Recycled Plastics Market: By Material Type (Polyethylene, Terephthalate (PET), High-Density Polyethylene (HDPE), Low-Density, Polyethylene (LDPE), Polyvinyl Chloride (PVC), Polypropylene (PP)), By Source (Plastic Bottles, Rigid Plastics & Foam, Plastic Films, Synthetic Fibers, Others), By Application (Packaging, Building & Construction, Textiles, Automotive, Electrical & Electronics, Others) and Geography

Recycled Plastics Market size was valued at USD 34,853.1 million in 2022 and is poised to grow at a significant CAGR of 6.3% from 2023-2029. The process of transforming scrap or waste plastic into useful items is known as plastic recycling. Recycling is an important aspect of worldwide efforts to prevent plastic pollution because most plastic is non-biodegradable. Based on materials, the global plastic recycling market is segmented into Polyethylene, Terephthalate (PET), High-Density Polyethylene (HDPE), Low-Density, and Polyethylene (LDPE), Polyvinyl Chloride (PVC), Polypropylene (PP) and others. Due to the enormous number of plastic bottles used worldwide, the PET segment dominated the market in 2020 and retained the highest share. PET is the major material used in creating plastic water bottles, according to the United Nations Environment Program (UNEP). PET's high recycling rate is another reason for the segment's dominance in the market. Players are focusing on acquisition to maintain the growth in the market. For instance. in January 2020, Nestlé announced that it will invest up to CHF 2 billion to lead the shift from virgin plastics to food-grade recycled plastics and to accelerate the development of innovative sustainable packaging solutions. Increasing awareness of energy savings and environmental pollution, low cost of used plastic, and increase in demand from various industries including building & construction, packaging, automotive, electrical & electronics, and others are expected to propel the market growth over the forecast period.

Recycled Plastics Market Key Developments:

• In November 2021, Honeywell announced the commercialization of its plastics recycling process known as UpCycle Process Technology. The company calls this a revolutionary process as it uses recycled plastic to produce feedstock to make recycled plastics with a smaller carbon footprint.