The Recycled Plastics Market is projected to grow from USD 27.9 billion in 2021 to USD 43.5 billion by 2026, at a CAGR of 9.3% from 2021 to 2026. One of the key factors driving the growth of recycled plastics market include the growing awareness regarding energy saving and government responses. Also, governments around the world are concerned about plastic wastes, especially single-use packaging wastes, and are implementing regulations to both minimize environmental waste and improve waste management processes. This, in turn, is expected to contribute to the growth of the recycled plastics market.
“PET is estimated to lead the recycled plastics market, by type in terms of value during the forecast period
By type, PET is estimated to be the largest segment in recycled plastics market. It is primarily used into fashion products such as polar fleece clothes, backpacks, and carpets. PET can be recovered and recycled repeatedly and remelted to produce new PET products. It can also be chemically broken into its constituent raw materials, which can then be purified and converted into a new PET resin.
“Packaging end-use industry is expected to hold the largest market share during the forecast period.”
By end-use industry, packaging is estimated to be largest segment in recycled plastics market. This industry mainly uses PET and HDPE resins for packaging products. Moreover, these resins are the most commonly recycled plastics as they are easy to recycle and have excellent properties, such as strength, thermo-stability, and transparency, which make them a popular choice for use in packaging. Plastics are among the most common materials used for packaging as they have several benefits, such as durability and sealability, which protect the products and increase their shelf life.
“Asia Pacific recycled plastics market is projected to be the largest market, by region during the forecast period, in terms of value.”
Asia Pacific is projected to be the largest market for recycled plastics during the forecast period. Asia Pacific is the fastest-growing region in terms of both population and economic growth. The region has experienced significant growth in the last decade and accounted for over a third of the world’s GDP. The high economic growth, coupled with the mounting population, is expected to boost the industrial sector in the region, which will increase the need for plastics from industries. Continuous and easy availability of recycled plastics, low-cost labor, lower price, and environmental benefits are also some of the major factors driving the recycled plastics market in the region.
Profile break-up of primary participants for the report:
- By Company Type: Tier 1 – 50%, Tier 2 – 33%, and Tier 3 – 17%
- By Designation: C-level Executives – 17%, Directors – 33%, and Others – 50%
- By Region: North America – 25%, Europe – 25%, Asia Pacific – 50%
The recycled plastics market report is dominated by players, such as Indorama Ventures Public Ltd. (Thailand), Veolia (France), Suez (France), Jayplas (UK), Alpek (Mexico), Biffa (UK), Republic Services (US), Stericycle (US), Far Eastern New Century Corporation (Taiwan), KW Plastics (US), B. Schoenberg & Co. (US), B&B Plastics (US), Remondis SE & Co. KG (Germany), Clear Path Recycling (US), Custom Polymers (US), Plastipak Holdings (US), Waste Connections, Inc. (US), and MBA Polymers (US).
The report defines, segments, and projects the recycled plastics market based on source, type, end-use industry, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and industry-specific challenges. It strategically profiles key recycled plastics manufacturers and comprehensively analyzes their market shares and core competencies as well as tracks and analyzes competitive developments, such as expansions, agreements, acquisitions, partnerships, new product launches, joint ventures, investments, contracts, mergers, collaborations, new technology developments, new process developments, undertaken by them in the market.
Reasons To Buy the Report:
The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the recycled plastics market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities