Recycled Plastics Market Forecasts to 2030 - Global Analysis By Type (Polyethylene Terephthalate, High-Density Polyethylene, Low-Density Polyethylene and Other Types), Form, Process, End User and By Geography

According to Stratistics MRC, the Global Recycled Plastics Market is accounted for $76.4 billion in 2024 and is expected to reach $136.1 billion by 2030 growing at a CAGR of 10.1% during the forecast period. Recycled Plastics are powerful electric engines driving machinery in factories, plants, and utilities. Recycled plastics are materials recovered and processed from waste plastic products to create new items. This process reduces the need for virgin plastic production, conserves resources, and mitigates environmental impact. The market is witnessing significant growth due to increased environmental awareness, government regulations, and advancements in recycling technologies.

According to data from the United Nations Environment Programme (UNEP), global plastic production has grown exponentially from 2 million metric tons in 1950 to 348 million metric tons in 2017. This massive increase in plastic production is a key driver for the growth of the recycled plastics market.

Market Dynamics:

Driver:

Growing consumer and governmental focus

Consumers are becoming more environmentally conscious, preferring products with sustainable packaging. Governments worldwide are implementing policies to reduce plastic waste and promote recycling. These factors are compelling manufacturers to adopt recycled plastics, thereby boosting market growth. The shift towards a circular economy and the emphasis on reducing carbon footprints further enhance the market's expansion.

Restraint:

High processing costs

The high processing costs associated with recycling plastics pose a significant restraint to market growth. The recycling process involves several stages, including collection, sorting, cleaning, and reprocessing, which require substantial investment in technology and infrastructure. Additionally, the cost of recycled plastics can sometimes be higher than that of virgin plastics, making it less attractive to cost-sensitive industries. These economic challenges can hinder the widespread adoption of recycled plastics, particularly in developing regions.

Opportunity:

Innovative recycling technologies

Innovative recycling technologies present a substantial opportunity for the recycled plastics market. Advances in chemical recycling, improved sorting techniques, and the development of more efficient processing methods are enhancing the quality and cost-effectiveness of recycled plastics. These technological innovations enable the recycling of a broader range of plastic types and improve the purity of the recycled material. As these technologies become more accessible and scalable, they are expected to drive significant growth in the recycled plastics market.

Threat:

Competition from alternative materials

The competition from alternative materials, such as biodegradable plastics and other sustainable packaging solutions, poses a threat to the recycled plastics market. These alternatives are gaining popularity due to their environmental benefits and the growing consumer preference for eco-friendly products. Additionally, advancements in material science are leading to the development of new, more sustainable materials that could potentially replace traditional plastics. This competition can limit the market share and growth potential of recycled plastics.

Covid-19 Impact:

The COVID-19 pandemic had a mixed impact on the recycled plastics market. While the demand for packaging materials surged due to increased e-commerce and home deliveries, the recycling industry faced challenges such as supply chain disruptions and reduced collection rates. The pandemic highlighted the importance of sustainable packaging, driving long-term growth prospects for recycled plastics despite short-term operational challenges.

The polyethylene terephthalate (PET) segment is expected to be the largest during the forecast period

The polyethylene terephthalate (PET) segment is expected to be the largest during the forecast period. PET is widely used in packaging applications, particularly for beverages, due to its excellent strength, lightweight, and recyclability. The high recycling rate of PET and its extensive use in consumer goods packaging drive its dominance in the market. The increasing demand for sustainable packaging solutions in the food and beverage industry further boosts the growth of the PET segment.

The films segment is expected to have the highest CAGR during the forecast period

The films segment is expected to have the highest CAGR during the forecast period. Recycled plastic films are extensively used in packaging, agriculture, and construction due to their flexibility, durability, and cost-effectiveness. The growing demand for sustainable packaging solutions and the increasing use of plastic films in various industrial applications drive the rapid growth of this segment. Technological advancements in film recycling processes also contribute to the high CAGR of the films segment.

Region with largest share:

The Asia Pacific region is positioned to dominate the Recycled Plastics Market. The region's large population, rapid industrialization, and increasing environmental awareness drive the demand for recycled plastics. Countries like China, India, and Japan are investing heavily in recycling infrastructure and implementing stringent regulations to promote sustainable practices. The growing packaging, automotive, and construction industries in the region further contribute to its leading market share.

Region with highest CAGR:

The Europe region anticipates rapid growth in the Recycled Plastics Market. The region's strong regulatory framework, commitment to sustainability, and advanced recycling technologies drive market expansion. European countries are leading the way in implementing circular economy practices and reducing plastic waste. The increasing consumer preference for eco-friendly products and the significant investments in recycling infrastructure contribute to the high CAGR in Europe.

Key players in the market

Some of the key players in Recycled Plastics Market include Veolia Environnement S.A., Suez S.A., Waste Management, Inc., Republic Services, Inc., Biffa plc, Stericycle, Inc., Clean Harbors, Inc., Covanta Holding Corporation, Remondis SE & Co. KG, Advanced Disposal Services, Inc., Casella Waste Systems, Inc., GFL Environmental Inc., Waste Connections, Inc., TerraCycle, Placon Corporation, Custom Polymers, Inc., KW Plastics, MBA Polymers, Inc., Green Line Polymers and Envision Plastics.

Key Developments:

In January 2024, Circularix, a pioneering manufacturer in the recycled plastics industry, today announced a supply agreement with Republic Services, a leader in the environmental services industry, aimed at advancing the circularity of recycled PET (Polyethylene Terephthalate). This agreement represents a significant step toward promoting sustainability and reducing the carbon footprint and environmental impact of plastics in consumer packaging and other applications.

In January 2024, Suez has partnered with SK Geo Centric to establish a PET plastic and fiber recycling plant in France using Loop Industries technology. This facility aims to produce 100% recycled and infinitely recyclable PET resins.

In April 2023, Biffa has acquired Esterpet, a PET plastic recycling company, and a minority stake in Esterform, a PET preforms manufacturer. They have also released a guide to Extended Producer Responsibility (EPR) to help UK businesses meet new packaging waste obligations.

Types Covered:

• Polyethylene Terephthalate (PET)
• High-Density Polyethylene (HDPE)
• Low-Density Polyethylene (LDPE)
• Polypropylene (PP)
• Polystyrene (PS)
• Polyvinyl Chloride (PVC)
• Polyamide (PA)
• Other Types

Forms Covered:

• Bottles
• Films
• Fibers
• Foams
• Other Forms

Processes Covered:

• Mechanical Recycling
• Chemical Recycling
• Biological Recycling

End Users Covered:

• Agriculture
• Automotive
• Building & Construction
• Consumer Goods
• Electrical & Electronics
• Food & Beverage
• Industrial
• Pharmaceuticals
• Retail
• Textiles
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances