The recycled plastics market is projected to grow from USD 69.4 billion in 2023 to USD 120.0 billion by 2030, at a CAGR of 8.1% from 2023 to 2030. The recycled plastics market is on the way for intense growth across various end-use industries including packaging, textiles, building & construction, automotive, electrical & electronics, and other industries.
“By type, the post-consumer recyclate segment is expected to be the largest and fastest growing segment of recycled plastics market during 2023 to 2030.”
Based on type, post-consumer recyclate is expected to lead the recycled plastics market. Factors such as growing usage of plastics in a wide range of products including clothing and food & beverages are expected to drive the market for the post-consumer recyclate segment during the forecast period.
“By end-use industry, packaging segment accounted for the largest share of recycled plastics market in 2022”
The packaging segment held the largest share of the market owing to the increase in usage of recycled plastics in packaging industry for a wide range of products. The major recycled resins used for the packaging industry are PET and HDPE. Boots, M&S, Coca-Cola, and Innocent Drinks are a few of the major companies using recycled products for packaging.
“The recycled plastics market in North America is projected to witness the second highest CAGR during the forecast period.”
North America is projected to register the second highest CAGR in the recycled plastics market from 2023 to 2030. North America is one of the key markets for recycled plastics owing to its increasing focus on reducing plastic disposal and promotion of recycled plastics usage.
Profile break-up of primary participants for the report:
- By Company Type: Tier 1 – 65%, Tier 2 – 20%, and Tier 3 – 15%
- By Designation: C-level Executives – 25%, Directors – 30%, and Others – 45%
- By Region: North America – 30%, Europe –20%, Asia Pacific – 40%, and RoW-10%
The recycled plastics report is dominated by players, such as Alpek (Mexico), Biffa (UK), Cabka (Germany), Far Eastern New Century Corporation (Taiwan), Indorama Ventures (Thailand), Jayplas (UK), Loop Industries, Inc. (Canada), MBA Polymers Inc. (US), Plastipak Holdings, Inc. (US), Republic Services (US), Stericycle (US), Veolia (France), and others
The report defines, segments, and projects the size of the recycled plastics market based on source, plastic type, process, type, end-use industry, and region. It strategically profiles the key players and comprehensively analyzes their market share and core competencies. It also tracks and analyzes competitive developments, such as partnership, agreement, investment, and expansion 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.
The report provides insights on the following pointers:
- Analysis of key drivers (growing awareness regarding energy savings and government initiatives), restraints (stringent competition from virgin plastics), opportunities (favorable initiatives to promote use of recycled plastics in developed countries), and challenges (difficulty in collection of raw materials) influencing the growth of the recycled plastics market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities in the recycled plastics market.
- Market Development: Comprehensive information about lucrative markets – the report analyses the recycled plastics market across varied regions.
- Market Diversification: Exhaustive information about new services, various recycling processes, untapped geographies, recent developments, and investments in the recycled plastics market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Veolia (France), Indorama Ventures (Thailand), Far Eastern New Century Corporation (Taiwan), Alpek (Mexico), and Berry Global Inc. (US) among others in the recycled plastics market.