Recycled Plastic Market to Surpass US$ 120.1 Billion by 2032

SEATTLE (Scrap Monster): According to the latest study by Persistence Market Research, the global recycled plastic market is expected to grow significantly from US$ 64.4 billion in 2025 to US$ 120.1 billion by 2032, registering a strong CAGR of 9.3% during the forecast period. The increasing awareness of plastic pollution, growing environmental regulations, and rising demand for sustainable materials in packaging, construction, and automotive industries are among the primary growth catalysts for this expanding market.

Recycled plastic is becoming a pivotal element in the transition towards a circular economy. With global concerns over single-use plastics and marine pollution intensifying, industries are actively adopting recycled plastics to meet sustainability targets and reduce their carbon footprint. Governments across the globe are introducing bans, recycling mandates, and incentives to promote the use of post-consumer and post-industrial plastic waste. This has significantly boosted demand across sectors such as packaging, textiles, automotive, and construction, where recycled plastic is proving to be a durable, cost-effective alternative to virgin plastic.

Among product types, polyethylene terephthalate (PET) remains the most widely used recycled plastic due to its extensive application in beverage bottles and packaging materials. By application, the packaging segment dominates the market owing to growing usage in food containers, bottles, films, and flexible packaging. Regionally, Asia Pacific (particularly East Asia) leads the recycled plastic market. This dominance is driven by the region's vast plastic production base, increasing recycling infrastructure investments, and government-led sustainability initiatives. Countries like China and Japan are setting examples in plastic waste management, making the region an innovation hub for recycled plastic technologies.

Courtesy: www.openpr.com