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Recycled Plastics Market Research Report – Segmented By Source (Bottles, Films, Fibers and Foams), Type (PET, PE, PP, PVC and PS), End-Use Industry (Packaging, Building & Construction, Textiles, Automotive, Electrical & Electronics) and Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Industry Analysis (2024 to 2029)

Published: March, 2023
ID: 8161
Pages: 150
Formats: report pdf report excel report power bi report ppt

Recycled Plastics Market Size (2024 to 2029):

The size of the Recycled Plastics Market was valued at USD 44.99 billion in 2023 and this value is estimated to grow at a CAGR of 8.5% from 2024 to 2029 and be worth USD 73.4 billion by 2029 from USD 48.81 billion in 2024.

Market Overview:

Plastic has become one of the most considerable troubles to the environment, and with the rise in consumer awareness, the need for recycling plastic is gaining speed. In the last few years, many companies have entered the Recycled Plastics Market. Though widely spread, the global recycled plastic market is majorly segmented owing to the presence of numerous unorganized and small players in underdeveloped countries. Eyeing potential for expansion, many brands are looking to enter fast-developing regions of the global market. The increasing call for artificial textiles will be one of the significant trends in the recycled plastics business.

Elements like expanding urbanization, industrialization, and decreased effect on the environment by plastic recycling, have led to boosting the call for recycled plastics in the market. The growing concern about sustainable as well as green packaging solutions has escalated mainly with the progress in customer education and raising awareness about health & environment and has generated new opportunities for the recycled plastics business. The market is showcasing expansion owing to a rising preference for recycled plastics over pure plastics as a result of high pollution caused by the disposal of utilized plastics in oceans and the scarcity of landfill areas in different parts of the world. Factors like the growing use of recycled plastics in new applications in the packaging, automotive, and electrical & electronics industries and several favorable initiatives promoting the employment of recycled plastics provide lucrative opportunities for the growth of the Recycled Plastics Market.

The high call for plastic products for packaging and the increasing awareness about the advantages of utilizing recycled plastics to make packaging solutions in the food and beverage, personal care, household care, and healthcare businesses is one of the key factors driving the expansion of the worldwide recycled plastics market share. The development of the recycled plastics market in the packaging sector will be faster than the growth of the market in other areas. For example, the Association of Plastics Recyclers (APR) along with the recycling partnership, has taken several steps to instruct vendors on utilizing post-customer resin (PCR). Apart from this, plastic recycling provides advantages to the makers as it assists in decreasing the prices of raw materials that are higher for producing pure plastic.

Increasing public awareness regarding environmental problems and numerous government policies to recycle used plastics are the primary market drivers. The call for plastic material has been continuously rising across many businesses such as food and beverage, automotive, packaging, and healthcare. The growth of these businesses can be credited to the increasing population, increasing disposable incomes, and constant product innovations. In this context, a larger manufacturing price of virgin resins has necessitated the employment of recycled plastic products, hence boosting the expansion of the worldwide recycled plastics market. Plastic makers and recyclers are now more focused on adding value and consumerism to recycled plastic products. They are launching secondary containment products, laundry carts, bulk storage containers, etc. through roto-molding techniques.

RECYCLED PLASTICS MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2023 – 2029

Base Year

2023

Forecast Period

2024 - 2029

CAGR

8.5%

Segments Covered

By Material, Recycling Process, Application, and Region.

 

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

 

Market Leaders Profiled

B & B Plastics Incorporation, B. Schoenberg & Corporation, PARC Corporation, Omni Resource Recovery, Custom Polymers Incorporation, United Plastic Recycling, Coll Materials/Nicos Polymers, Maine Plastics Incorporation, Norwich Plastics, APC recycling, NAM polymers, and Others.

 

Market Segmentation:

Recycled Plastics Market - By Material:

Polyethylene Terephthalate has a most significant share in the recycled plastic market by resin type and is estimated to rise at a high rate throughout the foreseen period. This sector is predicted to gain 180 BPS in the coming years, making it a brilliant opportunity in the recycled plastics market. The Y-o-Y expansion for this sector could be in the range of 2-5% with the most increase showcased in PET. 

Recycled Plastics Market - By Recycling Process:

  • Mechanical
  • Chemical

Recycled Plastics Market - By Application:

  • Packaging
  • Construction
  • Textile
  • Automotive
  • Others

Based on the application, the packaging sector in the recycled plastics market is estimated to rise at the highest CAGR on the basis of value and volume during the foreseen period. Several advantages of recycled plastics such as the reduction of pollution and lesser dependence on fossil fuels and its broad application in sustainable packaging solutions like containers, bottles, bags, films, and other protective packaging products drive its demand.

Recycled Plastics Market - By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

North America dominates the present market for recycled plastics, with the largest per capita plastic consumption offering an opportunity for recyclers. Nevertheless, Europe and China are estimated to dominate the market expansion driven by regulatory changes aimed at escalating domestic recycling rates of post-use plastics. The global recycling rate for plastic is around 10% of the overall plastic consumption yearly, with more than 300 million tons of annual plastic consumption in 2019. The Asia Pacific region is expected to be the quickest developing market for recycled plastics during the foreseen period. The expansion of the recycled plastics market in the Asia Pacific is owing to several initiatives taken in the region to escalate the employment of recycled plastics.

Impact of COVID-19 on the Recycled Plastics Market:

The global pandemic has shocked the plastic recycling industry. The impact of foreclosures, industry closures, and sudden changes in demand for products can be felt at every step of the recycling chain. Recycled food packaging and bottles are the fastest-growing markets for recycled plastic. But the most important end use is for fibers, with a wide range of uses including fiberfill (pillow filler), home furnishings, and carpets. The locks have had a great impact on the demand for fiber. At the height of the pandemic, clothing stores and industries such as automakers and home builders have temporarily closed. The only bright spot has been personal protective equipment (PPE), with increased demand for masks and visors. Overall, for 2020, we forecast a decrease in fiber production.

There are signs of improvement as the lockdowns ease, but any recovery in the second half of this year could be thwarted by new waves of the virus. The recycling industry depends on a constant supply of recycled plastic as a raw material. Slower growth in consumption means that the RPET industry is even more dependent on increasing collection rates to increase volumes. Unsurprisingly, this has been badly affected by country lockdowns. Collection rates in South America tend to dwarf those in the United States, due to economic incentives to return recyclable materials. People collect bottles from the streets or from landfills to earn money. In Mexico, collections continued during the closure, but there were fewer bottles to recycle. Although this was temporary, there are concerns that uncollected PET bottles will be lost forever to the benefit of the circular economy. In contrast, on the West Coast of the United States, particularly in California, there was evidence that people stored recyclable materials while the facilities were closed. As a result, there was a substantial increase in supply when the centers reopened in June.

Market Key Players:

  1. B & B Plastics Incorporation
  2. B. Schoenberg & Corporation
  3. PARC Corporation
  4. Omni Resource Recovery
  5. Custom Polymers Incorporation
  6. United Plastic Recycling
  7. Coll Materials/Nicos Polymers
  8. Maine Plastics Incorporation
  9. Norwich Plastics
  10. APC recycling
  11. NAM polymers.

Market Recent Developments:

  • Nestle confirmed its investment of CHF 2 billion to transfer the shift from virgin plastics to food-grade recycled plastics. This is aimed to boost the development of innovative sustainable packaging solutions. 
  • Sportswear brand Puma declared the introduction of the latest collection made entirely from recycled plastic. The brand has collaborated with recycling firm First Mile to co-create the group that consists of shoes and apparel made from recycled yarn which, is manufactured from plastic bottles collected in the First Mile network.
  • In Nieuwerkerk aan den IJssel (Netherlands), LC Packaging, a renowned flexible packaging producer and distributor and Veolia signed a strategic partnership intending to decrease the residual waste streams regarding flexible packaging on a worldwide scale. 

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