Recycled Plastics Global Market Report 2023

Major players in the recycled plastics market are Rethmann Se & Co. Kg, Biffa Waste Services Ltd., Stericycle Inc., Veolia India Private Limited, Jayplas Limited, KW Plastics, MBA Polymers Inc., Waste Connections Inc.

New York, April 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Recycled Plastics Global Market Report 2023" - https://www.reportlinker.com/p06433537/?utm_source=GNW , Clean Harbors Inc., Suez India Private Limited, Plastic Recycling Inc., UltrePET LLC, KW Plastics Inc., and Greenotech Recycling Private Limited.The global recycled plastics market grew from $50.07 billion in 2022 to $52.94 billion in 2023 at a compound annual growth rate (CAGR) of 5.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The recycled plastics market is expected to grow to $64.05 billion in 2027 at a CAGR of 4.9%.The recycled plastic market consists of sales of high-density polyethylene (HDPE) and low-density polyethylene (LDPE).Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.The value of goods in this market includes related services sold by the creators of the goods.Recycled plastic is defined as plastic that has undergone decontamination as part of a recycling process, as well as plastic that has undergone further post-processing but has not yet been converted into recycled plastic products.It involves collecting used plastic waste and turning it into brand-new, functional plastic items.More than a trillion pounds of plastic are produced and used globally.This enormous volume of plastic is recycled to guarantee that it is not wasted.The recycled plastics are used in the manufacturing of containers for beauty products, new plastic bottles, and durable plastics such as plant holders.Asia-Pacific was the largest region in the recycled plastics market in 2022.North America is expected to be the fastest-growing region in the forecast period.The regions covered in the recycled plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The main types of recycled plastics are polyethylene terephthalate, polyvinyl chloride, polyethylene, polypropylene, polystyrene, and others.Polyethylene terephthalate is used for the manufacturing of shopping bags, videotapes, water bottles, etc.Polyethylene terephthalate is a condensation polymer of terephthalic acid and ethylene glycol. The different sources include plastic bottles, plastic films, plastic foams, plastic fibers, and others that are used in packaging, textiles, automotive, building and construction, electrical and electronics, and other applications.The rising awareness among investors regarding environmental protection is expected to propel the growth of the recycled plastics market going forward.Environmental protection is any action taken to preserve or improve the quality of environmental media by preventing pollution from entering them or reducing their presence there.The use of recycled plastics would be an alternative to protect the environment since, instead of discarding, the plastic would be utilized or recycled for further use. For instance, according to a study named ’Consumer Passion For The Environment Grows As A Result Of The Pandemic’, conducted by Mastercard Inc., a US-based financial services corporation among 24 countries and featuring 25,519 adults from respective countries between January 19th and March 5th, 2021, it has been found that 58% of adults are more aware of their environmental impact and 85% are prepared to take personal action to address environmental and sustainability issues in 2021. Therefore, the rising awareness among investors regarding environmental protection is expected to propel the growth of the recycled plastics market going forward.Technological advancements are a key trend gaining popularity in the recycled plastics market.Major companies operating in the recycled plastics market are focused on developing new technological solutions to strengthen their position in the market.For instance, in September 2021, Sumitomo Chemical Co. Ltd., a Japan-based chemical company, launched MeguriTM, a new brand for plastic products obtained through recycling technology. MeguriTM refers to a range of recycled plastic items made using chemical or material recycling techniques, including acrylic resin (PMMA, poly-methyl-methacrylate), polyethylene, and polypropylene. It embodies Sumitomo Chemical's founding principle of resolving social challenges through its business activities by representing a circular economy for resources, a circle of people, and circling back to the origin.In April 2022, MOL PLC., a Hungary-based oil and gas company, acquired ReMat Zrt for an undisclosed amount. With this acquisition, MOL would be able to create specialized virgin and recycled solutions to meet the rising demand of its clients for circular materials and MOL's ambition to dominate Central and Eastern Europe's low-carbon circular economy. ReMat Zrt is a Hungary-based company operating in the plastics product manufacturing industry and specializing in plastics recycling, using plastic waste from communal and industrial sources.The countries covered in the recycled plastics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.The recycled plastics market research report is one of a series of new reports that provides recycled plastics market statistics, including global market size, regional shares, competitors with a recycled plastics market share, detailed recycled plastics market segments, market trends and opportunities, and any further data you may need to thrive in the recycled plastics industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.Read the full report: https://www.reportlinker.com/p06433537/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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