growth of the recycled plastic market. The recycled plastics sector is poised to make a big contribution to a more sustainable future thanks to a combination of governmental initiatives, consumer demand, and ongoing technological advancements.

To get market data, market insights, financial statements and a comprehensive analysis of the Global Recycled Plastic Market, please Contact Verified Market Research®.

Based on the research, Verified Market Research® has segmented the global Recycled Plastic Market into Type, Application, Source, Method, And Geography.

Recycled Plastic Market, by Type

Recycled Plastic Market, by Application

Recycled Plastic Market, by Source

Recycled Plastic Market, by Method

Recycled Plastic Market, by Geography

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