From GlobeNewswire: 2025-05-27 10:10:00

The global recycled plastic market is growing due to increased adoption in various industries, projected to reach USD 87.98 billion by 2031 with a CAGR of 9.4%. Key applications include packaging, automotive, and construction, with Asia-Pacific leading. Initiatives to reduce plastic waste are driving market growth, especially in the automotive sector, where lighter components made from recycled plastic lead to fuel efficiency. The construction industry is also driving demand for sustainable materials like recycled plastic, especially in roofing tiles to reduce costs. Asia Pacific leads the market, with the highest CAGR expected in the region.

The report highlights the market growth, with recycled plastic industry expected to reach USD 87.98 billion by 2031. Plastics are mostly recycled through mechanical processes involving sorting, cleaning, shredding, melting, and remolding. Polyethylene terephthalate (PET) has the highest recycling rates among plastics. The automotive industry uses recycled plastics for lightweight components to reduce fuel consumption and emissions. The construction industry’s growth, especially in Asia Pacific, drives demand for recycled plastics in sustainable construction projects.

The global recycled plastic market is segmented by type, source, application, and region. Polyethylene terephthalate is the largest segment by type, while plastic bottles are the largest source and packaging is the largest application segment. Asia Pacific led the market in 2024 and is expected to have the highest CAGR. Major companies in the recycled plastic market include REMONDIS SE & Co.KG, Biffa, Veolia, and Republic Services. Trending topics include recycled ocean plastics and automotive plastics.

Indorama Ventures and Evertis collaborated to enhance circularity in PET food tray packaging, while Suez, Loop Industries, and SK Geo Centric selected a site for a new recycled PET facility. Plastipak opened a new recycling center in Toledo, Spain. The growth in the packaging industry is increasing demand for recycled plastics, especially in food and beverages. Recycled plastics are used in films, containers, and bottles, driven by factors like population growth and environmental awareness. The report provides valuable insights for stakeholders in navigating the evolving recycled plastics market.

For more information and to purchase a premium copy of the report, visit the link provided. The Insight Partners offer industry research services specializing in various sectors to provide actionable intelligence. For further inquiries or information, contact Ankit Mathur at [email protected] or +1-646-491-9876. Visit their website for more details.



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