Recycled Plastic Market to Reach $141.9 Billion, Globally, by 2032 at 7.9% CAGR: Allied Market Research

PORTLAND, OREGON, UNITED STATES, March 22, 2024 /EINPresswire.com/ -- Allied Market Research recently released a comprehensive report titled "Recycled Plastic Market by Type, End-use Industry: Global Opportunity Analysis and Industry Forecast, 2023-2032". The report reveals that the global recycled plastic market, which generated $66.7 billion in 2022, is poised to reach $141.9 billion by 2032, exhibiting a robust CAGR of 7.9% during the forecast period.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 : https://www.alliedmarketresearch.com/request-sample/5571

Key Drivers of Growth

The growth of the global recycled plastic market from 2023 to 2032 is attributed to increasing awareness of environmental issues like plastic pollution and greenhouse gas emissions. Despite this positive trajectory, inconsistent regulations related to plastic recycling may pose challenges. However, the rising adoption of circular economy initiatives offers promising opportunities for market expansion.

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Understanding Recycled Plastics

Recycled plastics undergo a process converting used plastics into new materials for various applications, addressing environmental concerns associated with plastic waste. Collection from diverse sources, including households and industries, followed by sorting based on resin identification codes, facilitates effective recycling methods.

𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.alliedmarketresearch.com/purchase-enquiry/5571

Government Initiatives and Economic Recovery

Governmental emphasis on recycling and sustainability as part of economic recovery strategies is expected to bolster the recycled plastics market.

Market Segmentation and Insights

Type: The polyethylene terephthalate (PET) sub-segment holds a significant share, expected to grow at a CAGR of 8.2% by 2032. PET's prevalent use in beverage bottles and food packaging drives its demand, contributing to plastic waste reduction.

End-use Industry: The agriculture, farming, and gardening segment dominated the market in 2022 and is projected for substantial growth. Integration of recycled plastics in agricultural practices aligns with circular economy principles, reducing environmental impact.

Region: Asia-Pacific leads the market share and is anticipated to maintain this position, driven by a scarcity of traditional raw materials and increased adoption of recycled plastics to alleviate pressure on natural resources.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/recycled-plastic-market/purchase-options

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Key Players

Leading companies in the recycled plastic market include B. Schoenberg & Co., Custom Polymers, Joes Plastics, Inc., and others. Their strategic initiatives such as new product launches and collaborations are instrumental in maintaining market dominance.

The report provides a comprehensive analysis of these players, offering insights into their performance, product portfolio, and strategic maneuvers, thereby elucidating the competitive landscape of the market.

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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Allied Market Research
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