The global recycled plastics market was valued at USD 51.70 billion in 2023 and is projected to reach USD 96.48 billion by 2030, expanding at a compound annual growth rate (CAGR) of 9.5% from 2024 to 2030. The increasing use of plastics in producing lightweight components across industries such as building & construction, automotive, and electrical & electronics is anticipated to drive market growth over the forecast period.

The rising trend of online purchases, especially in the electrical & electronics and personal care sectors, has significantly increased the demand for recycled plastics used in various packaging applications. Additionally, the surge in demand for personal protective equipment such as gloves and face masks further contributes to this growth.

According to The Verge, the growing demand for affordable consumer electronics—such as laptops, mobile phones, and modems—sold via e-commerce platforms is propelling the need for recycled plastics in electronics and packaging, thus supporting market expansion during the forecast period.

Emerging economies like Brazil, China, India, and Mexico are witnessing substantial growth in the construction sector. This, in turn, is expected to drive demand for recycled plastics in manufacturing building materials including insulation, fixtures, structural lumber, windows, and fencing. Increased foreign investments in these nations—spurred by more relaxed FDI norms and urban redevelopment projects—further support the growth of recycled plastics in construction.

The market remains moderately consolidated, with leading companies investing heavily in R&D and technological innovation. Prominent players include REMONDIS SE & Co. KG, Biffa, Stericycle, Republic Services, Inc., and WM Intellectual Property Holdings, L.L.C., among others. Several companies are also engaged in enhancing their operational frameworks to strengthen market presence.

Governmental policies and environmental regulations focused on curbing plastic pollution and promoting a circular economy are instrumental in boosting the adoption of recycled plastics. Initiatives aimed at phasing out single-use plastics and incentivizing the use of sustainable alternatives are further stimulating market growth.

The rising preference for eco-friendly materials, including recycled and bio-based plastics, is another key factor contributing to the market’s expansion. These materials, often viewed as sustainable options, are gaining popularity across industries such as packaging, construction, and automotive.

To capitalize on emerging opportunities, companies are implementing global expansion strategies, entering new markets, forming partnerships with regional distributors, and customizing offerings to cater to growing industry-specific demands.

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Key Market Trends & Insights:

• Asia Pacific accounted for the largest market share with over 47.97% revenue contribution in 2023.

• The U.S. market is projected to register the fastest CAGR during the forecast period.

• By product type, polyethylene held the highest revenue share of 26.0% in 2023.

• By application, packaging led with over 37.4% of the market share in 2023.

• By source, plastic bottles accounted for the highest share at 74.14% in 2023.

Market Size & Forecast:

• 2023 Market Size: USD 51.70 Billion

• 2030 Market Size: USD 96.48 Billion

• CAGR (2024–2030): 9.5%

• Largest Region: Asia Pacific (2023)

Key Company Insights:

Leading market players continue to adopt both organic and inorganic growth strategies—such as new product launches, strategic mergers and acquisitions, and joint ventures—to solidify and expand their market positions.

Major Recycled Plastics Companies:

• REMONDIS SE & Co. KG
• Biffa
• Stericycle
• Republic Services, Inc.
• WM Intellectual Property Holdings, L.L.C.
• Veolia
• Shell International B.V.
• Waste Connections
• CLEAN HARBORS, INC.
• Covestro AG

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Conclusion:

The global recycled plastics market is witnessing robust growth, fueled by rising environmental awareness, regulatory support, and surging demand across end-use industries. As companies invest in innovation and strategic expansion, and governments continue to enforce sustainability-driven policies, the adoption of recycled plastics is expected to accelerate significantly, creating new opportunities across various industrial segments worldwide.