Asia Pacific recycled plastic market size is expected to reach USD 25.7 billion by 2025 exhibiting at a CAGR of 6.4% over the forecast period, according to a new study by Grand View Research, Inc. The market is anticipated to be driven by growing product demand from end-use industries.
Recycling is a process of recovering scrap and reprocessing the materials into useful products. Several benefits such as reduced landfill, efficient use of energy, and low carbon emission are attracting application industries such as electrical and electronics, textile, packaging, and automotive toward the adoption of recycled plastics. Increasing awareness of sustainability among consumers is compelling end users to use recycled plastics. Fast-moving consumer goods and food & beverage are the major sectors in the region adopting recycled plastics for packaging. In addition, increasing automobile production in countries such as India, China, Indonesia, and Japan is anticipated to create ample opportunities for the market during the forecast period. Increasing disposable income, improving standard of living, and growing population, especially in China and India, are fueling the growth of automotive industry in Asia Pacific.
Plastic films is one of the prominent segments based on source. It is a thin gauge packaging used as a wrap or a bag. Shopping bag, bubble bag, garbage bag, and stretch wraps are some of the film types. Business areas that require handling and reshipping products generate large quantities of recyclable films. Distribution and wholesale activities generate majority of post-consumer commercial film scraps that are ideal for recycling.
Based on type, polyethylene terephthalate (PET) segment is estimated to witness significant growth over the forecast period owing to ease of collection in the form of PET bottles. Polyethylene terephthalate products are widely used in automotive, packaging, food & beverage, and other consumer goods industries as they are 100% recyclable in nature. Beneficial properties, such as dimensional stability, stiffness, high impact capability & shatter resistance, hot filling capability, and excellent barrier to O2, H2O, and CO2, have led to rising demand for PET in packaging, automotive, and manufacturing industries, in turn, fueling the growth of PET segment in the overall market.
Building & construction segment is anticipated to witness the highest growth rate over the forecast period. Rapid industrialization and urbanization in emerging economies such as China and India are expected to create huge demand for the product in the construction sector, which, in turn, is likely to fuel growth of the overall market. Increasing infrastructure budget in Asian countries is further propelling the market growth. Moreover, growing popularity of green building is estimated to create lucrative opportunities for the overall market in the region over the forecast period.
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Further key findings from the report suggest:
- Rest of Asia Pacific segment dominated the market during the forecast period from 2019 to 2025
- Polyethylene terephthalate is projected to be the fastest growing segment on account of the growing demand from automotive and packaging industries
- Building & construction segment is potentially fueling the market growth owing to rising industrialization and urbanization in Asia Pacific
- Bottles was the largest segment based on source in 2018 and is anticipated to maintain its dominance over the forecast period.
Grand View Research has segmented the Asia Pacific recycled plastic market on the basis of source, type, application, and country:
Asia Pacific Recycled Plastic Source Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Plastic Bottles
- Plastic Films
- Polymer Foam
- Others
Asia Pacific Recycled Plastic Type Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Polyethylene (PE)
- Polyethylene Terephthalate (PET)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polystyrene
- Others
Asia Pacific Recycled Plastic Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Building & Construction
- Packaging
- Electrical & Electronics
- Textiles
- Automotive
- Others
Asia Pacific Recycled Plastic Country Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- China
- India
- Indonesia
- Thailand
- Vietnam
- Philippines
- Rest of Asia Pacific
