Recycled Plastic Market

GMI Research analysis indicates that the Recycled Plastic Market size was estimated at USD 54.6 billion in 2022 and is slated to register a single digit CAGR of 5.2% over the forecast period, and is projected to reach USD 81.9 billion in 2030.

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Major Recycled Plastic Market Drivers

Increase in demand for recycled plastics in the automotive, electrical & electronics, construction, and medical devices industries to pack the products and manufacture lightweight components is estimated to foster the global recycled plastics market. The significant progress in e-commerce platforms globally has resulted in a rise in sales of different consumer products. The expansion in e-commerce sales has significantly intensified the demand for a wide collection of packaging products. Thus, there is a speedy growth in demand for recycled plastic, remarkably in the packaging of products. In addition, the growing trend of buying innovative electronics like laptops, tablets, and smartphones online has increasingly driven the global demand for recycled plastic as a favored packaging material. Therefore, the rapid growth in demand from the packaging industry is estimated to propel the growth of the recycled plastic market globally in the forthcoming period.

Additionally, continuous development and expansion in the building and construction sector are predicted to drive the consumption of recycled plastic. Recycled plastic is used in insulation, and the manufacture of structural lumber, windows, and fences which are significantly employed in the construction industry. Furthermore, the building and construction industry is witnessing speedy growth in developing nations. Growing government investments in infrastructure expansion and policies framed to fascinate FDIs in these nations are estimated to propel the enlargement of the building and construction sector. Hence, the rapid expansion of the construction industry in emerging nations such as India, China, and Brazil is predicted to drive the growth of the global recycled plastic industry in the forecast period.

Industries like food & beverages, footwear, and packaging are increasingly choosing recycled plastic due to its environmental benefits and sustainability efforts. Major footwear companies in the market are embracing recycled plastic in the production of shoes and other footwear items, reflecting a significant move towards sustainable practices in the market. For instance, the Coca-Cola Company has committed to decreasing packaging waste globally. By 2030, they aim to gather and recycle a bottle or can for each one sold, make all packaging 100% recyclable by 2025, and generate bottles and cans using 50% recycled materials by 2030, presenting a strong dedication to sustainability. Hence, the growing investments by market players around different industries to incorporate recycled plastics in their manufacturing procedures are predicted to propel the growth of the global recycled plastics market.

Besides all this, the growing collaboration between manufacturers, suppliers, and recyclers, focused on developing planning and streamlining the recycling procedure, is substantially fostering market growth. In addition, the endorsement of different international agreements and initiatives aimed at waste reduction and sustainability is strengthening the positive impact on the market. For instance, the U.K. government’s plan to implement a plastic packaging tax starting from April 2022 at $260 per ton, for plastic packaging failing below the minimum threshold of 30% recycled content, underscores their commitment to encouraging the usage of recycled materials and decreasing plastic waste.

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By Source, Plastic Bottles Source Segment dominates the market growth

The widespread usage of plastic bottles globally is accredited to their convenience and affordability. Their low production cost and lightweight nature make them a prevalent choice for packaging beverages and different other products, contributing to their widespread utilization. While plastic bottles offer convenience, their environmental impact, specifically in contributing to plastic pollution, cannot be ignored. Consequently, different organizations and governments are intensifying their efforts to encourage bottle recycling to address this issue and encourage environmental sustainability. Plastic bottle recycling offers different benefits. It decreases the volume of plastic waste in landfills and oceans, conserves resources by lessening the demand for new plastic production, and saves energy by utilizing less energy to introduce recycled materials compared to new ones. These benefits contribute to the significance of recycling plastic in encouraging environmental sustainability.

By Product, the polyethylene terephthalate registered the market growth

Polyethylene terephthalate has extensive usage in food and bottle packaging. PET is appreciated for its durability, clearness, lightness, and recyclability. Its non-toxic characteristics, ease of recycling, and lightweight properties make it favorably sought after for packaging food and beverages. Many bottled water and beverage producers have moved from utilizing virgin PET to recycled PET for packaging bottles, propelled by global governmental regulations to encouraging sustainable practices.

By End-use, the Packaging segment holds the largest market size in the market

Packaging segment has its wide usage in numerous industries such as pharmaceuticals, and others. In the forecast period, the growth of this segment is accredited to the comparative ease of recycling packaging raw materials introduced from pouches, films, wraps, and others, increase in demand for reused goods, and the easy adoption of mechanical and commercial recycling packaging waste. Additionally, different governmental initiatives aimed at incorporating recyclable things around the packaging industry to decrease the volume of non-recyclable waste are estimated to help this segment to rise shortly.

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By Region, Asia Pacific Region to account for the largest market size during the forecast period

Asia Pacific region is predicted to dominate market growth due to low labor costs, high availability of local waste, and growing demand from numerous industries such as building & construction, packaging, textile, automotive, and others. The significant growth in population, coupled with a considerable increase in industrialization, and urbanization, specifically in developing nations, have motivated governments to surge their construction investments for infrastructural advancement. Therefore, increasing construction spending around the APAC region is estimated to introduce a heavy demand for the recycled plastics.

Top Market Players

Various notable players operating in the market include REMONDIS SE & Co., KG Biffa, Stericycle, Republic Services, Inc., WM Intellectual Property Holdings, L.L.C., Veolia, Shell International B.V., Waste Connections, Clean Harbors Inc., Covetsro AG, among others

Key Developments

• • In 2023, Indorama Ventures and Evertis joined hands to utilize recycled PET tray flakes in manufacturing PET film for food packaging. This collaboration aligns with Evertis’ goal of accomplishing 50% post-consumer recycled substance in their goods by 2025.
  • In 2023, SUEZ, Loop Industries, and SK Geo Centric selected the Grand Est region of France as the location for manufacturing virgin-quality PET plastic from 100% recycled content. Their collaborative efforts plan to commence construction in early 2025, with the plant predicted to be functional by 2027.
  • In 2022, Plastipak Holdings inaugurated its recycling plant in Toledo, Spain to transform PET flake into rPET pellets appropriate for direct usage in innovative preforms, containers, and bottles.
  • In 2022, Faurecia and Veolia signed an agreement of cooperation and research to develop new compounds for automotive interior modules together, focusing on accomplishing a standard of 30% recycled substance by 2026.
  • In 2022, Avangard Innovative planned its investment plan of USD 100 Million to set up a recycling plant in Indiana.

Segments covered in the Report:

The Recycled Plastic Market has been segmented on the basis of Product, Source, Application and Process. Based on the Product, the market is segmented into Polyethylene, Polyethylene Terephthalate, Polypropylene, Polyvinyl Chloride, Polystyrene and Others. Based on the Source, the market is segmented into Plastic Films, Polymer Foam, Plastic Bottles and Others. Based on the Application, the market is segmented into Packaging, Building & Construction, Textiles, Electrical & Electronics, Automotive and Others. Based on the Process, the market is segmented into Mechanical and Chemical.

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Report Coverage	Details
Market Revenues (2022)	USD 54.6 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Product, By Source, By Application, by Process, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	REMONDIS SE & Co., KG Biffa, Stericycle, Republic Services, Inc., WM Intellectual Property Holdings, L.L.C., Veolia, Shell International B.V., Waste Connections, Clean Harbors Inc., Covetsro AG, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Recycled Plastic Market by Product

• • Polyethylene
  • Polyethylene Terephthalate
  • Polypropylene
  • Polyvinyl Chloride
  • Polystyrene
  • Others

Global Recycled Plastic Market by Source

• • Plastic Bottles
  • Plastic Films
  • Polymer Foam
  • Others

Global Recycled Plastic Market by Application

• • Building & Construction
  • Packaging
  • Electrical & Electronics
  • Textiles
  • Automotive
  • Others

Global Recycled Plastic Market by Process

• • Mechanical
  • Chemical

Global Recycled Plastic Market by Region

• • North America Global Recycled Plastic Market (Option 1: As a part of the free 25% customization)

    • By Technology
    • US Market All-Up
    • Canada Market All-Up

  • Europe Global Recycled Plastic Market (Option 2: As a part of the free 25% customization)

    • By Technology
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Global Recycled Plastic Market (Option 3: As a part of the free 25% customization)

    • By Technology
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Global Recycled Plastic Market (Option 4: As a part of the free 25% customization)

    • By Technology
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Some of the prominent players in the global recycled plastics market include: (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • REMONDIS SE & Co. KG
  • Biffa
  • Stericycle
  • Republic Services, Inc.
  • WM Intellectual Property Holdings, L.L.C.
  • Veolia
  • Shell International B.V.
  • Waste Connections
  • Clean Harbors Inc.
  • Covetsro AG