Global Recycled Plastic Market, By Source (Bottles, Films, Fibers, Foams, and Others), Polymer Type (Polyethylene Terephthalate (PET), High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Polypropylene, Polyvinyl Chloride (PVC), Polystyrene (PS), Polyurethane (PUR), and Others), Industry (Packaging, Building & Construction, Automotive, Electrical and Electronics, Furniture, Textile and Clothing, Aerospace and Defence, and Others) - Industry Trends and Forecast to 2030.
Recycled Plastic Market Analysis and Size
The market is expected to grow significantly in the forecast period of 2023 to 2030. Data Bridge Market Research analyses that the market is growing with a CAGR of 4.6% in the forecast period of 2023 to 2030 and is expected to reach USD 39,458,951.91 thousand by 2030. The growing use of recycled plastic in various industries has been the major driver for the global recycled plastic market.
The market report provides details of market share, new developments, and the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, products approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an analyst brief. Our team will help you create a revenue-impact solution to achieve your desired goal.
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Thousand
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Segments Covered
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Source (Bottles, Films, Fibers, Foams, and Others), Polymer Type (Polyethylene Terephthalate (PET), High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Polypropylene, Polyvinyl Chloride (PVC), Polystyrene (PS), Polyurethane (PUR), and Others), Industry (Packaging, Building & Construction, Automotive, Electrical and Electronics, Furniture, Textile and Clothing, Aerospace and Defence, and Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, U.K., Spain, Italy, Netherlands, Austria, Turkey, Belgium, Switzerland, Rest of Europe, China, Japan, India, South Korea, Taiwan, Hong Kong, Australia & New Zealand, Thailand, Singapore, Philippines, Malaysia, Indonesia, Rest of Asia-Pacific, South Africa, Saudi Arabia, U.A.E., Egypt, Isreal and Rest of Middle East & Africa
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Market Players Covered
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Veolia, LyondellBasell Industries Holdings B.V., Indorama Ventures Public Company Limited, Dow, Repsol, Alpek S.A.B. de C.V., Far Eastern New Century Corporation, Borealis AG, PLASTIPAK HOLDINGS, INC., KW Plastics, Ultra-Poly Corporation, Jayplas, CUSTOM POLYMERS, Recycled Plastics UK, K K Asia (HK) Ltd., Envision Plastics, B & B Plastics Inc., Granite Peak Plastics., B. Schoenberg & Co., Inc., MBA Polymers Inc., and Revolution Company among others
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Market Definition
Recycled plastic refers to plastic materials that have undergone a process of transformation, where waste plastic is collected, sorted, cleaned, and processed into new usable products. It involves breaking down the plastic into small pieces, melting them, and reshaping them into various forms, such as bottles, containers, or fibers. This recycling process helps divert plastic waste from landfills, conserves natural resources, and reduces the need for virgin plastic production.
Recycled Plastic Market Dynamics
This section deals with understanding the market drivers, opportunities, challenges, and restraints. All of this is discussed in detail below:
Drivers
- Rising demand for sustainable packaging
Packaging plays an important role as plastic packaging in food packaging, which protects foods against environmental, chemical, and physical factors that could possibly contaminate all of the food if not packaged correctly. The essential role of packaging is to protect the product from damage during transit, but packaging also protects the product in the warehouse and retail shoes before the sale of the product. Different types of packaging are used for different types of products.
- Implementation of supportive initiatives by various governments regarding recyclable plastic
Various governments are implementing supportive policies toward recycled plastic products and materials for several reasons. Concerns and knowledge about how plastic garbage affects the environment are growing. Plastic pollution is now a significant problem on a global scale, having a negative influence on ecosystems, wildlife, and public health. Governments are aware that encouraging the use of recycled plastic will lessen the amount of plastic trash disposed of in landfills and reduce pollution in the ocean and waterways.
In addition to the above reason, Supporting recycled plastic items aligns with circular economy objectives. Governments know plastic is a useful material that should be recycled and repurposed rather than discarded. Governments may boost the market for recycled materials, promote innovation in recycling technology, and open up new business opportunities for companies and sectors that specialize in plastic recycling by enacting regulations that encourage the use of recovered plastic. In addition, these regulations aid in lowering greenhouse gas emissions linked to the manufacture and burning of plastics, aiding in the fight against global warming.
Opportunities
- Advancements in plastic recycling technologies
Technological advancements are always seen as an opportunity for the expansion of market scope as they will always result in better and high-quality products, cost efficiency, energy efficiency, and others. In that case, recycling involves many innovative technologies, such as advanced sorting systems, mechanical recycling, and chemical recycling. This will help in attaining a more effective and efficient recycling process and helps in overcoming the challenges such as contamination, limited recyclability, and even results in higher-quality recycling products.
- Shift towards a circular economy
A circular economy is an economic strategy that seeks to promote sustainability, reduce waste, and make the best use of resources possible. Keeping items and materials in use for as long as feasible using techniques of recycling, reuse, and repair entails planning out waste and pollution. By lowering reliance on finite resources, supporting regenerative practices, and closing the material flow loop, the circular economy aims to decouple economic growth from resource consumption. To achieve long-term economic, social, and environmental benefits, it seeks to establish a system where resources are used effectively, waste is reduced, and the environment is preserved.
Restraint
- Ineffective plastic waste segregation and disposal
One of the major restraints in plastic waste segregation is the material quality that is collected through waste. Such ineffective waste segregation and disposal leads to plastic waste accumulation in landfills and releasing harmful pollutants into the environment. These pollutants end up in the ecosystems that can cause damage to the ecology, and harms the wildlife. Moreover, the inefficient segregation and disposal of plastic waste decrease the recovery of potential plastic resources. Such plastics are wasted, which affects plastics recycling, thus increasing the burden on industries for new virgin plastic production. In addition to it, if the recycled plastics are not uniform in nature and have the presence of contamination, that can lead to less demand for such recycled plastic products
Challenge
- High cost associated with recycled plastics production
The recycling of plastics poses a wide number of challenges, including the higher cost of recycling when compared to the plastic produced obtained from virgin materials. The recycling challenges are associated with the complex process of sorting and process of plastic waste and a diverse variety of plastics. The potential factor contributing to the high cost of recycled plastics production is related to geographically dispersed waste generation. At different locations, plastic waste is being generated, which makes it a great challenge for the collection of waste. Moreover, the collection and transportation costs can be very high when the waste is sourced from far areas, which makes the recycling of plastics less economically feasible.
Recent Development
- On October 2020, Nestle joined hands with Plastic Energy to explore the scope for the first- commercial large-scale facility in U.K. Plastic Energy’s recycling technology offers both a sustainable solution and an innovative source of high quality recycled products to use in Nestle products.
- In November 2022, Lyondellbasell decided to install an advanced recycling plant in Germany. Using LyondellBasell’s proprietary MoReTec technology, this commercial scale advanced recycling plant would convert pre-treated plastic waste into feedstock for new plastic production.
Recycled Plastic Market Scope
The market is categorized based on source, polymer type, and industry. The growth amongst these segments will help you analyze major growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.
Source
- Bottles
- Films
- Fibers
- Foams
- Others
On the basis of source, the market is segmented into bottles, films, fibers, foams, and others.
Polymer Type
- Polyethylene Terephthalate (PET)
- High-density Polyethylene (HDPE)
- Low-density Polyethylene (LDPE)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Polyurethane (PUR)
- Others
On the basis of polymer type, the market is segmented into high-density polyethylene (HDPE), low-density polyethylene (LDPE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS), polyurethane (PUR) and others.
Industry
- Packaging
- Building & Construction
- Automotive
- Electrical and Electronics
- Furniture
- Textile and Clothing
- Aerospace and Defence
- Others
On the basis of industry, the market is segmented into packaging, building & construction, automotive, electrical and electronics, furniture, textile and clothing, aerospace and defence, and others.
Recycled Plastic Market Regional Analysis/Insights
The market is segmented on the basis of source, polymer type, and industry.
The countries covered in the market are the U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, U.K., Spain, Italy, Netherlands, Austria, Turkey, Belgium, Switzerland, Rest of Europe, China, Japan, India, South Korea, Taiwan, Hong Kong, Australia & New Zealand, Thailand, Singapore, Philippines, Malaysia, Indonesia, Rest of Asia-Pacific, South Africa, Saudi Arabia, U.A.E., Egypt, Isreal and Rest of Middle East & Africa.
Asia-Pacific is expected to dominate the global recycled plastic market due to the increasing demand in the automotive industry. China is expected to dominate the recycled plastic market due to the rising demand from various industries for recycled plastic.
The country section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data point downstream and upstream value chain analysis, technical trends porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Recycled Plastic Market Share Analysis
The recycled plastic market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to the recycled plastic market.
Some of the major market players operating in the market are Veolia, LyondellBasell Industries Holdings B.V., Indorama Ventures Public Company Limited, Dow, Repsol, Alpek S.A.B. de C.V., Far Eastern New Century Corporation, Borealis AG, PLASTIPAK HOLDINGS, INC., KW Plastics, Ultra-Poly Corporation, Jayplas, CUSTOM POLYMERS, Recycled Plastics UK, K K Asia (HK) Ltd., Envision Plastics, B & B Plastics Inc., Granite Peak Plastics., B. Schoenberg & Co., Inc., MBA Polymers Inc., and Revolution Company among others.
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