Global Recycled Plastics Market Size By Type, By Application, By Geographic Scope And Forecast

Recycled Plastics Market Size And Forecast

Recycled Plastics Market size was valued at USD 47.56 Billion in 2021 and is projected to reach USD XX Billion by 2030, growing at a CAGR of 5.12% from 2022 to 2030.

Increasing environmental protection standards for the industry, and exponentially rising demand for plastic from packaging, personal care, and automotive industries, are the key factors contributing to the growth of the Recycled Plastics Market. The Global Recycled Plastics Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Recycled Plastics Market Definition

Think of plastic recycling like thisIt's all about taking old, used plastic – stuff that would otherwise be tossed away – and giving it a new life as something useful. We call this whole process plastic recycling. The big idea is to cut down on all the plastic pollution we're seeing and use less raw materials to make new plastic. It's a way to save resources and keep plastics out of our oceans and landfills. Sadly, the amount of plastic ending up in our waterways has skyrocketed recently and is only expected to keep climbing. Right now, in Western Europe, plastic waste is predicted to increase by 4% each year, and most of it comes from our own homes!

So, according to the Association of Plastic Recyclers, we managed to recycle around 51 million metric tons of plastics worldwide in 2021. That's a lot! Recycled HDPE and PET are the big stars, making up almost 40% of the global recycled plastics market. It seems like Asia Pacific is leading the charge in using these recycled materials, with Europe and North America following behind. The recycled plastics market is pretty settled, with well-established companies holding most of the market share. And it's mostly local businesses, not huge international corporations, doing the recycling. These companies often handle different parts of the supply chain or work with various types of materials.

Global Recycled Plastics Market Overview

The rapidly flourishing packaging and automotive industry are anticipated to drive the recycled plastics market demand over the forecast period. Augmented consumption of plastics in these applications for developing products has resulted in the generation of a high amount of plastic waste. These waste and scrap products are giving rise to landfills which reduces the adjacent land value by approximately 12.9%. The exponential rise in plastic waste generation has elevated the need for recycled plastics and their use which is expected to positively impact the market growth over the forecast period.

Constant research and development activities regarding technological advancements in recycling have enabled cost-effectiveness and a less complex process. Some of the prominent technologies include sophisticated decision and recognition software as well as reliable detectors which mutually improve the efficiency and accuracy of sorting of plastics. Finding higher value applications for recycled polymers in closed-loop recycling processes is another noteworthy innovation in plastic recycling. For instance, in the U.K., PET sheets used for thermoforming comprise 50% to 70 % recycled PET through the use of A/B/A layer sheets.

Hey, so places like Germany, Italy, Spain, Austria, and Norway are now collecting those rigid plastic containers – you know, tubs, pots, and trays. Plus, they're grabbing some of the flexible plastic packaging we toss out too. Good news! We're finally able to recycle non-bottle plastics thanks to some cool new tech in washing and sorting. But, let's be real, recycling plastic is still tough. We're talking about everything from gunk that won't come off to the headache of separating and recycling different kinds of plastics. Getting that mix of plastics recycled efficiently and without breaking the bank is a huge problem for the industry. And get this, the whole process takes a lot of energy, which isn't exactly great for the environment in the long run.

All of this could really slow down the growth of the recycled plastics market in the future.

Global Recycled Plastics Market Segmentation Analysis

The Global Recycled Plastics Market is segmented on the basis of Type, Application, and Geography.

Recycled Plastics Market, By Type

• Polyethylene Terephthalate (PET)• High-density polyethylene (HDPE)• Polypropylene (PP)• Low Density Polyethylene (LDPE)• Others

Based on Type, the market is segmented into Polyethylene Terephthalate (PET), High-density polyethylene (HDPE), Polypropylene (PP), Low Density Polyethylene (LDPE), and Others. Polyethylene Terephthalate (PET) accounted for the largest market share in the global recycled plastics market. Augmented demand for recycled PET products is expected to arise majorly from developing countries, such as India and China, owing to intensifying environmental concerns and the shift towards PET bottle packaging.

Recycled Plastics Market, By Application

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

Based on Application, the market is segmented into Building and Construction, Packaging, Electrical & Electronics, Textiles, Automotive, and others. The packaging segment is anticipated to hold the largest market share. The segment growth can be attributed to the rising demand for lightweight and sustainable packaging solutions in the medical and personal care industries.

Recycled Plastics Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

Looking at the world through a regional lens, the Global Recycled Plastics Market breaks down into North America, Europe, Asia Pacific, and, well, the rest of the world. Interestingly, Asia Pacific grabs the biggest slice of the revenue pie. Things are really booming in Asia Pacific, and experts think this growth spurt will keep going strong for a while, thanks to the increasing demands of industries there. Asia Pacific consumes a ton of plastic across all sorts of sectors. The packaging sector, in particular, is a hotspot, with manufacturers and global packaging companies expanding into the region to tap into lower production costs and get closer to those up-and-coming local markets. While the recycled plastics industry is growing all over Asia Pacific, India is leading the charge with the biggest gains.

Key Players

The “Global Recycled Plastics Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are REMONDIS SE & Co. KG, Biffa, Stericycle, Republic Services, Inc., WM Intellectual Property Holdings, LLC, Veolia, Shell International BV, Waste Connections, Clean Harbors, Inc. and Covetsro AG.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

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We dig deep, looking at the market through both numbers and trends, segmenting it based on things that affect the economy and everything else. We'll give you the market value (in USD Billion) for every slice and dice of the market. You'll see which region and segment we expect to grow the fastest and ultimately take the lead. We'll break down each region, showing you where the product/service is being used and what's influencing the market there. Get the scoop on the competition, including who's on top, what new stuff they've launched, who they've partnered with, and any big moves they've made in the last five years. We provide detailed company profiles, with overviews, insights, product comparisons, and SWOT analyses for the major players. We'll give you a clear picture of where the market is now and where it's headed, considering recent happenings, growth potential, key drivers, and the hurdles in both up-and-coming and established regions. Plus, we offer an in-depth Porter's Five Forces analysis to understand the market dynamics. We also provide valuable insights into the market's value chain, future market opportunities, and dynamics. And to top it off, you get 6 months of post-sales analyst support.

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