The Future of Plastics: How Recycled Materials Are Shaping the Industry | Recycled Plastics Industry Growing Trends & Demand Analysis with Forecast
Recycled Plastics are plastics that have been processed from used plastic products into new materials, reducing waste and the need for virgin resources. This process helps minimize environmental impact by diverting plastic waste from landfills and oceans, conserving natural resources, and reducing greenhouse gas emissions. Recycled plastics are used in a wide range of applications, from packaging and construction materials to automotive parts and consumer goods, promoting a circular economy and sustainable practices.
The global recycled plastics market size is valued at USD 69.4 billion in 2023 and is projected to reach USD 120.0 billion by 2030, growing at 8.1% cagr during the forecast period. The growing demand for usage of recovered plastics to control the rising plastic pollution levels has spurred the consumption of recycled plastics. Since recycled plastics conserve more of expended energy than virgin plastics, these are employed in most of the major end-use industries including packaging, textiles, building & construction, automotive, and electrical & electronics.
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What is the market potential of Plastic Recycling?
▶️ Growing Demand for Sustainable Solutions: With rising awareness about plastic pollution, both consumers and businesses are seeking sustainable alternatives, boosting the demand for recycled plastics.
▶️ Regulatory Support: Governments worldwide are implementing stricter regulations and incentives to promote plastic recycling, such as extended producer responsibility programs and plastic bans.
▶️ Technological Advancements: Innovations in recycling technologies, including improved sorting and processing methods, are enhancing the efficiency and quality of recycled plastics, expanding their market applications.
▶️ Industry Growth: The global plastic recycling market is experiencing robust growth, with increasing investments in recycling infrastructure and facilities. The market is projected to expand as more industries adopt recycled materials.
▶️ Economic Benefits: Recycling plastics can reduce raw material costs and energy consumption compared to producing new plastics, making it an economically attractive option for businesses.
Overall, the plastic recycling market holds strong potential for growth, driven by environmental, regulatory, and economic factors, contributing to a more sustainable future.
Is there a demand for recycled plastic?
Yes, there is a growing demand for recycled plastic due to increased environmental awareness, stricter regulations, and consumer preference for sustainable products. Governments are enforcing policies to reduce plastic waste, while companies and consumers are shifting towards recycled materials for their environmental benefits. Economic incentives also make recycled plastics an attractive alternative, contributing to a robust and expanding market.
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Drivers, Restraints, Opportunities and Challenges in Recycled Plastics Market:
♻️ Drivers: Increasing use in packaging, automotive, and electrical & electronics industries
♻️ Restraints: Adverse impact of downcycling
♻️ Opportunity: Favourable initiatives to promote use of recycled plastics in developed countries
♻️ Challenge: Difficulty in collection of raw materials
Recycled Plastics Market Segmentation
✔️ Recycled Plastics Market by Source:
✔️ Recycled Plastics Market by Plastic Type:
By plastic type, the polyethylene terephthalate (PET) segment is the largest segment of the recycled plastics market during 2023 to 2030.
The polyethylene terephthalate (PET) segment, by plastic type, is projected to account for the largest share of recycled plastics market owing to its widespread applications. PET can be recovered and recycled repeatedly and remolded to produce new PET products. It is usually recycled into fashion products such as polar fleece clothes, backpacks, and carpets, along with food & beverage, building & construction, Packaging applications.
✔️ Recycled Plastics Market by Process:
✔️ Recycled Plastics Market by Type:
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✔️ Recycled Plastics Market by End-use Industry:
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✔️ Recycled Plastics Market by Region:
The recycled plastics market is experiencing significant regional growth globally. In North America, the market is driven by advanced recycling innovations and robust regulatory frameworks, with the U.S. and Canada leading in expanding recycling infrastructure. Europe stands out for its stringent regulations and ambitious recycling targets, which are fostering high demand and the development of advanced technologies. The Asia-Pacific region is seeing rapid growth due to urbanization and stricter environmental regulations, especially in China and India. In Latin America, emerging markets are gradually increasing their recycling efforts, with countries like Brazil and Mexico improving waste management practices. Meanwhile, the Middle East & Africa are seeing nascent growth, with rising investments in recycling infrastructure and growing environmental awareness. Overall, each region is advancing its recycling practices, contributing to the global expansion of the recycled plastics market.
Recycled Plastics Market Key Players
♻️ Alpek (Mexico)
♻️ Biffa (UK)
♻️ Cabka (Germany)
♻️ Far Eastern New Century 遠東新世紀 (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)
Recent Developments
⏭ In April 2023, Indorama Ventures and Evertis, a pioneer in sustainable PET barrier films, announced their collaboration to use flake from recycled PET trays to produce PET film suitable for food packaging trays. The partnership supports Evertis’ 2025 target of 50% post-consumer recycled content in their products.
⏭ In February 2023, Loop Industries, SUEZ, and SK geo centric confirmed the Grand Est region of France as the manufacturing site to produce virgin-quality PET plastic made from 100% recycled content. The three partners aim to start construction work in early 2025 with plant commissioning slated for 2027.
Frequently Asked Questions (FAQ):
❓ What is the current size of the recycled plastics market?
❓ Which region is expected to hold the highest market share in the recycled plastics market?
❓ What is the major end-use industry of recycled plastics?
❓ Who are the major players operating in the recycled plastics market?
❓ What is the total CAGR expected to record for the recycled plastics market during 2023-2030?