Market Overview:

The global recycled plastics market size reached US$ 39.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 53.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.88% during 2023-2028.

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.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global recycled plastics market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on plastic type, application and raw material.

Breakup by Plastic Type:

• Polyethylene Terephthalate (PET)
• High Density Polyethylene (HDPE)
• Polypropylene (PP)
• Low Density Polyethylene (LDPE)
• Others
   

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
• Food Contact Packaging
• Construction
• Automotive
• Others
   

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:

• Plastic Bottles
• Plastic Films
• Rigid Plastic and Foam
• Fibres
• Others
   

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:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
   

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

• Avangard Innovative
• B. Schoenberg & Co., Inc.
• Delta Plastics
• UltrPET LLC
• CarbonLITE Industries
• Veolia Environment SA
• Suez Recycling & Recovery Holdings
• KW Plastics

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 Coverage: