According to the current analysis of Reports and Data, the global Recycled Plastics Market was valued at USD 46.05 Bihllion in 2018 and is expected to reach USD 75.57 Billion by year 2028, at a CAGR of 6.3%. Recycled plastics are resins that are manufactured by reusing waste plastic products. They are produced by recovering plastic scraps and wastes and then reprocessing them into useful products. It can be defined as the process of cleaning, sorting and processing pre-consumer or post-consumer plastic wastes into resins for various applications. Most of the plastics are non-biodegradable in nature. Thus, the only way to dispose these plastics is to recycle them. With the rising awareness, there has been a growth in the demand for this market. The resins manufactured from the plastic wastes can be used for several purposes. This versatility of application makes it an attractive option. These resins can be used in various industries such as packaging, building and constructions, electronics and electricals, automotive, furniture, textiles etc.

Rising environmental concerns, along with need for frameworks to conserve energy coupled with versatile applicability are some of the key factors contributing to CAGR of the Recycled Plastics Market

However, it has a tough competition from the virgin plastics market. Virgin plastics are plastic resins that are directly produced from petrochemicals feed-stock such as natural gas, crude oil etc. these are the kinds of plastics that have never been used before. This competition acts as a major restraining factor. High competition with the virgin plastics market is one of the major restraining factors for this market. However, with the increasing awareness and the non-biodegradability of virgin plastics has worked in the favor of the recycled plastics market.

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Further key findings from the report suggest

Rising awareness about the environmental concerns has been a key driving factor for the market. Some of the other key factors include versatility of application, low costs and strong frameworks for energy conservation.
Virgin plastics are the main competition to the Recycled Plastics Market. However, the non-biodegradability of the virgin plastics has worked in favor of the Recycled Plastics Market thus boosting the demand for the same.
Asia Pacific has been dominating the market since 2017. The region has a flourishing manufacturing sector with abundance of cheap labor and resources. It continues to grow at a CAGR of 6.3%. China is one of the largest producers of recycled plastics due to the abundance of resources.
However, one of the major challenges to this market is the ban on imports of wastes and scrap plastics in China.
Low cost and increasing use in industries such as packaging, automotive, electrical & electronics, and textiles will further accelerate the growth of the recycled plastics market.
Polyethylene terephthalate (PET) holds the highest market share amounting to approximately 33.9% and continues to grow at a CAGR of 5.5%. PE holds the second largest share accounting for a market share of approximately 26.3% due to its widespread availability in the market.
Due to an exponential increase in the use of plastics over the years, plastic scrap is available everywhere in various forms. Thus, there is seldom a shortage of raw materials for processing and recycling plastics.
The major competitors in the market include W. Plastics, SUEZ, B&B Plastics, Recycled Plastics Industries, B. Schoenberg & Co., Inc. and Green Line Polymers.
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Type (Revenue, USD Million; 2020–2028)

Polyethylene terephthalate (PET)
Polyethylene (PE):
High Density Polyethylene (HDPE)
Low Density Polyethylene (LDPE)
Polypropylene (PP)
Polystyrene (PS)
Poly Vinyl Chloride (PVC)
Application (Revenue, USD Million; 2020–2028)

Packaging
Textiles
Furniture
Electricals
Key Regional Markets Covered in the Report:

North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
The Recycled Plastics market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Recycled Plastics market.

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Frequently Asked Questions Addressed in the Report:

What is the estimated market revenue growth over the forecast period?
What are the major factors driving the global Recycled Plastics market revenue growth?
Which regional market is expected to account for the largest revenue share in the global Recycled Plastics market over the forecast years?
Which are the leading players in the global Recycled Plastics market?
What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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