How big is the recycled plastic market?

Recycled Plastic Market Growth & Trends

The global recycled plastic market size is anticipated to reach USD 66.6 billion by 2027, according to a new report by Grand View Research, Inc., growing at a CAGR of 5.0% over the forecast period. Rapid urbanization & industrialization and rising concerns regarding reducing the carbon footprint in the manufacturing of virgin plastic resins are expected to drive the demand for recycled plastics over the forecast period. The product demand is expected to increase majorly in the packaging application, which includes the packaging of processed foods & beverages, medical devices, electronics, and various other products.

The demand for medical & healthcare products has increased owing to the growing number of COVID-19 positive cases. Moreover, the demand for electrical & electronic products, such as laptops and mobiles, has increased as educational institutions have shifted from classroom learning to online classes. Asia Pacific market is anticipated to witness the fastest CAGR over the forecast period.

The presence of government initiatives, such as Make in India, Atmanirbhar Bharat (self-dependent India), rising number of manufacturers operating in the electrical & electronics, automotive, and textile industries, and increasing R&D investments for developing new applications for recycled plastics by private as well as public organizations are projected to boost the regional market growth. In addition, various electronic products and automotive components product manufacturing companies are planning to establish manufacturing facilities in the region post the COVID-19 pandemic, which will support market growth.

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Recycled Plastic Market Report

Recycled Plastic Market Report Highlights

• The global market was valued at USD 45.1 billion in 2019 and is estimated to register a CAGR of 5.0% from 2020 to 2027
• Packaging application is expected to account for the largest revenue share by 2027 due to rising demand for high-quality packaging solutions for food & beverages, personal care, and electronics products
• The electrical & electronics application segment accounted for over 12% of the overall revenue share in 2019 due to rising demand for lightweight, durable electronics to improve the performance of the electronic components and products
• Asia Pacific accounted for the highest revenue share of over 46% in 2019 and will expand further at the fastest CAGR from 2020 to 2027
• India is the fastest-growing country while China accounts for the largest revenue share in the APAC regional market