The Europe recycled plastics market reached a volume of 9.4 Million Tons in 2018. Recycled plastic refers to the scrap or waste plastic that is again recovered to manufacture useful products with the help of various recycling processes. When different types of plastics are melted together, they tend to phase-separate, like oil and water, and are set in the form of layers. The recycling is generally done using heat compression method or the monomer recycling process that reverses the polymerization reaction in order to recycle the same type of condensed polymer. Europe is the second largest producer of plastics in the world, after China. Huge plastic production in the region leads to the generation of enormous quantities of plastic waste that harms the environment. The recycling of such large amounts of waste plastics helps a lot in energy conservation, saving natural resources that are used to make virgin plastics, clearing landfill space, thereby maintaining a balance in the plastics industry in the region.
According to the European Association of Plastic Manufacturers, the plastic waste recycling has increased by almost 80% in last 10 years in Europe. The concerns rising out due to the difficulty in disposal of virgin plastics, growing awareness about energy savings and the increasing usage of waste plastics in many applications are expected to positively influence the growth of the recycled plastics market in the region. The plastic industry also represents as one of the major sectors of the European economy. The demand for various plastics is rising in packaging, building & construction and automotive sectors across various European countries, thereby creating a positive impact on the overall recycled plastics demand. Moreover, many associations and commissions have been formed to create awareness about the plastic recycling among manufacturers, distributors as well as European citizens. Concerns regarding waste disposal and contamination of plastic waste are driving the adoption of recyclable plastics specially in the food and beverages packaging sector, consumer and retail sector. Catalyzed by such factors, the European recycled plastic market is expected to surge in the coming years. Looking forward, IMARC Group expects this market to reach a volume of 12.8 Million Tons by 2024, growing at a CAGR of 5.2% during 2019-2024.
Market Breakup by Source
Currently, plastic bottles accounts for majority of the market share in the region.
Market Breakup by Application
Currently, packaging segment accounts for the largest share in the region.
Market Breakup by Plastic Type
Currently, PET plastics represent the leading segment among all the recycled plastic types in the region.
Market Breakup by Country
Currently, Germany represents the largest market for recycled plastics in Europe.
The report has also examined the competitive landscape of the European recycled plastics market. Some of the major players include:
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