Post-Consumer Recycled Plastics Market size was valued at USD 10.58 billion in 2023 and is likely to reach USD 39.2 billion by 2036, expanding at around 10.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of post-consumer recycled plastics is estimated at USD 11.48 billion. The growth of the market can be attributed to the increasing application of recycled plastics, backed by rising environmental awareness amongst people. In order to reduce plastic waste, governments across the world have imposed rigorous regulations for plastic recycling. The growing government initiatives, combined with awareness amongst the masses regarding the reduction of plastic waste are estimated to boost the market growth. According to the data by the UN Environment Protection Organization (UNEP), over 300 million tons of plastic is produced every year. Only 9% of all this plastic waste gets recycled. The increasing amount of plastic waste is also estimated to boost the market growth.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
10.6% |
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Base Year Market Size (2023) |
USD 10.58 billion |
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Forecast Year Market Size (2036) |
USD 39.2 billion |
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Regional Scope |
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The market is segmented by application into packaging, building & construction, automotive, furniture, and others, out of which, the building & construction segment is anticipated to hold a substantial share in the global post-consumer recycled plastics industry over the forecast period on account of increasing use of plastics in the construction sector, as bricks, roof tiles, insulation, plastic lumber, and others. On the basis of source, the commercial segment is estimated to gain the largest share over the forecast period, owing to the presence of a proper waste management system in most commercial places, such as, malls, hotels, and others.
Our in-depth analysis of the global market includes the following segments:
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By Source |
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By Application |
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By Service
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On the basis of geographical analysis, the global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia Pacific industry is likely to account for largest revenue share by 2036, attributed to increasing public awareness regarding plastic waste reduction, along with rising construction activities, where recycled plastics are utilized.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of growing adoption of plastic recycling, backed by stringent government regulation for waste management. According to the data by the American Chemistry Council, in 2018, 35.7 million tons plastic was produced in the United States, while around 29% of the plastic was recycled.
Author Credits: Abhishek Anil
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