Vancouver, Jan. 04, 2024 (GLOBE NEWSWIRE) -- The global recycled plastics market exhibited a robust size of USD 65.00 Billion in 2022, projecting a rapid revenue Compound Annual Growth Rate (CAGR) of 9.0% during the forecast period. Key drivers include increasing awareness of energy savings, government initiatives, and growing utilization of recycled plastics in packaging, automotive, and electrical and electronics industries.
Government initiatives and awareness campaigns, such as those in Vietnam and Belgium, are educating the public about the environmental repercussions of plastic waste, contributing to market growth. However, challenges arise from strong competition with virgin plastics, driven by factors like low oil prices, quality concerns, technical complexities, and consumer perceptions. Lack of supportive legislation and incentives further hinder market expansion.
A notable trend in the market is the rising emphasis on plastic traceability. Startups are leveraging technologies like blockchain, Machine Learning (ML), and earth observation to track plastics' journey from origin to end-of-life stages. This trend aims to reduce the loss of plastic products, currently standing at 91%, promoting a more sustainable and circular economy.
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Application Insights: Construction Segment Leads, Packaging Shows Moderate Growth
The construction segment dominated the global recycled plastics market in 2022, capturing the largest revenue share. The use of recycled plastic waste in road construction is seen as a sustainable and eco-friendly alternative, offering durable and low-maintenance solutions. The packaging segment is expected to register moderate growth, driven by increasing global awareness of sustainability benefits associated with recycled plastics. Consumer and business preferences for eco-friendly packaging solutions align with plastic's lightweight, durable nature.
Material Insights: PET Dominates, PS Exhibits Fastest Growth
Polyethylene Terephthalate (PET) is anticipated to hold a significantly large revenue share in the global recycled plastics market. Its versatility and widespread applications, especially in the beverage and packaging industries, contribute to its dominance. PET's closed-loop recycling system conserves resources and mitigates environmental pollution, making it crucial for sustainability goals. The Polystyrene (PS) segment is poised to exhibit the fastest revenue growth rate, fueled by increased use in single-use foodservice items, owing to its lightweight and insulating properties.
Regional Insights: North America Leads, Asia Pacific Displays Fastest Growth
In 2022, North America accounted for the largest revenue share in the global recycled plastics market, fueled by changing consumer preferences and a focus on sustainability. The industrial sector embraced recycled plastics for reduced carbon footprint and eco-conscious consumer choices. The Asia Pacific region is poised to exhibit the fastest revenue growth, owing to its significant contribution to global plastic production. Proactive regulatory actions, such as China's ban on non-degradable plastic bags and Japan's Plastic Resource Circulation Act, support sustainability measures.
The European market is expected to hold a considerable revenue share due to EU regulations promoting plastic recycling and a circular economy by 2050.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 65.00 Billion |
| CAGR (2023–2032) | 9.0% |
| Revenue Forecast To 2032 | USD 152.09 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019-2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Type, application, material, recycling process, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Alpek, Biffa, Cabka, Far Eastern New Century Corporation, Indorama Ventures, Jayplas, Loop Industries, Inc., MBA Polymers Inc., Plastipak Holdings, Inc., Republic Services, Stericycle, Veolia, REMONDIS SE & Co. KG.; WM Intellectual Property Holdings, L.L.C.; Shell International B.V.; Waste Connections; CLEAN HARBOR, INC.; Covetsro AG, Plasgran Ltd. and KW Plastics |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global recycled plastics market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major businesses are using a variety of tactics, making mergers and acquisitions, strategic agreements, and contracts, as well as creating, experimenting with, and introducing more efficient recycled plastics solutions in the market. Some major players included in the global recycled plastics market report are:
- Alpek
- Biffa
- Cabka
- Far Eastern New Century Corporation
- Indorama Ventures
- Jayplas, Loop Industries, Inc.
- MBA Polymers Inc.
- Plastipak Holdings, Inc.
- Republic Services
- Stericycle
- Veolia,
- REMONDIS SE & Co. KG.
- WM Intellectual Property Holdings L.L.C.
- Shell International B.V.
- Waste Connections; CLEAN HARBOR, INC.
- Covetsro AG
- Plasgran Ltd.
- KW plastics
Strategic Development
- On 12 October, 2023 Erema Group and Lindner Recyclingtech GmbH established a joint venture called Blueone Solutions to set industry standards in plastics recycling. This collaboration aims to optimize the plastic recycling process, from collection to pellet production, with a focus on energy efficiency and recyclate quality. Erema, a 40-year extrusion market leader, and Lindner, a 75-year shredder and recycling equipment manufacturer, believe this partnership will enhance understanding and further development, particularly in the polyolefins sector. Their goal is to revolutionize plastics recycling and establish new benchmarks in quality, quantity, and efficiency.
- On 24 August, 2023 MBA Polymers UK, a division of UK-based metal recycling company EMR, opened a new plastic recycling facility in Wimblington, Cambridgeshire. This expansion is in response to rising demand for lower-carbon products. The new site is the company's fourth in the UK and is expected to start operations in September. It aims to produce approximately 110,231 tons of recycled plastics by 2030, supporting its enhancing product portfolio and color range. The facility will also create 23 new staff positions, and the company expects to divert tons of plastic waste from landfills, contributing to the circular economy.
Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global recycled plastics market on the basis of type, application, material, recycling process, and region:
- Type Outlook (Revenue, USD Billion; 2019-2032)
- Post-Consumer Recyclate
- Industrial Recyclate
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Packaging
- Construction
- Automotive
- Textile
- Others
- Material Outlook (Revenue, USD Billion; 2019-2032)
- Polyethylene Terephthalate (PET)
- High-Density Polyethylene (HDPE)
- Low-Density Polyethylene (LDPE)
- Polypropylene (PP)
- Others
- Recycling Process Outlook (Revenue, USD Billion; 2019-2032)
- Polyethylene Terephthalate (PET)
- High-Density Polyethylene (HDPE)
- Low-Density Polyethylene (LDPE)
- Polypropylene (PP)
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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