Increased consciousness about environmental issues such as ocean waste, plastic pollution, and greenhouse gas emissions is anticipated to drive the growth of the global recycled plastic market during the forecast period. The Asia-Pacific region is projected to be the most dominant by 2032.
Allied Market Research has recently published a report, titled, “Recycled Plastic Market by Type (Polyethylene Terephthalate (PET), High Density Polyethylene (HDPE), Polypropylene (PP), Others), by End-use Industry (Agriculture, Farming and Gardening, Building and Construction, Packaging, Automotive, Electrical and Electronics, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global recycled plastic market generated $66.7 billion in 2022, and is anticipated to generate $141.9 billion by 2032, witnessing a CAGR of 7.9 percent from 2023 to 2032.
Prime Determinants of Growth
Increasing awareness about environmental issues such as plastic pollution and ocean trash and garbage, as well as rising greenhouse gas emissions are expected to drive the growth of the global recycled plastic market in the forecast period from 2023 to 2032. However, inconsistent regulations related to plastic recycling may hamper the growth of the recycled plastic market in the coming future. On the contrary, the growing popularity of circular economy efforts, in which products and materials are designed to be recycled or reused, is expected to offer remunerative opportunities for the expansion of the recycled plastic market during the forecast period.