The global recycled plastics market size reached US$ 37.75 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 51.15 Billion by 2027, exhibiting 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 collecting and re-using different types of plastic wastes. Before recycling takes place, the waste and scrap undergo a series of five different stages which include sorting, washing, shredding, identification and classification of plastic, and extruding. Products manufactured from plastics are usually non-biodegradable in nature and can lead to various environmental concerns. Thus, recycling plastic helps to reduce the amount of waste disposed of at landfill sites, thereby lowering the amount of greenhouse gas emissions released from landfills.

Global Recycled Plastics Industry Drivers:
Reduction of plastic wastes and numerous recycling programmes have become a priority for both developed and developing nations across the globe. Owing to this, governments in different regions are implementing policies and regulations for controlling waste production, encouraging the reuse and recycling of plastic wastes, and encouraging systematic waste treatment. Governments are also enforcing landfill taxes, waste disposal taxes, recycling credit schemes, deposit refund systems, etc. to promote effective waste management. These measures by governments in various countries and states are expected to further facilitate the growth of the recycled plastics market.
The demand for plastic material has been constantly increasing across several industries like food and beverage, automotive, packaging and healthcare. The development of these industries can be accredited to rising population, inflating disposable incomes and continuous product innovations. In this context, higher manufacturing cost of virgin resins has necessitated the use of recycled plastic products, thereby bolstering the growth of the global recycled plastics market.
Plastic manufacturers and recyclers are now being more focused on adding value and consumerism to the recycled plastic products. They are coming up with secondary containment products, laundry carts, bulk storage containers etc. through roto moulding methods.
Several brands are investing in research and development to enhance the quality performance of recycled plastic products and incorporate them in every plastic component that they use.

Key Market Segmentation:
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)
High Density Polyethylene (HDPE)
Polypropylene (PP)
Low Density Polyethylene (LDPE)
Others

On the basis of plastic type, the market is segregated as polyethylene terephthalate (PET), high density polyethylene (HDPE), polypropylene (PP), low-density polyethylene (LDPE) and others. At present, polyethylene terephthalate (PET) accounts for the majority of the market share as it is used in the manufacturing of containers, shoes, automobile parts, luggage, etc.

Breakup by Application:

Non-Food Contact Packaging
Food Contact Packaging
Construction
Automotive
Others

Based on application, the market is segmented as non-food contact packaging, food contact packaging, construction, automotive and others. Amongst these, non-food contact packaging exhibits a clear dominance in the market. This type of packaging is employed in industrial processing products for protecting the products from harsh weather conditions.

Breakup by Raw Material:

Plastic Bottles
Plastic Films
Rigid Plastic and Foam
Fibres
Others

On the basis of raw material, the market is divided into plastic bottles, plastic films, rigid plastic and foam, fibres, and others. Currently, plastic bottles represent the major type of raw material for recycled plastics as they find numerous applications in industries for storing carbonated drinks, medicines, oils, etc.

Regional Insights:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

On a geographical front, Asia Pacific enjoys the leading position in the global recycled plastics market. This can be attributed to various initiatives undertaken by governments and other organisations in the region.

Competitive Landscape:

The market is fragmented in nature with the presence of several small and large manufacturers who are competing in terms of prices and quality. There prevails a rigid competition in the market which makes it difficult for small players to enter. Some of the key players operating in the market are:

Avangard Innovative
B. Schoenberg & Co., Inc.
Delta Plastics
UltrePET LLC
CarbonLITE Industries
Veolia
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. Key Questions Answered in this Report
1. What is the size of the global recycled plastics market?
2. What is the expected growth rate of the global recycled plastics market?
3. What are the key factors driving the global recycled plastics market?
4. What has been the impact of COVID-19 on the global recycled plastics market?
5. What is the breakup of the global recycled plastics market based on the plastic type?
6. What is the breakup of the global recycled plastics market based on the application?
7. What is the breakup of the global recycled plastics market based on the raw material?
8. What are the key regions in the global recycled plastics market?
9. Who are the key companies/players in the global recycled plastics market?