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

Recycled Plastic Market Driver

• Plastics are versatile, lightweight, and inexpensive materials that may be moulded into a wide range of goods. As a result, over the previous few decades, the output of plastics has expanded dramatically. However, its current use has resulted in a massive amount of trash, causing environmental issues. The landfill is the traditional method of trash disposal, however landfill space is becoming increasingly rare in many nations. Although this method has little environmental consequences, it does provide a long-term risk of soil and groundwater pollution, therefore damaging the environment.

Recycled Plastic Market Restraint

• In terms of quality and applicability, recycled plastics face stiff competition from virgin plastics. Virgin plastics can be utilised in a variety of applications, including food-grade packaging when the food is in close touch with the plastic; recycled plastics do not offer the same benefit. Because of safety concerns about impurities from their past use, recycled plastics are rarely employed in food-grade packaging applications.
• For food-grade containers, certain jurisdictions allow the use of recycled plastic resin in combination with virgin resin, however the recycled quality cannot be maintained to the level required for food-grade applications. Only virgin materials can be utilised in high-end items where the chemical composition of the plastic must be precise.