Recycled Plastics Market Size, Growth Drivers and Opportunity 2028

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Recycled Plastics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Polyethylene Terephthalate, Polyvinyl Chloride, Polyethylene, Polystyrene, and Others), Source (Plastic Bottles, Plastic Films, Plastic Foams, Plastic Fibers, and Others), and Application (Packaging, Textile, Automotive, Building and Construction, Electrical and Electronics, and Others)

Publication Month: May 2022 | Report Code: TIPRE00020347 | No. of Pages: 150 | Category: Chemicals and Materials | Status: Published

The recycled plastics market is projected to reach US$ 4001.37 million by 2028 from US$ 2682.21 million in 2022; it is expected to grow at a CAGR of 6.9% from 2022 to 2028.

Recycled plastics are resins manufactured by reusing waste plastic products such as bottles, containers, films, and sheets. They can be produced by recovering plastic scraps and wastes, and then it is reprocessed into useful products. The process is defined as cleaning, sorting, and processing pre-consumer and post-consumer plastic wastes into resins for various end-use industries. Recycling plastic has become an important part of increasing awareness about the environment. As most plastic is non-biodegradable in nature, it is necessary to recycle plastic and reuse them.

Increasing emphasis on manufacturing materials and methods associated with recycled plastics is also favoring the market growth. Various start-ups are trying to make their position in the market by developing innovative ways of recycling plastics. For instance, the Cat-HTR, a start-up in Australia, is a unique hydrothermal upgrading platform that can economically and easily transform plastic waste and industry residues, and various biomass into a biocrude or synthetic oil for sustainable production of chemicals and fuels, which helps in reduction of carbon emissions.

In 2020, Asia Pacific held the largest share of the global recycled plastics market. The major factor contributing to the growth of the market in this region is the growing demand for recycled plastics from the automotive, packaging, building & construction, and other manufacturing industries. The increasing development of automotive parts and components in the region with the rise in vehicle production, coupled with continuous innovations from automotive fuel manufacturers, creates lucrative opportunities for the recycled plastics market, which, in turn, drives the market growth. Further, growing construction activities, especially in China and India, will likely attract global market players to establish their businesses in Asia Pacific. In construction, recycled plastic is used as an alternative to traditionally used concrete. Recycled plastic is a low-cost alternative in construction and helps save energy and landfill spaces. When it is combined with virgin plastic, recycled plastic helps the reduction of costs significantly without compromising the result. All these factors are driving the market demand for recycled plastics.

Strategic Insights

Report Coverage - Recycled Plastics Market
Report CoverageDetails
Market Size Value inUS$ 2682.21 Million in 2022
Market Size Value byUS$ 4001.37 Million by 2028
Growth rateCAGR of 6.9% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
No. of Pages150
No. of Tables84
No. of Charts & Figures81
Historical data availableYes
Segments coveredType, Source, and Application
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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Impact of COVID-19 Pandemic on Recycled plastics Market

The COVID-19 pandemic severely impacted the global market in 2020 due to disrupted supply chains of raw materials used to produce recycled plastics. Ease in lockdown measures in several countries and resumption of operational activities in many industries helped revive the demand for recycled plastics from 2021. In addition, the rapid pace of COVID-19 vaccination programs supported the growth of the recycled plastics market.

Recycled plastics Market Breakdown – by Region

Recycled plastics Market Breakdown – by Region

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Market Insights
Expansion of Construction Industry Favours Recycled plastics Market Growth

Increasing construction activities in emerging economies are significantly boosting the growth of the recycled plastics market. Rapid urbanization with an increasing global population is driving the demand for recycled plastic in buildings and construction activities. The rising growth of the construction industry is due to the growing population in emerging economies, including India and China. Moreover, these countries use recycled plastic in residential and commercial construction and other infrastructure projects. Growing demand for more environmentally-friendly homes with a lower carbon footprint and open green spaces is augmenting the market growth for recycled plastic. Roofing titles are essential for any building and take a considerable amount of money to install. Recycled plastic is also used to build roofing titles as they are less expensive than other construction materials. Further, rising awareness among investors regarding environmental protection is driving the demand for recycled plastic in construction materials and designs of more ecologically viable homes.

Application Insights

Based on application, the market is segmented into packaging, textile, automotive, building and construction, electrical and electronics, and others. The packaging segment held the largest market share in 2020. Recycled plastics are used in films, sheets, containers, and bottles in the food & beverages industry. The continuous packaging of product manufacturing regarding their production capacity results in the extensive use of recycled plastic for packaging purposes.

Furthermore, recycled plastic packaging survives in extreme environments and does not degrade in extreme temperatures, thus preserving the integrity of products, such as food & beverages. Increasing demand from sports equipment industries, fashion accessories, toys, soaps, surfactants, and other personal care products will create lucrative market opportunities for the packaging industry.

Recycled plastics Market, by Application– 2020 and 2028

Recycled plastics Market, by Application– 2020 and 2028

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A few of the key market players in the recycled plastics market are REMONDIS SE & CO.KG; Biffa; Stericycle, Inc.; Veolia; Jayplas; Alpek C.V.; Republic Services, Inc.; B & B Plastics Inc.; Clear Path Recycling; and PLASTIPAK HOLDINGS, INC. These companies provide a wide range of product portfolios for the recycled plastics market. These companies have their presence in the developing regions, which provides a lucrative opportunity for recycled plastics. These market players are highly focused on developing high-quality and innovative products to fulfil the customer’s requirements.

Report Spotlights

  • Progressive industry trends in the recycled plastics market to help players develop effective long-term strategies
  • Business growth strategies adopted by developed and developing markets
  • Quantitative analysis of the recycled plastics market from 2020 to 2028
  • Estimation of global demand for recycled plastics
  • Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers in recycled plastics market
  • Recent developments to understand the competitive market scenario
  • Market trends and outlook as well as factors driving and restraining the growth of the recycled plastics market
  • Assistance in decision-making process by highlighting market strategies that underpin commercial interest
  • The size of the recycled plastics market at various nodes
  • Detailed overview and segmentation of the market, as well as the recycled plastics industry dynamics
  • Size of the recycled plastics market in various regions with promising growth opportunities

Recycled plastics Market

  • Type

    • Polyethylene Terephthalate
    • Polyvinyl Chloride
    • Polyethylene
    • Polypropylene
    • Polystyrene
    • Others
  • Source

    • Plastic Bottles
    • Plastic Films
    • Plastic Foams
    • Plastic Fibers
    • Others
  • Application

    • Packaging
    • Textile
    • Automotive
    • Building and Construction
    • Electrical and Electronics
    • Others

Company Profiles

  • Biffa
  • Stericycle, Inc.
  • Veolia
  • Jayplas
  • Alpek S.A.B. De C.V.
  • Republic Services, Inc.
  • B & B Plastics Inc.
  • Clear Path Recycling

Frequently Asked Questions

The major players operating in the global recycled plastics market are REMONDIS SE & CO.KG; Biffa; Stericycle, Inc.; Veolia; Jayplas; Alpek C.V.; Republic Services, Inc.; B & B Plastics Inc.; Clear Path Recycling; PLASTIPAK HOLDINGS, INC.
In 2022, Asia Pacific held the largest share of the global recycled plastics market. The rise in the number of food & beverages industries would cater the demand of recycled plastics in the region. The region is also flourishing owing to presence of manufacturing facilities and cheap labor. China is one of the largest producers of recycled plastics due to abundance of resources.
The polyethylene terephthalate segment held the largest market share. It is a polymer created by combining two monomers: modified ethylene glycol and purified terephthalic acid. Polyethylene terephthalate is the most widely used plastic; it is clear, strong, lightweight, and 100% recyclable. Polyethylene recycled plastics can be identified by recycling code#1; as they have a short lifespan, it is easy to recycle them.
The plastic bottles segment held the largest market share. Plastic bottles are the most recycled post-consumer plastics. Recycling plastic bottles can help conserve 80% of the energy used in manufacturing new bottles, containers, and other products. Recycled plastic bottles are more environmentally friendly than non-recycled single-use plastic bottles, and recycled plastic bottles help reduce the environmental crisis.
The packaging segment held the largest share of the market in 2022. The packaged food and beverage sector have been experiencing robust growth due to lifestyle changes, growing urban population, and rising economic activities in emerging economies. These factors drive the demand for recycled plastic in the packaging industry. Furthermore, introducing innovative solutions such as active packaging, modified atmosphere, edible, and the ability of plastic to be recycled is boosting the market growth in the packaging industry.
Asia Pacific is estimated to register the fastest CAGR in the global recycled plastics market over the forecast period. Many APAC countries, such as China and India, are the world's fastest-growing populations. With a growing population, the automotive, packaging, and construction industries are growing rapidly in APAC. The package printing industry is expanding in the APAC region because of its wide range of applications. The presence of established sectors, such as food & beverages and consumer electronics, in nations such as China, India, Japan, and South Korea has increased the demand for packaging solutions in the region. The market for recycled plastic packaging across APAC has witnessed notable growth due to the rapidly expanding packaging industry, growing food retail sector, and rising consumer awareness about sustainable packaging solutions across the region. The foodservice sector in the region is rapidly expanding owing to rapid economic growth, growing tourism sector, improving consumers lifestyles, and rising disposable income levels.

The List of Companies - Recycled Plastics Market

  2. Biffa
  3. Stericycle, Inc.
  4. Veolia
  5. Jayplas
  6. Alpek S.A.B. De C.V.
  7. Republic Services, Inc.
  8. B & B Plastics Inc.
  9. Clear Path Recycling
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global recycled plastics market.
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the global recycled plastics market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the recycled plastics market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
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