The recycled plastics market is estimated to be valued at US$ 69.4 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Recycled plastics are materials produced from recycling post-consumer or post-industrial plastic waste instead of using raw materials. They are used in a wide variety of applications such as bottles, foamed plastics, fibers, sheets, and films. The increasing concerns regarding environmental pollution caused by plastic waste have boosted the demand for recycled plastics.

Market Dynamics:
Growing environmental concerns regarding plastic waste management and sustainability are expected to drive the growth of the recycled plastics market over the forecast period. Plastic pollution has emerged as a major environmental concern globally, as plastics do not degrade easily and stay in the environment for thousands of years. This has propelled the demand for recycling plastic waste. Moreover, stringent government regulations regarding the use of plastics and programs promoting recycling are also contributing to the market growth. For instance, in January 2021, the European Investment Bank announced €150 million for recycling plants in France and Belgium as part of its Sustainability Awareness Bonds aimed at fighting climate change. Additionally, the development of advanced recycling technologies that can recycle mixed plastic waste is further expected to support the market expansion in the coming years.

SWOT Analysis:
Strength: The recycled plastics market has strong growth potential due to increasing environmental awareness. Government policies to reduce plastic waste also encourage industry players. Recycled plastics provide cost savings compared to virgin plastics.
Weakness: Collection and sorting of plastic waste require huge investments. Quality issues can arise due to contamination of recycled plastics.
Opportunity: Advancements in recycling technology boost the feasibility of recycling multi-layer plastics. Rising plastic waste worldwide presents market opportunities.
Threats: Alternatives like bioplastics can reduce demand for recycled plastics. Strict regulations may increase operational costs.

Key Takeaways:
The global Recycled Plastics Market Analysis is expected to witness high, exhibiting CAGR of 8.1% over the forecast period, due to increasing environmental concerns. Growing awareness about plastic recycling among individuals and organizations drive the market. Government initiatives to ban single-use plastics also fuel market growth.

Regional analysis: North America dominated the market, accounting for over 30% share in 2023 owing to stringent regulations to curb plastic pollution. Asia Pacific exhibits fastest growth on account of rising industrial activities in countries such as China and India. Growth in the construction and automotive industries in the region accelerates plastic waste generation.

Key players operating in the recycled plastics market are Alpek (Mexico), Biffa (UK), Cabka (Germany), Far Eastern New Century Corporation (Taiwan), Indorama Ventures (Thailand), Jayplas (UK), Loop Industries, Inc. (Canada), MBA Polymers Inc. (US), Plastipak Holdings, Inc. (US), Republic Services (US), Stericycle (US). Key players aim to expand collection and recycling infrastructure through strategic partnerships. They also focus on developing new recycling technologies to diversify product portfolios.

For more insights, read- https://webinsightworld.blogspot.com/2023/12/recycled-polyethylene-terephthalate-pet.html