Recycled Plastics Market Size
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 61.13 Billion |
| Market Size (2029) | USD 82.85 Billion |
| CAGR (2024 - 2029) | 6.27 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Recycled Plastics Market Analysis
The Recycled Plastics Market size is estimated at USD 61.13 billion in 2024, and is expected to reach USD 82.85 billion by 2029, growing at a CAGR of 6.27% during the forecast period (2024-2029).
Recycled plastics are the result of repurposing waste plastic into valuable items. The process involves sorting, cleaning, extruding, reprocessing, and identifying the plastic. With the prevalent global issue of non-biodegradable plastics, recycling stands out as a crucial solution to combat the environmental accumulation of polymers.
Technological advancements in recycling are pivotal in driving the recycled plastics market. Innovations like chemical recycling and improved sorting methods have significantly boosted the efficiency and quality of recycled plastics. Moreover, as consumers increasingly prioritize sustainability, manufacturers across industries, from automotive to consumer goods, are adopting recycled materials. This shift is evident in the production of various items, including car parts, packaging, and household goods. With these advancements and the growing demand for sustainable solutions, the market is poised for substantial growth in the coming years.
Recycled Plastics Market Trends
Increasing Adoption of Recycled Plastic in Packaging Industries
Key players in the automotive, electrical and electronics, and packaging sectors are increasingly turning to recycled plastics, driving the demand for these materials. These sectors collectively consume close to 6 million tons of plastic packaging each year. The food and beverage industry is at the forefront of the push for food-safe packaging, propelling the use of recyclable polymers. These polymers, when employed as packaging barriers, not only ensure food safety but also present a sustainable option to traditional plastics, thereby expanding their market reach.
Recycled polyethylene terephthalate (PET) stands out as the preferred choice for crafting water and beverage bottles. Beyond edibles, recycled polymers are finding applications in packaging for toys, fashion accessories, and sports equipment, enhancing the durability of these items. Their inert characteristics are also driving the demand for packaging personal care products like shampoos, soaps, and surfactants. With their increasing adoption in consumer goods packaging, the market for recycled polymers is poised for further growth.
Rise in Recycled Plastics Market in Asia Pacific
During the review period, Asia-Pacific led the recycled plastics market, propelled by urbanization, industrialization, and economic growth. The region's industrial sector saw a notable uptick in plastic usage, supported by a growing automotive sector and an expanding role in construction. Significant investments in infrastructure, coupled with a surge in residential and commercial constructions, further bolstered this trend.
Additionally, stringent government regulations, rising environmental concerns, and a global push for sustainability have spurred innovative solutions in recycled plastic adoption. For instance, the Indian government introduced the 'India Plastics Pact,' a collaboration between WWF India and the Confederation of Indian Industry, and it was supported by UK Research and Innovation (UKRI) and WRAP. This pact aims for ambitious targets, including transitioning to 100% reusable or recyclable plastic packaging and effectively recycling 50% of plastic packaging during the forecast period.
Recycled Plastics Industry Overview
The recycled plastics market is fragmented, with the presence of several local and global players. Major players in the market are focusing on their growth strategies, such as investing in R&D centers, expansion of plastic recycling operations, and infrastructure development to strengthen their presence. Some of the major players include Biffa, Stericycle, Republic Services, Veolia, and Indorama Ventures.
Recycled Plastics Market Leaders
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Biffa
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Stericycle
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Republic Services
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Veolia
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Indorama Ventures
*Disclaimer: Major Players sorted in no particular order
Recycled Plastics Market News
- March 2024: PepsiCo, in collaboration with its partners in the flexible food packaging supply chain, unveiled a line of premium snack packaging boasting a significant 50% recycled plastic content. This innovative packaging, meeting rigorous food-contact standards, debuted with PepsiCo's Sunbites brand, initially hitting the shelves in the United Kingdom and Ireland.
- February 2023: SK Geo-Centric, Loop Industries, and SUEZ announced their selection of the Grand Est region in France to manufacture virgin-quality PET plastic exclusively from 100% recycled materials. The trio plans to commence construction in early 2025, targeting a plant commissioning by 2027.
Recycled Plastics Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumption and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Awareness Regarding Sustainable Plastic Waste Management
4.2.2 Implementation of Restrictions on Landfills
4.3 Market Restraints
4.3.1 Preference for Virgin Plastics Over Their Recycled Alternatives
4.3.2 Ineffective Plastic Waste Segregation and Disposal
4.4 Market Opportunities
4.4.1 Regulations Imposed by Authorities Promote the Adoption of Recycled Plastics
4.4.2 Advancements in Plastic Recycling Technologies
4.5 Value Chain Analysis
4.6 Industry Attractiveness: Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competitive Rivalry
4.7 Insights into Technological Advancements in the Industry
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Polyethylene
5.1.2 Polyvinyl Chloride
5.1.3 Polyethylene Terephthalate
5.1.4 Polypropylene
5.1.5 Polystyrene
5.1.6 Other Types
5.2 By Source
5.2.1 Foams
5.2.2 Films
5.2.3 Bottles
5.2.4 Fibers
5.2.5 Other Sources
5.3 By End User
5.3.1 Building and Construction
5.3.2 Packaging
5.3.3 Electrical and Electronics
5.3.4 Automotive
5.3.5 Other End Users
5.4 By Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Europe
5.4.2.1 United Kingdom
5.4.2.2 Germany
5.4.2.3 France
5.4.2.4 Russia
5.4.2.5 Italy
5.4.2.6 Spain
5.4.2.7 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 India
5.4.3.2 China
5.4.3.3 Japan
5.4.3.4 Australia
5.4.3.5 Rest of Asia-Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle East and Africa
5.4.5.1 United Arab Emirates
5.4.5.2 South Africa
5.4.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Biffa
6.2.2 Stericycle
6.2.3 Republic Services
6.2.4 Veolia
6.2.5 Indorama Ventures
6.2.6 Loop Industries
6.2.7 Plastipak Holdings
6.2.8 KW Plastics
6.2.9 B&B Plastics
6.2.10 Green Line Polymers*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Recycled Plastics Industry Segmentation
Plastic recycling involves the recovery and reprocessing of scrap or waste plastics into valuable products. This not only reduces landfill dependence but also helps in resource conservation, combating both plastic pollution and greenhouse gas emissions. The market for recycled plastics is categorized by type, source, end user, and geography. Types include polyethylene, polyvinyl chloride, polyethylene terephthalate, polypropylene, polystyrene, and other types. Sources encompass foams, films, bottles, fibers, and other sources. End users span building and construction, packaging, electrical & electronics, automotive, and other end users. Geographically, the market is divided into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. The report offers market size and forecasts for the recycled plastics market in value (USD) for all the above segments.
| By Type | |
| Polyethylene | |
| Polyvinyl Chloride | |
| Polyethylene Terephthalate | |
| Polypropylene | |
| Polystyrene | |
| Other Types |
| By Source | |
| Foams | |
| Films | |
| Bottles | |
| Fibers | |
| Other Sources |
| By End User | |
| Building and Construction | |
| Packaging | |
| Electrical and Electronics | |
| Automotive | |
| Other End Users |
| By Geography | |||||||||
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Recycled Plastics Market Research FAQs
How big is the Recycled Plastics Market?
The Recycled Plastics Market size is expected to reach USD 61.13 billion in 2024 and grow at a CAGR of 6.27% to reach USD 82.85 billion by 2029.
What is the current Recycled Plastics Market size?
In 2024, the Recycled Plastics Market size is expected to reach USD 61.13 billion.
Who are the key players in Recycled Plastics Market?
Biffa, Stericycle, Republic Services, Veolia and Indorama Ventures are the major companies operating in the Recycled Plastics Market.
Which is the fastest growing region in Recycled Plastics Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Recycled Plastics Market?
In 2024, the Asia Pacific accounts for the largest market share in Recycled Plastics Market.
What years does this Recycled Plastics Market cover, and what was the market size in 2023?
In 2023, the Recycled Plastics Market size was estimated at USD 57.30 billion. The report covers the Recycled Plastics Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Recycled Plastics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Recycled Plastics Industry Report
Statistics for the 2024 Recycled Plastics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Recycled Plastics analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
