The recycled plastic resins market is expected to grow from $48.4 billion in 2024 to $109.4 billion in 2034. Fact.MR’s study shows that the market will expand at a growth rate of 8.5 percent from 2024 to 2034.
The growing need for eco-friendly products in various sectors is boosting the recycled plastic resins market. Recycled plastic resins are manufactured from the waste generated by post-industrial and post-consumer plastic products and are used in many end-users like packaging, automotive, and construction sectors and textiles lessening dependency on plastics thereby reducing the carbon footprint of these industries. The growth of these markets is explained to a large extent by the increasing status of the aging population and changes in government policies aimed at cutting plastic waste and encouraging the circular economy.
The trends of both corporations and consumers are inclined to produce greener goods, which leads to the increased demand for recycled plastics in order to avoid the sustainability crisis that is the issue of plastic waste. Escalating adoption of new recycling processes, for instance, chemical recycling and developed sorting technologies, enhances the quality of recycled resins, making it possible for them to be used in high-end applications thus boosting the market. Furthermore, recycling resins are less expensive than normal resins leading to increased construction of waste management systems.
Key takeaways from study:
- The global recycled plastic resins market will grow at a CAGR of 8.5 percent, reaching $109.4 billion by the end of 2034.
- North America will expand at a CAGR of 8.8 percent from 2024 to 2034, capturing 24.1 percent of the market share in 2024 and offering an absolute opportunity of $ 15.4 billion.
- East Asia will account for 31.6 percent of market share in 2024, generating an absolute dollar opportunity of $19.6 billion between 2024 and 2034.
- Between 2024 and 2034, by material type Polyethylene Terephthalate (PET) is expected to produce an absolute dollar opportunity of $19.3 billion.
- With a 41.8 percent market share, by application, the packaging segment is estimated to be worth $20.2 billion in 2024.
“Increasing environmental regulations, shift toward sustainable technologies and growing environmental awareness have contributed to the growth of the recycled plastic resins market” said a Fact.MR analyst.
Published December 2024
