Recycled Plastics Market: Global Industry Forecast (2023-2029) by Source, Type, End-Use Industry, and Region

Recycled Plastics Market was valued at US$ 29.18 Bn. in 2022 and the total Recycled Plastics revenue is expected to grow at 8.9% from 2023 to 2029, reaching nearly US$ 53.01 Bn.
Recycled Plastics Market Overview:
Plastic is a versatile material. It is lightweight, effective, and long-lasting, and has played an important role in the COVID-19 emergency response in the production of personal protective equipment (PPE). Nonetheless, plastic waste is a serious global issue. Every year, the world generates almost 400 million tonnes of plastic, much of which is deemed mismanaged after use. The volume of plastic garbage collected in towns and villages, landfills, dumps, and the natural environment has raised concerns. An estimated 25% of plastic garbage is burnt, with the other 56% being disposed of in landfills. Plastic recycling rates are low, averaging 14-18% globally and significantly lower in some countries, compared to recycling rates of more than 50% for steel, aluminum, copper, and paper.

A variety of factors have contributed to massive volumes of plastic leaking into the world's oceans. Because of plastic's resilience to biodegradation, microplastics have been found in fish and drinking water. The accumulation of plastic garbage in sewers has increased the danger of floods, pollution, and vector-borne illnesses. Increased incineration in recent years raises environmental and health problems since dioxins and other harmful pollutants are released in poorly controlled combustion facilities. Concerns have also been raised by stakeholders about the health and environmental consequences of plastic production, while fossil fuel feedstock inputs for virgin plastics contribute to global emissions.
Recycled Plastics Market Report Scope:
The Recycled Plastics market is segmented based on Source, Type, End-Use Industry, and Region. The growth of various segments helps report users in acquiring knowledge of the many growth factors expected to be prevalent throughout the market and develop different strategies to help identify core application areas and the gap in the target market. The report provides an in-depth analysis of the market and contains meaningful insights, facts, historical data, and statistically supported and industry-validated market statistics. It also includes estimates based on an appropriate set of assumptions and methodologies.

The bottom-up approach has been used to estimate the market size. Key Players in the Recycled Plastics market are identified through secondary research and their market revenues are determined through primary and secondary research. Secondary research included a review of annual and financial reports of leading manufacturers, while primary research included interviews with important opinion leaders and industry experts such as skilled front-line personnel, entrepreneurs, and marketing professionals. Some of the leading key players in the global Recycled Plastics market include Indorama Ventures, Veolia, Suez, and Jayplas. They are continuously strategizing on mergers and acquisitions, strategic alliances, joint ventures, and partnerships for the growth of their market shares.To know about the Research Methodology :- Request Free Sample Report
Recycled Plastics Market Dynamics:
Regulation and increased consumer awareness are increasing the availability of sorted plastic waste:

Plastic recycling is a popular issue that is often in the news, and the market growth potential is enormous. According to the most recent data, just 31% of the plastic garbage collected in Europe was recycled, with the remainder being burnt (producing CO2 emissions) or landfilled (squandering land). The recycling ratio for collected garbage for plastic packaging is slightly higher, at 41 percent. When the volume of plastic that is not even recovered but seeps into the ecosystem is included, the recycling percentages drop even more. Because of the environmental benefits of recycling plastic trash, the European Union (EU) has increased recycling objectives for its member countries. The most recent Circular Economy Package mandates that 55 percent of plastic packaging trash be recycled by 2030 (up from 41 percent in 2016) and that landfilling of separately collected garbage be prohibited. To meet these objectives, both the EU and national governments are taking steps, including extending the types of plastic packaging materials collected from households and instituting deposit programs for plastic bottles.

Demand is being influenced by financial and sustainability issues:

Plastic recycling is influenced by factors other than regulation. For example, salvaged plastics sell at a 20-40% discount to 'virgin' (new, oil-based) plastics, making them commercially appealing to plastic converters. The more expensive oil becomes, the more appealing recycled plastics become. Because of the long-term shortage of oil, the financial gain may grow over time. There is now a far better understanding of the importance of sustainability. Both industrial buyers of recycled plastic granules and end-users of plastic items are becoming more aware of the environmental consequences of their behavior. Several prominent European firms, including IKEA, P&G, and LEGO, utilize recycled polymers rather than oil-based plastics. End-users are increasingly appreciating the use of recycled plastic in new items and are better able to sort their plastic waste.

The Trade of plastic waste is restricted and becoming increasingly difficult:

Allowing waste plastics (and other materials) to flow to countries that have a comparative cost advantage in sorting or recycling might help boost global recycling rates while also increasing shared economic advantages and improving environmental results. Despite this, global commerce in plastic waste is still tiny in comparison to total plastic waste creation. Only over 14 million tonnes (or 4%) of the 300 million tonnes of plastic trash created in 2015 were shipped outside the nation of origin. Imports of plastic garbage are concentrated in a few nations.

In 2016, the People's Republic of China was the largest market for plastic garbage, accounting for around 8 million tons (or 60%) of global imports. Hong Kong (2 million tons), Germany (0.5 million tons), and the United States were the next top importers (0.4 million tons). In 2016, the top plastic garbage exporters to China were Hong Kong, the United States, Japan, Germany, and the United Kingdom, with each exporting between 0.5 million and 1.3 million tons of material. France, Canada, and Italy each exported 0.2, 0.1, and 0.05 million tons. In 2016, the G7 countries accounted for over half of all plastic garbage shipments to China. The monetary value of this transaction was USD 0.9 billion.
Recycled Plastics Market Segment Analysis:
By End-Use Industry, the packaging segment is expected to grow at a CAGR of 8.2% during the forecast period. The use of recycled materials in packaging production confronts several technical, economic, environmental, social, and legal obstacles. Increasing recycling prices, a scarcity of raw materials, the availability of technology to separate various components, and an increase in the number of legal actions are only a few examples. Uncertainty about the quality of secondary raw materials is one of the challenges that operators who wish to use them confront. Many issues arise in packaging recycling when efforts to address the issue of hazardous compounds in packaging are pushed to the end of the process rather than eliminated at the beginning of the product cycle. Chemical contamination of collected packaging materials impedes their further processing and handling. This can occur as a result of the packaging's usage of certain raw materials and additives, or as a result of what was packaged and stored.

Plastics are typically "downcycled" when recycled. Plastics cannot be recycled in the same way that glass or metal can since they cannot be converted into the same quality product and end up being detrimental due to their chemical qualities and how they were manufactured in the first place. More chemicals and additives are added to recycled items to get the desired results. Because of these additives, which are utilized in recycled plastic packaging, plastics frequently include a complex combination of chemical compounds. As a result, plastics are not always pure goods but are combined with resins and waxes, plasticizers, oils, and other additives. Because they can degrade the quality of recycled material, traceability of chemical additives in plastics composition can be a significant obstacle to continued cyclic use of packaging. As a result, it is critical for chemical engineers, package designers, processors, and others to communicate knowledge regarding chemicals and packaging processes. When different materials are used in co-extrusion or lamination, recycling becomes more challenging.

So far, the vast majority of recovered plastics cannot compete with virgin plastics. The plastic packaging chain is now a supply-led market: regardless of the demand for recycled plastics, plastic packaging material is recycled. And, while the demand for recycled plastics for packaging is increasing, it is insufficient to counteract the need for primary plastic materials.
Recycled Plastics Market Regional Insights:
Around 127 countries have passed legislation prohibiting the use of plastic bags, and many have passed legislation prohibiting the use of single-use plastics in general. New restrictions prohibit the use of certain items like straws, packaging materials like polystyrene, or production quantities. Some governments have imposed taxes or waste disposal costs on single-use plastics, as well as extended producer responsibility (EPR) restrictions, recycling objectives, packaging standards, or import prohibitions on plastic garbage. There are also regional and global efforts to prevent plastic pollution, with a particular emphasis on the effects on the marine environment. A rising number of businesses have begun to disclose plastic packaging quantities, set recycling goals, pledged to eliminate single-use plastics, incorporated recycled plastics, and improved waste-management programs.

Throughout the plastics value chain, research, development, and investment have increased, including addressing material design innovations such as biodegradable packaging made from seaweed and cassava, as well as new business models to encourage reuse and refill schemes, improved waste collection, sorting, and advanced recycling technologies. The circular economy is a systematic strategy for decoupling growth from the use of finite resources in which goods are always retained at their best value and waste from one process is fed into another.To date, plastic waste management has primarily been addressed locally or domestically, even though illicit trafficking and mislabelling of plastic garbage are considered to be widespread. Until recently, plastic recycling activities were frequently accompanied by exports, mostly to China. Due to garbage dumping and poor infrastructure for effective disposal, these trade flows became a cause of contention. Researchers further point out that certain nations' waste recycling standards allow for exports but do not significantly impose control on treatment at the destination, hinting that even the minimal available recycling statistics may be overstated. Changes in local regulations and the international regulatory environment are expected to now change the course of this narrative. China banned the import of certain plastic waste at the beginning of 2018, a decision that was quickly followed by many other countries. In May 2019, the 187 parties to the Basel Convention - a treaty on the transboundary movement and disposal of hazardous and other wastes - added most types of plastic waste to the list of controlled wastes in response to increased attention to the issue of plastic waste dumping in countries lacking appropriate treatment facilities.

The EU's Waste Shipment Regulation (WSR) is another influential legal framework, with revisions underway to ensure that the Basel plastic waste amendments are incorporated into the EU, and specific tools used to ensure that non-hazardous plastic waste can still be traded within the bloc. The EU Strategy for Plastics in a Circular Economy intends to increase plastic recycling by supporting research, innovation, new products, and business models, in tandem with suggested legislation for improved waste management.

The EU has also set a 2030 target for all packaging in its market to be reused or recyclable in an economically sustainable manner. This is expected to impact developing-country traders that use plastic packaging or final items. Finally, the EU has established a Circular Plastics Alliance intending to increase the EU market for recycled plastic to 10 million tonnes by 2025. More than 175 bodies from industry, academia and government have vowed to take action. Once functional services are in place, this might be a source of potential to grow recycling commerce with third parties.
Recycled Plastics Market Scope: Inquire before buying



Global Recycled Plastics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 29.18 Bn.


Forecast Period 2023 to 2029 CAGR:
8.9 %
Market Size in 2029:
US $ 53.01 Bn.


 Segments Covered:
by Product
• Bottles
• Films
• Fibers
• Foams
• Others


by Plastic Type
• Polyethylene Terephthalate (PET)
• Polyethylene (PE)
• Polyvinyl Chloride (PVC)
• Polypropylene (PP)
• Polystyrene (PS)
• Others


by Application
• Packaging
• Building & Construction
• Textile
• Automotive
• Electrical & Electronics
• Others


by Process
• Mechanical
• Chemical


by Type
• Post-Consumer Recyclate
• Industrial Recyclate



Recycled Plastics Market by Region
•North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina, Columbia and Rest of South America)
Recycled Plastics Market Key Players are:
• Clear Path Recycling(US)
• Custom Polymers(US)
• Plastipak Holdings(US)
• Republic Services (US)
• Stericycle(US)
• KW Plastics(US)
• B. Schoenberg & Co.(US)
• B&B Plastics(US)
• Waste Connections, Inc.(US)
• MBA Polymers(US)
•Indorama Ventures (Thailand)
• Veolia (France)
• Suez(France)
• Jayplas (UK)
• Biffa(UK)
• Alpek (Mexico)
• Far Eastern New Century Corporation (Taiwan)
• Remondis SE & Co. KG (Germany)

FAQs:

1. Which is the potential market for Recycled Plastics in terms of the region?
Ans. APAC is the potential market for Recycled Plastics in terms of the region.

2. What are the opportunities for new market entrants?
Ans. Demand is being influenced by financial and sustainability issues.

3. What is expected to drive the growth of the Recycled Plastics market in the forecast period?
Ans. Regulation and increased consumer awareness are increasing the availability of sorted plastic waste.

4. What is the projected market size & growth rate of the Recycled Plastics Market?
Ans. The recycled Plastics Market was valued at US$ 29.18 Bn. in 2022 and the total Recycled Plastics revenue is expected to grow at 8.9% from 2023 to 2029, reaching nearly US$ 53.01 Bn.

5. What segments are covered in the Recycled Plastics Market report?
Ans. The segments covered are Source, Type, End-Use Industry, and Region.