Dublin, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The "Global Recycled Plastics Market by Source (Bottles, Fibers, Films, Foams), Process, Plastic Type (PET, PE, PP, PVC, PS), Type, End-Use (Packaging, Textiles, Building & Construction, Automotive, Electrical & Electronics), and Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The recycled plastics market is experiencing a surge, presenting exceptional prospects for investors and innovators. This dynamic sector spans industries like packaging, textiles, construction, and automotive, offering a fertile ground for innovation and investment. With demand for plastics showing no signs of waning, this market promises a bright future.
The Rise of Post-Consumer Recyclate
One of the most promising segments in the recycled plastics landscape is post-consumer recyclate. Expected to be the fastest-growing segment during the forecast period, this presents a significant opportunity for businesses. This comprehensive market research report delves into this dynamic sector, providing invaluable insights to leverage this growth.
Packaging Industry Dominates
In 2022, the packaging segment claimed the largest share of the recycled plastics market. The increasing use of recycled plastics in packaging a wide range of products fueled this growth. Key recycled resins in packaging include PET and HDPE. Major players like Boots, M&S, Coca-Cola, and Innocent Drinks have embraced recycled products for their packaging needs.
North America's Remarkable Growth
North America is poised to register the second-highest Compound Annual Growth Rate (CAGR) in the recycled plastics market from 2023 to 2030. The region has placed significant emphasis on reducing plastic waste and promoting recycled plastic usage.
Market Projection
The recycled plastics market is on an impressive growth trajectory. It's projected to expand from USD 69.4 billion in 2023 to USD 120.0 billion by 2030, boasting a CAGR of 8.1% from 2023 to 2030. This growth will encompass various end-use industries, including packaging, textiles, construction, automotive, electrical & electronics, and more.
Leaders in the Recycled Plastics Market
Noteworthy players dominating the recycled plastics market include Alpek (Mexico), Biffa (UK), Cabka (Germany), Far Eastern New Century Corporation (Taiwan), Indorama Ventures (Thailand), Jayplas (UK), Loop Industries, Inc. (Canada), MBA Polymers Inc. (US), Plastipak Holdings, Inc. (US), Republic Services (US), Stericycle (US), Veolia (France), and others.
Case Study Insights
The report includes compelling case studies that provide real-world examples of sustainable practices and innovative solutions within the recycled plastics industry. These case studies offer valuable insights and lessons for businesses aiming to contribute positively to the environment while capitalizing on the growing recycled plastics market.
Market Dynamics
Drivers
- Negative Environmental Impact of Plastics Disposal: Growing concerns about the environmental impact of plastic disposal are driving the adoption of recycled plastics.
- Growing Awareness Regarding Energy Savings and Government Initiatives: Increasing awareness of energy conservation and government initiatives are encouraging the use of recycled plastics.
- Increasing Use in Packaging, Automotive, and Electrical & Electronics Industries: Recycled plastics are finding applications in diverse industries, including packaging, automotive, and electronics.
- Growth in Chemical Recycling Process: Advances in chemical recycling processes are expanding the possibilities for recycled plastics.
Restraints
- Strong Competition from Virgin Plastic: Competition from virgin plastic remains a challenge for recycled plastics.
- Adverse Impact of Downcycling: Downcycling, which can degrade the quality of recycled plastics, poses a limitation.
Opportunities
- Favorable Initiatives to Promote Use of Recycled Plastics in Developed Countries: Many developed countries are implementing initiatives to promote recycled plastics use.
- Increasing Use in Textile Industry in Developing Countries of Asia-Pacific: The textile industry in Asia-Pacific is increasingly adopting recycled plastics.
- Development of New Recycling Technologies: Ongoing research into innovative recycling technologies presents opportunities for growth.
Challenges
- Ban on Imports of Waste or Scrap Plastics in China: Regulations in China limiting imports of waste plastics impact the global recycling industry.
- Difficulty in Collection of Raw Materials: Collecting sufficient raw materials for recycling can be challenging.
- Low Recycling Rate for Most Plastics Apart from PET and HDPE: Achieving high recycling rates for plastics other than PET and HDPE remains a challenge.
- Non-Acceptance of Pigmented Plastics by Most Recycling Facilities: Recycling facilities often reject pigmented plastics.
About Recycled Plastics
Recycled plastics are a sustainable solution to reduce plastic waste and its environmental impact. These plastics are produced by reprocessing waste plastics, such as bottles, foams, and films, into various products, including clothing, carpets, bottles, plastic lumber, pipes, floor tiles, compost bins, and egg cartons. These recycled plastic products play a vital role in end-use industries such as packaging, textiles, building & construction, automotive, and electrical & electronics.
Unlock the Potential of Recycled Plastics
This comprehensive market research report equips market leaders and newcomers with revenue insights into the recycled plastics market and its segments. It also offers an understanding of the competitive landscape, strategies for improvement, and vital information on market drivers, restraints, challenges, and opportunities.
Market Dynamics
Drivers
- Negative Environmental Impact of Plastics Disposal
- Growing Awareness Regarding Energy Savings and Government Initiatives
- Increasing Use in Packaging, Automotive, and Electrical & Electronics Industries
- Growth in the Chemical Recycling Process
Restraints
- Strong Competition from Virgin Plastic
- Adverse Impact of Downcycling
Opportunities
- Favorable Initiatives to Promote Use of Recycled Plastics in Developed Countries
- Increasing Use in Textile Industry in Developing Countries of Asia-Pacific
- Development of New Recycling Technologies
Challenges
- Ban on Imports of Waste or Scrap Plastics in China
- Difficulty in Collection of Raw Materials
- Low Recycling Rate for Most Plastics Apart from PET and HDPE
- Non-Acceptance of Pigmented Plastics by Most Recycling Facilities
Companies Mentioned
- Alpek
- B&B Plastics
- Berry Circular Polymers
- Biffa
- Cabka
- Cleanaway
- Covanta Holding Corporation
- Custom Polymers
- Envision Plastics
- Far Eastern New Century Corporation
- Fresh Pak Corporation
- Imerys
- Indorama Ventures Public Ltd
- Jayplas
- Kk Asia Pte Ltd
- Kw Plastics
- Loop Industries, Inc.
- Mba Polymers
- Pet Processors LLC
- Phoenix Technologies
- Plastipak Holdings
- Purecycle
- Remondis Se & Co. Kg
- Replas
- Republic Services
- Stericycle, Inc.
- Suez
- Ultra-Poly Corporation
- Veolia
- Waste Connections, Inc.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 272 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $69.4 Billion |
| Forecasted Market Value (USD) by 2030 | $120 Billion |
| Compound Annual Growth Rate | 8.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/wj005c
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