The global recycled plastics market size was valued at around USD 28 billion in 2021 and is anticipated to reach around USD 45 billion by 2030, expanding at a CAGR of around 9% during the forecast period, 2022 – 2030. The growth of the market is attributed to the emergence of recycling technologies and growing acceptance of recycled plastics consumption in textile industry as fibers.
Plastic recycling refers to the process of recovering used plastic scarps and waste and reprocessing them into new products. Plastics are inexpensive, durable, and lightweight materials. They can be molded into various products to use in plethora of applications. Plastics cause litter and pollution, which are harmful to the environment. Reprocessing and repurposing used plastic prevents plastic waste, reduce dependency on landfills, conserve resources, and protect the environment from harmful plastic pollution and greenhouse gas emission.
Plastic waste collected from houses, businesses, and recycling centers goes to facilities that sorts plastic by different types. The sorted plastic waste is washed, shredded, melted, and extruded into new recycled plastic pellets. These recycled plastic pellets are used to create various products. It requires public, businesses, industries, waste collectors, transfer stations, and recycling facilities to work in unison for plastic recycling system to work efficiently. Rising awareness regarding negative effects of plastics waste on the environment and increasing use of recycled plastics in various industries is expected to drive the global recycled plastics market during the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Negative impact of plastic disposal on the environment drives the global recycled plastics market.
- Increasing awareness about advantages of using recycled plastics in packaging solutions for food & beverages, personal care, healthcare, and others is estimated to boost the market during the forecast period.
- Numerous government policies and initiative to increase recycling of used plastics is projected to spur the market in the coming years.
- Growing construction industries in developing countries fuels the market.
- Stringent competition from virgin plastics is expected to hamper the growth of the market in the forecast period.
- Rising usage of recycled plastic fibers in textile industry offers growth opportunities to the key market players.
Scope of the Report
The report on the global recycled plastics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Recycled Plastics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2021
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Historic Data
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2019–2020
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Forecast Period
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2022–2030
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Segmentation
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Types (Polyethylene Terephthalate (PET), Polyethylene (PE), Polypropylene (PP), Polystyrene (PS), Polyvinyl Chloride (PVC), and Others), Sources (Plastic Bottles, Trays, Tubs, Polymer Foam, Plastic Films, Plastic Fivers, and Others), Methods (Heat Compression, Thermal Decomposition, Mechanical Pressing, Pyrolysis, Distributed Recycling, and Others), and Applications (Construction, Packaging, Automotive, Electrical & Electronics, Textiles, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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PLASgran, Ltd.; Veolia Environment S.A.; Suez S.A.; B&B Plastics Recycling, Inc.; KW Plastics; Viridor, Ltd.; Custom Polymers, Inc.; Jayplas; CarbonLite Industries, LLC; Kuusakoski Group Oy; Waste Connections; Clear Path Recycling, LLC.; Green Line Polymers; Plastipak Holdings, Inc.; and Others
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Market Segment Insights
Polyethylene Terephthalate (PET) segment drives the market
Based on types, the market is divided into Polyethylene Terephthalate (PET), Polyethylene (PE), Polypropylene (PP), Polystyrene (PS), Polyvinyl Chloride (PVC), and others. The PET segment is expected to boost the market during the forecast period, owing to its large-scale in food-packaging and bottling. PET is lightweight, durable, non-toxic, and easy to recycle. These factors aid in expansion of the segment; thus, fueling the market. The Polyethylene (PE) segment is estimated to expand in the coming years, due to its increasing usage in various applications such as packaging, cutting boards, trash bins, and others. The Polypropylene (PP) segment is anticipated to expand during the forecast period, due to its increasing use in car parts, thermal vests, disposable diapers, and others.
Plastic bottles segment holds a large market share
On the basis of sources, the market is segregated into plastic bottles, trays, tubs, polymer foam, plastic films, plastic fivers, and others. The plastic bottles segment is projected to drive the market during the forecast period, as plastic bottles are the most recycled post-consumer plastics with better network for collecting and sorting. Most of the plastic bottles are made from PET resin, which has high recycling rate among the other types. The bottle segment is estimated to expand in the developing region, due to their easy availability.
Mechanical pressing fuels the market
In terms of methods, the market is segmented into heat compression, thermal decomposition, mechanical pressing, pyrolysis, distributed recycling, and others. The mechanical pressing segment is projected to hold a large market share during the forecast period, owing to easy and wide availability and low prices of equipment for mechanical pressing. The pyrolysis segment is anticipated to expand rapidly in the coming years, as it reduces risk of water pollution and greenhouse gas emission, and it is inexpensive than waste disposal to landfills.
Packaging application boosts the market
In terms of applications, the market is divided into construction, packaging, automotive, electrical & electronics, textiles, and others. The packaging application is expected to expand at a rapid pace during the forecast period, owing to increasing demand for packaged food & beverages across the globe. Rising application of recycled plastics in packaging segment, due to reduction in pollution, lesser dependency on fossil fluids, and sustainability drives the market. The construction segment is estimated to boost the market in the coming years, due to growing use of recycled polymer in numerous products related to construction. Increasing use of recycled plastic in automotive industry is estimated to surge the automotive segment and fuel the global recycled plastics market in the forecast period.
North America dominates the market
Based on regions, the market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is expected to expand rapidly during the coming years, as various companies in the region are using recycled plastics in their products. The market in Asia Pacific is anticipated to expand at a high CAGR during the forecast period, owing to rising domestic recycling rates in the region. Various government initiatives taken in the region drives the market in Asia Pacific.
Segments
The global recycled plastics market has been segmented on the basis of
Types
- Polyethylene Terephthalate (PET)
- Polyethylene (PE)
- Polypropylene (PP)
- Polystyrene (PS)
- Polyvinyl Chloride (PVC)
- Others
Sources
- Plastic Bottles
- Trays
- Tubs
- Polymer Foam
- Plastic Films
- Plastic Fivers
- Others
Methods
- Heat Compression
- Thermal Decomposition
- Mechanical Pressing
- Pyrolysis
- Distributed Recycling
- Others
Applications
- Construction
- Packaging
- Automotive
- Electrical & Electronics
- Textiles
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- PLASgran, Ltd.
- Veolia Environment S.A.
- Suez S.A.
- B&B Plastics Recycling, Inc.
- KW Plastics; Viridor, Ltd.
- Custom Polymers, Inc.
- Jayplas
- CarbonLite Industries, LLC
- Kuusakoski Group Oy
- Waste Connections
- Clear Path Recycling, LLC.
- Green Line Polymers
- Plastipak Holdings, Inc.
- Others
Competitive Landscape
The global recycled plastics market is fragmented with the presence of key players such as PLASgran, Ltd.; Veolia Environment S.A.; Suez S.A.; B&B Plastics Recycling, Inc.; KW Plastics; Viridor, Ltd.; Custom Polymers, Inc.; Jayplas; CarbonLite Industries, LLC; Kuusakoski Group Oy; Waste Connections; Clear Path Recycling, LLC.; Green Line Polymers; Plastipak Holdings, Inc.; and others, who use strategies such as collaborations, mergers, acquisitions, partnerships, and product launches to dominate the market. For example, in January 2022, Veolia acquired Suez S.A. to set a benchmark for ecological transformation around the globe. In July 2021, Jayplas collaborated with the Co-Operative Supermarket chain to run comprehensive in-store recycling program in Europe.
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