Rigid Recycled Plastics Market, 48% of Growth to Originate from APAC, Technavio

NEW YORK, Jan. 2, 2025 /PRNewswire/ -- The global rigid recycled plastics market size is estimated to grow by USD 39.86 billion from 2025 to 2029, according to Technavio. The market is estimated to grow at a CAGR of almost 9% during the forecast period.

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Region Outlook

1. APAC - APAC is estimated to contribute 48%. To the growth of the global market. The Rigid Recycled Plastics Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027. 

The APAC region holds a substantial share in the global recycled plastics market due to its growing industries, particularly automotive, textile, and construction. In 2023, the automotive sector was the primary consumer of recycled plastics in APAC, utilizing their superior properties such as high tensile strength, stiffness, creep resistance, and wear resistance. These properties enable lighter vehicle weight and improved fuel efficiency. China, being the largest automobile producer in APAC, significantly contributes to the region's demand for recycled plastics. Beyond automotive, recycled plastics are also used in the production of roofing tiles, concrete, insulation, lumber, windows, bricks, and fences, further expanding their application scope in the region.

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Segmentation Overview

• 1.1 PET
• 1.2 HDPE
• 1.3 PP
• 1.4 LDPE
• 1.5 Others

• 2.1 Packaging
• 2.2 Construction
• 2.3 Automotive
• 2.4 Electrical and electronic components
• 2.5 Others

• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Fastest growing segment:

The recycled plastics market is driven by the production of Polyethylene Terephthalate (PET), a plastic resin created from modified ethylene glycol and purified terephthalic acid. PET is extracted from waste, ground into flakes, washed, and separated from disinfectants, then processed into pellets. These pellets are used to manufacture various products, including bottles, containers, and fibers for clothing and upholstery. Recycled PET offers cost savings, lightweight properties, resealability, shatterproof qualities, and recyclability, making it an ideal choice for industries. Its high tensile strength, thermostability, and transparency further expand its applications in packaging, automotive components, and industrial strapping. The increasing usage of PET in numerous sectors, such as textiles, packaging, and automotive, will significantly contribute to the global recycled plastics market growth during the forecast period.

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Research Analysis

The Rigid Recycled Plastics Market is experiencing significant growth due to increasing plastic consumption and the demand for lightweight components in various industries. Packaging products, electrical & electronics, personal care products, gloves, and face masks are major sectors driving the market. With the growing awareness among individuals about the importance of sustainability, there in online purchases of recycled plastics. Recycled plastics, including Polyethylene Terephthalate (PET), High-Density Polyethylene (HDPE), Polypropylene (PP), and Low-Density Polyethylene (LDPE), are replacing virgin plastics in many applications. Energy savings and environmental benefits are key factors fueling the shift towards recycled plastics. However, downcycling remains a challenge, and the production of new plastics continues to pose competition. Polymer materials play a crucial role in the market's growth, with each type offering unique properties and applications.

Market Overview

The Rigid Recycled Plastics Market is witnessing significant growth due to the increasing demand for eco-friendly and sustainable solutions in various industries. Rigid recycled plastics are derived from post-consumer waste and are used in a wide range of applications, including automotive components, construction materials, and consumer goods. These plastics offer several advantages such as being lightweight, durable, and resistant to chemicals and fatigue. One of the key drivers for the market is the growing awareness of the need to reduce plastic waste and protect aquatic biodiversity. Rigid recycled plastics are used to produce new containers, packaging material, and insulation, reducing the need for virgin plastics and minimizing plastic waste. The automotive industry is a significant consumer of rigid recycled plastics, using them to manufacture automotive parts and components such as carpets, seats, and electrical & electronics. The use of recycled plastics in automotive parts not only reduces the carbon footprint but also offers cost savings through energy savings in manufacturing. Technological advancements in the recycling process have led to the production of high-quality rigid recycled plastics, making them suitable for use in non-food applications such as piping systems, fences, and structural lumber. The market is also driven by favorable initiatives from governments and regulatory bodies to promote the use of recycled plastics and reduce plastic waste. Rigid recycled plastics are used in various industries, including food & beverage, electronics, pharmaceuticals, and textiles. They are used to produce packaging material, cutting boards, clothing, and medical devices. The use of recycled plastics in consumer goods such as carpets, rugs, and benches is also increasing due to their durability and cost-effectiveness. The market for rigid recycled plastics is expected to grow further due to the increasing demand for lightweight components in various industries and the growing trend towards online purchasing, which requires protective packaging. The use of recycled plastics in industrial strapping, piping systems, and insulation is also expected to drive market growth. Despite the benefits of using rigid recycled plastics, there are challenges to the market growth, including the availability of raw materials and the cost competitiveness with virgin plastics. However, with the increasing focus on sustainability and the availability of government incentives, the market for rigid recycled plastics is expected to continue to grow. The use of rigid recycled plastics in various industries has several environmental benefits, including reducing plastic waste, conserving natural resources, and minimizing carbon emissions. However, the production and use of rigid recycled plastics also have environmental concerns, including the use of chemical solvents and acids in the recycling process and the potential release of microplastics into the environment. The market for rigid recycled plastics is expected to grow significantly in the coming years due to the increasing demand for sustainable and eco-friendly solutions, technological advancements in the recycling process, and favorable initiatives from governments and regulatory bodies. However, the market growth is also dependent on the availability of raw materials, cost competitiveness with virgin plastics, and addressing the environmental concerns associated with the production and use of rigid recycled plastics. In conclusion, the Rigid Recycled Plastics Market is an emerging market with significant growth potential due to the increasing demand for sustainable and eco-friendly solutions and the availability of technological advancements in the recycling process. The market is driven by various industries, including automotive, construction, and consumer goods, and offers several benefits such as being lightweight, durable, and cost-effective. However, the market growth is dependent on addressing the challenges associated with the availability of raw materials, cost competitiveness with virgin plastics, and environmental concerns.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
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Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio