Recycled Plastic Market Size Growth Set to Reach USD 87.98 Billion by 2031 with 9.4% CAGR, Experiences Growth Due to Increasing Adoption of Recycled Plastics in End-Use Industries
The report runs an in-depth analysis of market trends, key players, and future opportunities. The recycled plastic market analysis focuses on an array of industrial applications that are expected to determine the market strength in the coming years.
US & Canada, May 27, 2025 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the global recycled plastic market is observing significant growth owing to the increased adoption of recycled plastics in the packaging, automotive, and electrical & electronics industries and the expansion of the construction industry.
The global recycled plastic market is experiencing robust growth, projected to reach USD 87.98 billion by 2031, expanding at a CAGR of 9.4% from 2025 to 2031. This surge is driven by increasing environmental concerns, regulatory pressures, and advancements in recycling technologies. Key applications include packaging, construction, automotive, and textiles, with Asia-Pacific leading the market due to supportive government initiatives and rising demand.
To explore the valuable insights in the Recycled Plastic Market report, you can easily download a sample PDF of the report – https://www.theinsightpartners.com/sample/TIPRE00020347/
Overview of Report Findings
1. Market Growth: The recycled plastic market is expected to reach US$ 87.98 billion by 2031 from US$ 56.96 billion in 2024; it is anticipated to record a CAGR of 9.4% during the forecast period. Plastic recycling involves gathering waste plastic and converting it into new plastic products. Plastics are mostly recycled through mechanical processes that include sorting, cleaning, shredding, melting, and remolding. Polyethylene terephthalate (PET), widely used in packaging and manufacturing, is a major contributor to industrial plastic waste. However, it also has one of the highest recycling rates among plastics due to its recyclability and established recovery systems. The initiatives taken by the governments of developed and developing economies to minimize plastic waste and reduce pollution have positively impacted the plastic recycling industry.
2. Increasing Adoption of Recycled Plastics in Packaging, Automotive, and Electrical and Electronics Industries: The automotive sector is witnessing tremendous growth due to the increasing passenger car sales and new vehicle production in emerging economies. Automotive companies use recycled plastics in auto parts such as dashboards and gearboxes. The major reason for using recycled plastic in automotive is that the components manufactured using recycled plastics are lightweight, and a lighter car consumes less fuel, translating into less exhaust emissions. In addition, plastic parts are not prone to corrosion and offer flexibility and safety compared to other materials.
3. Expansion of Construction Industry: The increasing construction activities in emerging economies significantly boost the recycled plastics market. Rapid urbanization, along with an increasing global population, is driving the demand for recycled plastic in construction. The steady revenue growth can be attributed to the increasing population in Asia Pacific in countries such as India and China and the rising need for residential and commercial infrastructure and projects. The growing demand for more environment-friendly homes with a lower carbon footprint and open green spaces is augmenting the growth of sustainable construction, thus driving, the recycled plastic market. Further, roofing tiles are essential components of any building, but they can be costly to install. Using recycled plastics to manufacture roofing tiles helps reduce costs, making them a more affordable alternative to traditional construction materials.
4. Geographical Insights: Asia Pacific led the market with a substantial revenue share in 2024, followed by Europe and North America. Further, Asia Pacific is expected to register the highest CAGR during the forecast period.
Market Segmentation
- Based on type, the recycled plastic market is segmented into polyethylene terephthalate, polyethylene, polypropylene, polystyrene, and others. The polyethylene terephthalate segment held the largest share of the market in 2024.
- Based on source, the recycled plastic market is segmented into plastic bottles, plastic films, plastic foams, plastic fibers, and others. The plastic bottles segment held the largest share of the market in 2024.
- In terms of application, the recycled plastic market is categorized into packaging, textile, automotive, building and construction, electrical and electronics, and others. The packaging segment accounted for the largest share of the market in 2024.
- The recycled plastic market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Competitive Strategy and Development
- Key Players: Major companies operating in the recycled plastic market include REMONDIS SE & Co.KG; Biffa, Stericycle, Inc.; Veolia; Jayplas; Alpek S.A.B. De C.V.; Republic Services, Inc.; B & B Plastics Inc.; Clear Path Recycling; and PLASTIPAK HOLDINGS, INC.
- Trending Topics: Recycled ocean plastics, recycled polyethylene terephthalate, and automotive plastics
Global Headlines on Recycled Plastic
- Indorama Ventures and Evertis collaborated to strengthen circularity in PET food tray packaging
- Suez, Loop Industries, and SK Geo Centric selected the site for a new recycled PET facility
- Plastipak opened a new recycling center in Toledo, Spain
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Conclusion
The growth in the global packaging industry is propelling increased demand for recycled plastics, creating lucrative opportunities across industries such as food and beverages, cosmetics, and consumer goods. In the food and beverages industry, recycled plastics are increasingly used in films, containers, and bottles for product packaging. The demand for recycled plastic is further fueled by factors such as increasing population, growing awareness about the environmental impact of plastic waste, and evolving regulations governing packaging materials. Together, these factors are accelerating the growth of the recycled plastics market.
The report from The Insight Partners, therefore, provides several stakeholders—including raw material suppliers, manufacturers, distributors, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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