Recycled Thermoplastic Market Analysis

Recycled Thermoplastic Market Analysis

Recycled thermoplastic market from injection molding technology is slated to register 10.7% growth rate between 2023 and 2032. The surging adoption of this technology can be attributed to the growing environmental concerns associated with large volumes of thermoplastic waste. Injection molding is a widely deployed repeatable process that allows manufacturers to produce large volumes of identical plastic parts featuring high tolerances at a lower per-part cost. Injection-molded plastics offer numerous benefits including high reliability, reusability, efficiency, and compatibility for an array of materials and colors. The advent of additive manufacturing coupled with ongoing advancements in robotics and automation will spur injection molding capabilities, pushing the market expansion.
 

Recycled thermoplastic market from the biodegradable type segment is projected to exhibit over 10.5% CAGR from 2023 to 2032. The growing concerns associated with the increasing plastic pollution, environmental adversities, and climate changes have prompted several public and private efforts to encourage the switch towards biodegradable plastics. Extensive R&D in the field of biodegradable thermoplastic starches is likely to foster lucrative scope for industry development. For instance, in January 2023, a team of researchers from the University of Konstanz, Germany developed a novel biodegradable plastic mimicking the thermoplastic properties of HDPE.
 

Asia Pacific recycled thermoplastic market size is poised to surpass USD 75.5 billion by 2032. APAC is expected to emerge as a prominent hotspot for recycled thermoplastics owing to massive volumes of plastic consumption in countries such as China, and India. According to the China National Resources Recycling Association, China produced approximately 60 million tonnes of plastic waste in 2020, of which only 16 million tonnes is recycled. Furthermore, as China is one of the largest plastic consumers in the world, it necessitates the rapid penetration of recycled thermoplastics to counter the growing environmental concerns.
 

The COVID-19 crisis had a significant impact on the recycled thermoplastic market with the sudden drop in demand across several end-user industries owing to the temporary shutdown of production units. The demand for thermoplastics dropped notably across the automotive, aerospace, and construction sectors. However, the need for novel thermoplastic polyethylene gloves made using TPEs increased dramatically during the pandemic to cater to applications in medical and food handling. The growing emphasis on the prevention of contamination and the spread of infectious diseases also prompted several healthcare and food companies to ramp up the use of disposable gloves to ensure adequate safety.