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

Plastic recycling is defined as the process of gathering used, scrap, or waste plastic and reprocessing them into purposeful and beneficial products. This reprocessing is termed plastic recycling. The recycling process is majorly undertaken in order to reduce augmented plastic pollution while reducing the need for raw materials to develop and manufacture new plastic products. This method enables the conservation of resources and averts plastics from unintended destinations such as oceans as well as landfills. A large amount of plastic waste that ends up in water streams has seen an upsurge over the past year and is anticipated to increase in coming years. Currently, in Western Europe, plastic waste generation is anticipated to be growing at 4 percent year on year. A majority of waste is generated from households.

Globally mechanical recycling capacity for plastics accounted for nearly 51 million metric tons in 2021 as stated by the Association of Plastic Recyclers. Recycled High-density polyethylene (HDPE) and polyethylene terephthalate (PET) account for nearly 40% of the global market. The Asia Pacific turned out to be a major market for these plastics followed by Europe and North America. The recycled plastics market is relatively consolidated and long-term operating and well-established players occupy a major market share. Most of the recycling activities are undertaken by domestic players rather than international companies. These players have multiple capabilities across the supply chain or across 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.

European countries such as Germany, Italy, Spain, Austria, and Norway have started to collect rigid packaging such as tubs, pots, and trays as well as a restricted amount of post-consumer flexible packaging. Also, the recycling of non-bottle plastic packaging has become viable owing to recent developments and enhancements in washing and sorting technologies. However, recycling plastic faces numerous challenges, ranging from hard-to-remove residues to the separation and recycling of mixed plastics. The efficient and cost-effective recycling of the mixed plastic stream is one of the major challenges for the recycling industry. Also, the recycling process is energy-intensive which may impact the environment in the larger run. These factors can pose be major restrain to the growth of the recycled plastics market growth over the forecast period.

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

On the basis of Regional Analysis, the Global Recycled Plastics Market is classified into North America, Europe, Asia Pacific, and Rest of the world. The Asia Pacific accounted for the major revenue share in the global market. The market in the Asia Pacific is witnessing high growth, which is expected to continue in the coming years due to increasing growth in end-use industries in the region. The Asia Pacific is one of the largest plastic consumers across various industries. The packaging sector especially offers opportunities as manufacturers and global packaging converters expand to the region due to the lower cost of production and ability to better serve the local emerging markets. Growth of the recycled plastics industry varied throughout the Asia Pacific region, with India showing the highest increase.

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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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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