According to a new report, published by KBV research, The Global Recycled Plastics Market size is expected to reach $106.6 billion by 2031, rising at a market growth of 9.2% CAGR during the forecast period. In the year 2023, the market attained a volume of 39,075.7 kilo tonnes, experiencing a growth of 22.2% (2020-2023).
The Polypropylene segment is registering a CAGR of 8.8% during (2024 - 2031). Recycling polypropylene (PP) reduces the need for virgin plastic production, conserving natural resources such as crude oil and natural gas. PP recycling uses less energy than virgin PP production, lowering energy use and greenhouse gas emissions. Recycling polypropylene helps divert plastic trash from landfills and incinerators, decreasing environmental pollution and conserving landfill space.
The Plastic Bottles segment is leading the Global Recycled Plastics Market by Source in 2023; thereby, achieving a market value of $73.5 billion by 2031. Plastic bottles, especially PET bottles, constitute significant plastic waste globally. Their widespread use in packaging beverages, water, and other liquids has resulted in a large volume of plastic bottle waste, creating a substantial supply of feedstock for recycling. Recycled PET bottles can be made into new bottles using a closed-loop recycling system. Recycled PET (rPET) from bottles can be used to manufacture new bottles, close the loop on PET bottle waste, and promote a circular plastics economy.
The Electrical & Electronics segment is experiencing a CAGR of 10.1% during (2024 - 2031). Recycled plastics, such as recycled ABS (Acrylonitrile Butadiene Styrene) and recycled polycarbonate (PC), are commonly used to manufacture enclosures, housings, and casings for electronic devices, including computers, laptops, smartphones, and home appliances. Manufacturers using recycled plastics offer eco-friendly solutions for safeguarding and organizing consumer devices. They create an array of accessories such as tablet stands, phone cases, laptop sleeves, and headphone holders.
Full Report: https://www.kbvresearch.com/recycled-plastics-market/
The Asia Pacific region dominated the Global Recycled Plastics Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $51 billion by 2031. The Europe region is anticipating a CAGR of 8.6% during (2024 - 2031). Additionally, The North America region would exhibit a CAGR of 8.5% during (2024 - 2031).
By Product (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Source (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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