Report : Asia Pacific Recycled Plastic Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Polyethylene Terephthalate, Polyethylene, Polypropylene, Polystyrene, and Others), Source (Plastic Bottles, Plastic Films, Plastic Foams, Plastic Fibers, and Others), and Application (Packaging, Textile, Automotive, Building and Construction, Electrical and Electronics, and Others)
At 10.4% CAGR, the Asia Pacific Recycled Plastic Market is speculated to be worth US$ 31656.44 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific recycled plastic market was valued at US$ 15941.00 million in 2021 and is expected to reach US$ 31656.44 million by 2028, registering an annual growth rate of 10.4% from 2021 to 2028. Increasing adoption of recycled plastics in packaging, automotive, and electrical & electronic industries and rising expansion of construction industry are the critical factors attributed to the market expansion.
Increasing construction activities in emerging economies are significantly boosting the market for recycled plastics. Rising rapid urbanization with an increasing population is driving the demand for recycled plastic in construction. Growing demand for more environment-friendly homes with a lower carbon footprint and open green spaces is augmenting the growth of recycled plastic. Further, roofing titles are an essential part of any building and take considerable money to install. Recycled plastics are used to build roofing titles, which are less expensive than other construction materials. Investors' rising awareness regarding environmental protection also drives recycled plastic in construction materials and more ecologically viable home designs. Increasing government expenditure and investment to improve domestic infrastructure and sustain the economic growth of recycled plastic in the construction industry, especially in developing countries, are the major factors, among others, driving the market growthOn the contrary, high costs associated with instruments used in genomic studies of Asia Pacific recycled plastic market.
Based on type , the Asia Pacific recycled plastic market is polyethylene terephthalate, polyethylene, polypropylene, polystyrene, and others .The polyethylene terephthalate segment held 43.1% market share in 2021, amassing US$ 6864.46 million. It is projected to garner US$ 13561.48 million by 2028 to expand at 10.3% CAGR during 2021–2028.
Based on source , the Asia Pacific recycled plastic market is divided into plastic bottles, plastic films, plastic foams, plastic fibers, and others. The plastic bottles segment held 54.3% market share in 2021, amassing US$ 8656.94 million. It is projected to garner US$ 17400.18 million by 2028 to expand at 10.6% CAGR during 2021–2028.
Based on application ,the Asia Pacific recycled plastic market is divided into packaging, textile, automotive, building and construction, electrical and electronics, and others. The packaging segment held 43.4% market share in 2021, amassing US$ 6924.74 million. It is projected to garner US$ 14061.49 million by 2028 to expand at 10.8% CAGR during 2021–2028.
Based on country, the Asia Pacific recycled plastic market has been categorised into the the Australia, China, Japan, India, South Korea and Rest of Asia Pacific. Our regional analysis states that China captured 53.0% market share in 2021. It was assessed at US$ 8447.31 million in 2021 and is likely to hit US$ 17371.97 million by 2028, exhibiting a CAGR of 11.0% during the forecast period.
Key players dominating the Asia Pacific recycled plastic market are Biffa; Remondis SE & Co. Kg; Veolia; Jayplas; Alpek S.A.B. de C.V. ; Plastipak Holdings Inc. and among others.
· In Dec 2021, Veolia and L'Oréal join forces to manufacture cosmetic packaging made from recycled plastic.
· In Mar-2022, Republic services advances circularity with nation's first integrated plastics recycling facility.