By 2026, the global recycled plastic market will reach 43.5 billion dollars, led by PET

  • 2022-10-19
Research and Markets, an Irish market research company, predicted that the recycled plastics market would grow from US $27.9 billion (2008 billion) in 2021 to US $43.5 billion (313 billion yuan) in 2026, with a CAGR of 9.3% from 2021-2026.

Correspondingly, the agency predicts that the global bioplastics market will reach 9.9 billion US dollars by 2027. It can be seen that the market scale of recycled plastics is more than 4 times that of bioplastics.

One of the key factors to promote the growth of the recycled plastics market is that people's awareness of plastic pollution and energy conservation continues to increase, the government has strengthened its response measures, developed countries have promoted the use of recycled plastics, the textile industry in developing countries in the Asia Pacific region has increased use of recycled plastics, and new recycling technologies, all of which have brought about development opportunities for recycled plastics.

At the same time, however, recycled plastics also encounter some challenges, such as China's ban on the import of waste plastics, difficulties in collecting raw materials, only a few recycled plastics have market demand, and many recycling facilities do not accept colored plastics.

1. PET is expected to lead the market of recycled plastics

By type, PET is estimated to be the largest segment of the recycled plastics market. It is mainly used for fashion products, such as fleece clothes, backpacks and carpets. PET can be recycled, recycled and remelted to produce new PET products. It can also be chemically decomposed into its constituent materials, which can then be purified and converted into a new PET resin.

2. Packaging terminal industry will occupy the largest market share

According to the end use industry, packaging is estimated to be the largest segment of the recycled plastics market. The industry mainly uses PET and HDPE resin to package products. These resins are the most common recycled plastics because they are easy to recycle and have excellent properties, such as strength, thermal stability and transparency, durability and sealing, which can protect products and extend their shelf life, making them popular choices for packaging.

3. The Asia Pacific recycled plastics market is expected to become the largest market in the forecast period

During the forecast period, the Asia Pacific region is expected to become the largest market for recycled plastics. The region has experienced significant growth over the past decade, accounting for more than one third of the world's gross domestic product. The rapid economic growth, coupled with the growing population, will increase the demand for plastics. The sustainability and easy availability of recycled plastics, low-cost labor, lower prices and environmental benefits are also some of the main factors driving the market of recycled plastics in this region.

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