According to the latest report by IMARC Group, titled "Europe Recycled Plastics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the Europe recycled plastics market reached a volume of 11.14 Million Tons in 2021. Plastic recycling refers to the procedure of recovering and reprocessing scrap plastic materials into value-added products. Some of the common types of plastics include polyethylene terephthalate (PET), high-density polyethylene (HDPE), low-density polyethylene (LDPE), and polypropylene (PP). The generated waste goes through five stages, namely sorting, washing, shredding, identification, and classification, and extruding. Products manufactured through this process are biodegradable and environment friendly, thereby aiding in reducing landfill dependence, conserving resources, lowering plastic pollution, and preventing greenhouse gas (GHG) emissions.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Europe Recycled Plastics Market Trends:
The growing environmental consciousness, rising concerns toward energy consumption, and increasing awareness regarding the harmful effects of plastic waste are majorly driving the Europe recycled plastic market growth. In line with this, the increasing usage of plastic in various end-use industries, such as packaging, automotive, food and beverage (F&B), and electronics, is further facilitating the product demand across the region. Additionally, the European Commission is introducing numerous recycling programs and implementing favorable policies for controlling waste production, encouraging reuse and recycling of scrap plastic and sustainable plastic disposable solutions while promoting effective waste management. This, in turn, is acting as another major growth-inducing factor. Besides this, continuous investments in research and development (R&D) activities, along with rapid technological advancements, such as the adoption of artificial intelligence (AI), to effectively sort plastic waste and enhance the quality performance of recycled plastic products, are positively influencing the market growth. Looking forward, the market is expected to reach a volume of 15.7 Million Tons, growing at a CAGR of around 5.5% during 2022-2027.
- Based on the source, the market has been divided into plastic bottles, plastic films, rigid plastics and foams, fibres, and others. Currently, plastic bottles accounts for majority of the market share.
- On the basis of the application, the market has been classified into packaging, electrical and electronics, automotive, agriculture, construction and demolition, household (non-packaging use), and others. At present, packaging segment accounts for the largest share in the region.
- Based on the plastic type, the market is dominated by polyethylene terephthalate (PET) plastics, followed by high-density polyethylene (HDPE), low-density polyethylene (LDPE), polypropylene (PP), and others.
- On the geographical front, Germany represents the largest market share. Other regions include the United Kingdom (UK), Italy, France, Spain, and others.
- The competitive landscape of the market has been examined with some of the key players being Müller-Guttenbrunn Group, MBA Polymers, Inc., Paprec Group, Morssinkhof Rymoplast, and Others.
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