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Recycled Plastics Market worth $149.25 billion by 2032 - Exclusive Report by MarketsandMarkets™
The fibers segment, by source, accounted for the second-highest CAGR of the recycled plastics market in 2024. Fibrous materials and clothing scraps are recycled into new raw materials and are utilized across various industries, including automotive, furniture, mattresses, coarse yarn, home furnishings, and paper. Specifically, the growth of fibers in the textile sector, combined with their increasing use, significantly impacts the recycled plastics market.
The polyethylene terephthalate (PET) segment, categorized by plastic type, is expected to hold the largest share of the recycled plastics market due to its extensive applications. PET can be recovered, recycled repeatedly, and remelted to create new PET products. It is typically recycled into fashion items such as polar fleece clothing, backpacks, carpets, and applications in food & beverage, building & construction, and packaging sectors.
The significant factors contributing to the growth of recycled plastics in Europe include EU restrictions on single-use plastics implemented since 2019, a goal to reduce plastic pollution with a target of recycling 50% of plastic packaging by 2025, increased venture capital funding, and initiatives taken by government bodies to promote the adoption of recycled plastics across Europe .
Some of the leading players in this market include Alpek ( Mexico ), Biffa (UK), Cabka ( Germany ), Far Eastern New Century Corporation ( Taiwan ), Indorama Ventures ( Thailand ), Jayplas (UK), Loop Industries, Inc. ( Canada ), MBA Polymers Inc. (US), Plastipak Holdings, Inc. (US), Republic Services (US), Stericycle (US), and Veolia (France) .
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