Recycled Thermoplastics Market size is set to reach USD 148 billion by 2032, as per a recent research report announced by Global Market Insights Inc.
The rising number of construction activities across Asia Pacific countries such as China and India will augment the recycled thermoplastics industry growth. Thermoplastics have gained significant traction over concrete and steel in the construction sector considering their advantages of durability, strength, corrosion resistance, and lightweight. The ease of processing offered by thermoplastics also allows construction operators to cut down costs and save time. Polycarbonate (PC), polyvinyl chloride (PVC), and polyethylene terephthalate (PET) are some of the commonly used thermoplastic composites in the construction sector.
However, the limited awareness regarding plastic recycling could hamper the recycled thermoplastics market. Several underdeveloped and developing regions lack the required infrastructure to recycle and reuse engineering materials, including polymers. Hence, advanced technologies are required for an effective recovery of waste.
Increasing use of non-biodegradable products in food packaging to augment industry development
The non-biodegradable recycled thermoplastics is projected to expand at over 10% growth rate between 2023 and 2032. The demand for non-biodegradable thermoplastics has largely grown across small, medium, and large-scale industrial settings since they are economical. PET is one of the prominently used non-biodegradable thermoplastics in textiles, and packaging. It is thus gaining substantial demand for packaging beverages, water, shampoo, cooking oils, and peanut butter along with the production of microwaveable food containers. Furthermore, non-biodegradable plastics have a high strength-to-weight ratio while being shatterproof and non-reactive with water or food.
Browse key industry insights spread across 375 pages with 377 market data tables & 30 figures & charts from the report, “Recycled Thermoplastics Market - By Type (Bio-Degradable, Non- Biodegradable), By Form (Flakes, Pellets, Granules), By Technology (Extrusion, Injection Molding, Blow Molding), By Product (Polyethylene, Polyethylene Terephthalate, Polypropylene, Polystyrene, Polyvinyl Chloride), By Application (Packaging, Building & Construction, Medical) & Global Forecast, 2023 – 2032”, in detail along with the table of contents:
Growing adoption of plastic extrusion processes to counter plastic waste to boost product demand
In terms of revenue, the recycled thermoplastics market from extrusion technology is poised to exceed USD 36.5 billion by 2032. The growing introduction of stringent environmental norms has popularized the extrusion process for recycling thermoplastics. Plastic extrusion is widely used to manufacture multiple products including cereals and pet food, pipes & tubing, wire insulation, window frames, and weather stripping. When compared to conventional molding, plastic extrusion is a relatively inexpensive process due to its ability to offer repeated melting and hardening for ensuring recovery and reuse of plastic waste.
Dire need for biodegradable thermoplastic starch in agriculture & horticulture
Recycled thermoplastics market valuation from agriculture & horticulture applications is estimated to reach more than USD 17.5 billion by the end of 2032. Thermoplastics have a wide range of agricultural uses in plant trays, reservoirs, vertical grow walls, grow bins, and liners. Hence, thermoplastic solutions are extensively replacing corrosive paints in agricultural equipment interior panels and exterior bodies. Moreover, the ongoing developments in the field of biodegradable agricultural plastic and thermoplastic starches to curb the environmental impact of conventional plastic materials will spur the product demand.
Rising EV sales to promote the adoption of recycled thermoplastics in Europe
Europe recycled thermoplastics market is anticipated to exhibit over 10.5% CAGR between 2023 and 2032. The growing plastic consumption in Europe driven by the booming electronics, automotive and construction sectors will offer lucrative scope for the demand for recycled thermoplastics. Also, the advent of electric vehicles is likely to enhance the industry outlook in the region. Thermoplastic solutions are widely used by EV makers as alternatives to rubber components to reduce vehicle weight, and improve strength while withstanding high electrical currents and heat conditions, thereby driving the market trends.
Strategic alliances to boost business growth
Some of the leading players in the recycled thermoplastics market include Custom Polymers, Veolia, B&B Plastics, KW Plastics., Clear Path Recycling, PARC corporation, Plastipak Holdings, United plastic recycling, Maine plastics incorporation, APC recycling, Suez, Fresh Pak Corporation, Envision Plastics, B. Schoenberg & Co., and RJM International Inc. These firms are foraying into strategic agreements and collaborations to strengthen their business.