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The global recycled plastics market reached a value of US$ 3 Billion in7.75 2021. Looking forward, IMARC Group expects the market to reach US$ 51.15 Billion by 2027, exhibiting at a CAGR of 5.09% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Plastic recycling refers to the process of reusing and recovering plastic waste or scraps as functional and valuable products. It includes sorting, washing, shredding, identifying, classifying, extruding, and reprocessing post-industrial plastics. As it helps save natural resources used to make virgin plastics, clear landfill space, and conserve energy, recycled plastics are extensively used in the manufacturing of footwear, fabrics, toys, bags, toothbrushes, and several consumer products.
Recycled Plastics Market Trends
The rising environmental consciousness among individuals about the harmful effects of plastic waste represents one of the significant factors positively influencing the market. Governments of various countries are also introducing stringent regulations and plastic recycling programs to minimize waste production, promote the reuse and recycling of plastic scraps, and encourage sustainable waste treatment. This, in turn, is contributing to the market growth. Apart from this, the growing global population is resulting in the increasing construction activities of residential and commercial complexes, which is driving the use of recycled plastics. In addition, the increasing utilization of plastics in making different components of vehicles is creating a favorable market outlook. This can also be attributed to the boosting sales of passenger and commercial vehicles worldwide. Besides this, the busy schedules of individuals and inflating income levels are escalating the demand for ready-to-eat (RTE) and processed food products, which, in turn, is increasing the sales of packaged plastic materials. Furthermore, leading manufacturers are increasingly focusing on adding value and consumerism to recycled plastic products. They are also investing in research and development (R&D) activities to improve the quality performance of products, which is anticipated to provide a positive thrust to the market.
IMARC Group provides an analysis of the key trends in each sub-segment of the global recycled plastics market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on plastic type, application and raw material.
Breakup by Plastic Type:
Polyethylene terephthalate (PET) currently holds the majority of the market share on account of its expanding applications in the manufacturing of containers, shoes, automobile parts, and luggage.
Breakup by Application:
Non-food contact packaging exhibits a clear dominance in the market as it is extensively used in the industrial processing of products and protects them from unfavorable climatic conditions.
Breakup by Raw Material:
At present, plastic bottles represent the major raw material type for recycled plastics as they find extensive applications in numerous industries for storage purposes.
Regional Insights:
The Asia Pacific dominates the market due to various initiatives undertaken by governments of different countries in the region toward plastic recycling.
Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are
This report provides a deep insight into the global recycled plastics market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the recycled plastics industry in any manner.
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2021 |
| Historical Period | 2016-2021 |
| Forecast Period | 2022-2027 |
| Units | US$ Billion |
| Segment Coverage | Plastic Type, Raw Material, Application, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Companies Covered | Avangard Innovative, B. Schoenberg & Co., Inc., Delta Plastics, UltrePET LLC, CarbonLITE Industries, Veolia, Suez Recycling & Recovery Holdings and KW Plastics |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global recycled plastics market was valued at US$ 37.75 Billion in 2021.
We expect the global recycled plastics market to grow at a CAGR of 5.09% during 2022-2027.
Higher manufacturing cost of virgin resins has necessitated the use of recycled plastic products which represents one of the key factors catalyzing the global recycled plastics market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary shutdown of numerous manufacturing units, thereby negatively impacting the growth of the global recycled plastics market.
Based on the plastic type, the global recycled plastics market can be bifurcated into polyethylene terephthalate (PET), high density polyethylene (HDPE), polypropylene (PP), low-density polyethylene (LDPE), and others. Among these, polyethylene terephthalate (PET) holds the largest market share.
Based on the application, the global recycled plastics market has been segmented into non-food contact packaging, food contact packaging, construction, automotive and others. Currently, non-food contact packaging exhibits a clear dominance in the market.
Based on the raw material, the global recycled plastics market can be categorized into plastic bottles, plastic films, rigid plastic and foam, fibres, and others. Among these, plastic bottles currently represent the largest segment.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific currently dominates the global market.
Some of the major players in the global cheese market include Avangard Innovative, B. Schoenberg & Co., Inc., Delta Plastics, UltrePET LLC, CarbonLITE Industries, Veolia, Suez Recycling & Recovery Holdings, and KW Plastics.
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