Recycled plastics are materials produced from post-consumer plastics waste through mechanical or chemical processes. Common applications of recycled plastics include plastic lumber, pipes, carpets, apparel, industrial packaging, and construction materials. With growing environmental concerns around plastic waste accumulation in landfills and oceans, recycled plastics have become a viable solution to reduce the use of virgin plastics.

The Global Recycled Plastics Market Size is estimated to be valued at US$ 79.95 Bn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increased environmental concerns around plastic waste have become one of the key drivers for the growth of the recycled plastics market. According to studies, only 14% of plastic waste globally gets recycled each year with a majority ending up in landfills or oceans. This has fueled the demand for recycled plastics from manufacturing industries as a sustainable solution. Furthermore, many countries have implemented regulations banning certain single-use plastic items or imposing taxes on virgin plastics to promote the use of recycled resins. For instance, the European Union has stated a recycling target of 50% for all plastic packaging by 2025 under its waste management policies. Such stringent policies are expected to boost market growth over the forecast period.

SWOT Analysis
Strength: Recycled plastics act as a valuable resource for raw materials, reducing the dependence on petroleum derived materials. Recycling plastics helps in conserving natural resources and energy. Collection and recycling programs for plastics are widespread, making recycled plastics easily available.

Weakness: The quality and properties of recycled plastics tend to deteriorate with each recycle cycle. This limits the number of times plastics can be recycled. In addition, it is difficult to separate different types of plastics during the recycling process.

Opportunity: Growing environment awareness and sustainability initiatives are driving higher demand for eco-friendly recycled plastic products. Regulations banning single-use plastics provide opportunities for recycled plastics manufacturers. Recycling technologies to improve quality and expand applications offer new opportunities.

Threats: Volatility in prices of recycled plastics impacts their demand. Landfill bans and strict recycling laws pose compliance challenges. Substitute materials like bio-plastics threaten recycled plastics market.

Key Takeaways
The global recycled plastics market is expected to witness high growth.

Regional analysis: Asia Pacific region currently dominates the market and is expected to grow at the fastest rate during the forecast period on account of rising initiatives to ban single-use plastics in countries like India and China.

Key players operating in the Recycled Plastics market are F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (US), and PHC Holdings Corporation (Japan).

Get More Insights Here: https://www.newsstatix.com/recycled-plastics-market-size-share-and-growth-forecast-2023-2030/

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