US Recycled Plastics Market to Grow at 7.9% CAGR Amid Rising Demand from Packaging Sector

SEATTLE (Scrap Monster): The U.S. recycled plastics market, valued at USD 2.15 billion in 2022, is projected to expand at a CAGR of 7.9% during the forecast period, according to DataM Intelligence. Recycled plastics-produced by reprocessing polymer waste-are gaining traction as the government and industry stakeholders respond to rising environmental concerns and regulations on single-use plastics. While the COVID-19 pandemic briefly disrupted collection and processing activities in 2020, the market has since rebounded, reinforced by consumer awareness and corporate sustainability commitments.

Polyethylene terephthalate (PET) dominates the market, driven by its extensive application in food packaging films thanks to its durability, chemical resistance, and long lifespan. Regionally, states with strong sustainability mandates and recycling infrastructure lead the market, supported by proactive legislation and growing adoption across packaging, construction, and automotive sectors.

Key Highlights from the Report

➤ U.S. recycled plastics market projected to grow at 7.9% CAGR over the forecast period.
➤ PET leads the market, with high usage in food packaging films.
➤ Non-food packaging segment expected to grow fastest due to expanding e-commerce.
➤ Regulatory bans on single-use plastics boosting recycled plastic demand.
➤ Growth in construction and automotive applications driven by cost reduction needs.
➤ Market competition shaped by product innovation, partnerships, and sustainability goals.

Market Drivers

Bans on single-use plastics, rising consumer awareness, and advances in processing technology are fueling demand. Recycled plastics' similarity to virgin plastics in durability and versatility makes them attractive to the packaging, consumer goods, and manufacturing industries.

Market Restraints

Virgin plastics still hold an edge in quality performance, particularly in industries where strength and elasticity are critical, like construction and automotive, which may limit recycled plastics' penetration.

Market Opportunities

R&D investments in improving recycled plastic quality and expanding applications in high-value sectors present growth opportunities. The shift toward a circular economy and corporate sustainability commitments also open avenues for market expansion.

Courtesy: www.openpr.com