USD 43.66 billion
Recycled Plastic Market Size, Share, Growth Analysis, By Type(Polyethylene Terephthalate (PET), Polyethylene (PE), Polyvinyl Chloride (PVC), Polypropylene (PP)), By Application(Food Packaging, Construction, Automotive, Electrical & Electronics), By Region - Industry Forecast 2024-2031
Report ID:
SQMG15G2010 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
68
|Figures:
75
Recycled Plastic Market Insights
Global Recycled Plastic Market size was valued at USD 43.66 billion in 2022 and is poised to grow from USD 47.01 billion in 2023 to USD 69.2 billion by 2031, growing at a CAGR of 4.9% in the forecast period (2024-2031).
Plastic trash is the most common sort of litter in the ocean, accounting for 80 % of all marine debris discovered from the surface to the deep oceans. Every continent's shorelines are littered with plastic, with more rubbish found near famous tourist attractions and densely populated places. It jeopardises ocean health, marine species' health, food safety and quality, human health, and coastal tourism, as well as contributing to climate change. Several stakeholders, including governments, manufacturers, and customers, are modifying plastic consumption patterns by revamping existing manufacturing lines to produce less plastic trash, recycling plastic garbage, and designing items that are easily processed after use.
The sheer number of plastics used for storage and transportation in the food and beverage industry, in the shape of bottles, packing films, trays, bins, and disposables, results in a considerable amount of waste. Furthermore, because of the enormous volume of trash generated, food and beverage businesses are under pressure to integrate recycling into their supply chains in order to meet voluntary sustainability goals, expand producer responsibility agreements, and build circular economic operating models. All of these elements have contributed to the creation of a more efficient recycling process, allowing the food and beverage industry to hold the highest revenue share in 2019, accounting for more than 60%.
US Recycled Plastic Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Polyethylene Terephthalate (PET)
Fastest Growth
Polyethylene Terephthalate (PET)
Growth Rate
4.9% CAGR
Global Recycled Plastic Market by type($ Bn)
Country Share for North America Region (%)
To get more reports on the above market click here to Buy The Report
Recycled Plastic Market Segmental Analysis
The Global Recycled Plastic Market is segmented based on type, application and regions. Based on the type of plastic, the Recycled Plastic Market is further sub-segmented into categories like Polyethylene Terephthalate (PET), Polyethylene (PE), Polyvinyl Chloride (PVC), Polypropylene (PP), Polystyrene (PS), Others. On the basis of Application of the plastic the Recycled Plastic Market is segregated into Food Packaging, Construction, Automotive, Electrical & Electronics, Other sectors. The regional categorization of the recycled plastic market is done on the basis of various geographies like Asia-Pacific, Europe, North America, Latin America, Middle East and Africa.
Recycled Plastic Market Analysis by Type
Polyethylene (PE) was the most popular product group in 2021, accounting for more than 31% of global sales. This high proportion is due to the rising need for packaging material in consumer goods, food and beverage, industrial, and other industries. It can also be found in laundry detergent containers, milk cartons, cutting boards, and garbage cans. Polypropylene (PP) is widely used in the manufacturing of automotive components, packaging and labelling, medical devices, and a range of laboratory equipment due to its superior chemical and mechanical characteristics. It is mechanically strong and resistant to a wide range of chemical solvents, acids, and bases.
Recycled Plastic Market Analysis by Application
In 2021, the packaging application category dominated the market, accounting for more than 36% of worldwide sales. The increased demand for packaged meals and beverages, electrical and electronic goods, and textiles is responsible for this high % rate. The primary application areas that are driving the category growth include personal hygiene items, such as shavers and electric trimmers, as well as clothing products and automotive components made from recycled plastics.
Global Recycled Plastic Market by type
To get detailed analysis on other segments, Request For Free Sample Report
Recycled Plastic Market Regional Insights
In 2021, Asia Pacific dominated the recycled plastic market, accounting for approximately 47% of worldwide sales. Due to the growing need for non-residential construction projects such as hospitals, schools and colleges, the Asia Pacific construction industry is expected to increase significantly. This will boost demand for roofing tiles, insulation, fences, floor tiles, carpets, and a variety of other building materials. After Asia Pacific, Europe comes in second in terms of revenue. Embracing a circular economy to reduce the carbon footprint associated with traditional plastic manufacturing is leading the market.
In Europe, landfill bans have resulted in a favourable increase in plastic recycling. Because landfill costs in some European countries are so high, dumping can often be more expensive than recycling plastic. This scenario encourages people to recycle plastic. In terms of revenue, North America comes in third. The rise of the major end-use sectors, such as electrical and electronics, construction, and packaging, is driving the recycled plastic market. Over the projected period, rising demand for packaged and processed goods as well as a rapidly growing construction industry in the United States, Mexico and Canada is expected to boost market growth.
Global Recycled Plastic Market By Region
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Recycled Plastic Market Dynamics
Recycled Plastic Market Driver
- Plastics are versatile, lightweight, and inexpensive materials that may be moulded into a wide range of goods. As a result, over the previous few decades, the output of plastics has expanded dramatically. However, its current use has resulted in a massive amount of trash, causing environmental issues. The landfill is the traditional method of trash disposal, however landfill space is becoming increasingly rare in many nations. Although this method has little environmental consequences, it does provide a long-term risk of soil and groundwater pollution, therefore damaging the environment.
Recycled Plastic Market Restraint
- In terms of quality and applicability, recycled plastics face stiff competition from virgin plastics. Virgin plastics can be utilised in a variety of applications, including food-grade packaging when the food is in close touch with the plastic; recycled plastics do not offer the same benefit. Because of safety concerns about impurities from their past use, recycled plastics are rarely employed in food-grade packaging applications.
- For food-grade containers, certain jurisdictions allow the use of recycled plastic resin in combination with virgin resin, however the recycled quality cannot be maintained to the level required for food-grade applications. Only virgin materials can be utilised in high-end items where the chemical composition of the plastic must be precise.
Request Free Customization of this report to help us to meet your business objectives.
Recycled Plastic Market Competitive Landscape
The global recycled plastic business is highly concentrated, with many large-scale vendors dominating the majority of the recycled plastic market. The majority of companies are involved in mergers and acquisitions so as to gain a competitive advantage and reach across various geographies of the world.
Recycled Plastic Market Top Players Company Profiles
- Veolia Environnement S.A.
- Borealis AG
- SUEZ S.A.
- Dow Chemical Company
- Republic Services Inc.
- Waste Management Inc.
- Clean Harbors Inc.
- Ultra-Poly Corporation
- KW Plastics
- Plastipak Holdings Inc.
- Envision Plastics
- Berry Global Inc.
- Eco-Products Inc.
- CarbonLITE Industries LLC
- MBA Polymers Inc.
- GreenLine Polymers
- Nestlé S.A.
- PepsiCo Inc.
- Coca-Cola Company
- Unilever NV
Recycled Plastic Market Recent Developments
- In December 2021, Veolia finalised its acquisition of SUEZ, making it the world champion of environmental transformation.
- In July 2021, Jayplas and the Co-op Supermarket Chain partnered to launch Europe's most extensive in-store recycling programme for plastic bags and product packaging.
- In June 2021, Indorama Ventures Public Ltd. purchased CarbonLite Holdings' Texas facility as part of the company's commitment to expanding PET recycling capacity.
Recycled Plastic Key Market Trends
- The largest and fastest-growing source of recovered plastics is bottles. Because they have a stronger collecting and sorting network, they are the most recycled post-consumer plastics. Furthermore, PET resin is used in the majority of bottles, which is the most recycled resin with the highest recycling rate. Many developing countries are entering the recycling market, and because bottles are readily available, they will rely on them as a supply of recovered plastics.
Recycled Plastic Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, on the basis of the type of plastic, polyethylene comprises a major segment of the revenue. The type consists of 31% of share of the total market share globally. According to the industry application segmentation, the food packaging segment holds the most lucrative part of the market and is expected to grow substantially in the forecast period. The regional insights of the recycled plastic market are more lucrative in the Asia-Pacific region because of high population countries like India and China.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 43.66 billion |
| Market size value in 2031 | USD 69.2 billion |
| Growth Rate | 4.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Recycled Plastic Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Recycled Plastic Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Recycled Plastic Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Recycled Plastic Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Recycled Plastic Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Recycled Plastic Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
