Recycled Plastic Market Size, Share, Growth Analysis, By Type(Polyethylene Terephthalate (PET), Polyethylene (PE), Polyvinyl Chloride (PVC), Polypropylene (PP)), By Application(Food Packaging, Construction, Automotive, Electrical & Electronics), By Region - Industry Forecast 2024-2031

In 2021, Asia Pacific dominated the recycled plastic market, accounting for approximately 47% of worldwide sales. Due to the growing need for non-residential construction projects such as hospitals, schools and colleges, the Asia Pacific construction industry is expected to increase significantly. This will boost demand for roofing tiles, insulation, fences, floor tiles, carpets, and a variety of other building materials. After Asia Pacific, Europe comes in second in terms of revenue. Embracing a circular economy to reduce the carbon footprint associated with traditional plastic manufacturing is leading the market.

In Europe, landfill bans have resulted in a favourable increase in plastic recycling. Because landfill costs in some European countries are so high, dumping can often be more expensive than recycling plastic. This scenario encourages people to recycle plastic. In terms of revenue, North America comes in third. The rise of the major end-use sectors, such as electrical and electronics, construction, and packaging, is driving the recycled plastic market. Over the projected period, rising demand for packaged and processed goods as well as a rapidly growing construction industry in the United States, Mexico and Canada is expected to boost market growth.