The Asia Pacific Recycled Plastics Market would witness market growth of 9.3% CAGR during the forecast period (2024-2031). In the year 2022, the Asia Pacific market's volume surged to 17,581.1 kilo tonnes, showcasing a growth of 22.3% (2020-2023).
Polypropylene stands as a key player in the Recycled Plastics Market, offering a sustainable solution to the growing concern of plastic waste. Through innovative recycling processes, post-consumer and post-industrial polypropylene materials are transformed into high-quality recycled resin, retaining its inherent properties and performance characteristics. Therefore, the China would utilize 2,857.2 kilo tonnes of Polypropylene by 2031.
The China market dominated the Asia Pacific Recycled Plastics Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $13,501.8 million by 2031. The Japan market is exhibiting a CAGR of 8.6% during (2024 - 2031). Additionally, The India market would experience a CAGR of 10% during (2024 - 2031).
The lightweight nature of recycled plastics can assist manufacturers in reducing the total weight of vehicles. Lightweighting is a key strategy for improving fuel efficiency and reducing greenhouse gas emissions. Advances in recycling technologies have led to the development of recycled plastics with properties like or better than virgin plastics. It offers improved strength, durability, and aesthetics, making them suitable for various automotive applications. As people become more environmentally conscious, the demand for more sustainable products, including automobiles, is rising. It helps manufacturers satisfy customer demand for more environmentally friendly and greener vehicles.
Recycled plastic fibers offer performance characteristics that are better than traditional textile fibers. They are lightweight, durable, moisture-wicking, and quick-drying, making them suitable for various clothing and apparel. Recycled plastic fibers can produce various textile products, including clothing, activewear, outerwear, swimwear, footwear, and accessories. They can be blended with other cotton, wool, and polyester fibers to create innovative and sustainable fabric blends. Fashion brands incorporating recycled plastics into their products can enhance their brand image and reputation. There is an increasing trend among consumers to seek brands that exhibit a commitment to sustainability and environmental responsibility.
In addition, the construction sector in Australia is a significant contributor to the country’s economy, encompassing a wide range of residential, commercial, and infrastructure projects. Major construction projects include residential housing developments, commercial buildings, roads, bridges, and infrastructure projects in Australia. It is increasingly being used as construction materials in Australia. In Australia, construction projects reduce their environmental impact by utilizing recycled plastics, which also produce less waste and consume fewer natural resources. Recycled plastic lumber provides a strong and environmentally friendly alternative to timber in Australia's landscaping, fencing, and decking applications. The Australian Bureau of Statistics reports that Australia’s construction work increased by 0.7% to $65,440.5 m. Therefore, due to the above-mentioned factors, the market will grow significantly in this region.
Free Valuable Insights: The Global Recycled Plastics Market is Predict to reach USD 106.6 Billion by 2031, at a CAGR of 9.2%
Based on Product, the market is segmented into Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Polystyrene, and Others. Based on Source, the market is segmented into Plastic Bottles, Plastic Films, Polymer Foam, and Others. Based on Application, the market is segmented into Packaging, Building & Construction, Electrical & Electronics, Textiles, Automotive, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
By Product (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Source (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Country (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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