According to a Comprehensive Research Study by Market Research Future (MRFR), Recycled Plastic Market Information by Source, Plastic Type, Process, Type, End-Use, and Region – Forecast till 2032” ” the recycled plastic market might take a huge leap from USD 74.9 Billion it reached in 2023 to USD 143.9 Billion by 2032, with an 8.5% CAGR between 2023 and 2032.
Recycled plastic is made from scrap or waste plastic that has been used to create useful products. Because the vast majority of polymer materials used globally are not biodegradable, recycling these materials is the best strategy to reduce the environmental burden of polymer. It is projected that governments in Europe, China, India, and Brazil will take action to promote recycling and that the use of single-use plastics will become increasingly prohibited.
Market Competitive Landscape:
- REMONDIS SE & Co. KG
- Biffa
- Stericycle
- Republic Services Inc.
- WM Intellectual Property Holdings L.L.C.
- Veolia
- Shell International B.V.
- Waste Connections
- CLEAN HARBOR INC.
- Covetsro AG
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Market Drivers:
Regulations established by governmental and regulatory bodies promote the use of recycled plastic in a range of applications in North America and Europe. For instance, regulations in European countries involving the creation of recycling technologies, collection programs, and product innovation encourage recycling among polymer manufacturers. A trend will also develop in the market as a result of the ban on single-use plastics that has been implemented by countries including the United States, Brazil, India, and Canada in order to reduce plastic pollution.
Additionally, in 2018, recycling rates for plastic were 60%, 25%, and 24%, respectively, in countries like China, Mexico, and India. Due to the increased recycling rates in developing countries, plastic recyclers worldwide will have development chances. Therefore, the market will expand as a result of the pro-recycling measures that several countries have undertaken.
The need for recycled materials is rising across a wide range of sectors, including the food & beverage and consumer products sectors. The usage of recyclable polymers is expanding in the food and beverage sector as a result of the critical requirement for materials for packaging that are safe for use around food. These materials can effectively replace conventional plastics as a barrier between food products and environmental factors, growing the industry. Recycled polyethylene terephthalate is an excellent material that is highly favored when creating bottles for water and beverage packaging.
Recycled polymers are used for more than just food and beverage packaging; they’re also used to help toys, sports gear, and apparel accessories last longer. Because they are non-reactive, these polymers are also more frequently used to package products like soaps, surfactants, shampoos, and other personal care items. The manufacturing of packaging materials for consumer goods is expanding, which will quicken market growth.
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Market Restraints:
Two applications for virgin plastics include the manufacturing of food packaging and automotive components. They perform significantly better in terms of quality than their recycled equivalents. Despite regulatory groups’ recommendations to boost the use of PCR plastics in packaging materials, manufacturers are reluctant to utilize them because of the likelihood of contamination.
Market Segmentation
Depending on the source, bottles, films, foams, fibers, and other commodities are categorized in the recycled plastic market.
The recycled plastic market is divided into PVC (polyvinyl chloride), PET (polyethylene terephthalate), PE (polyethylene), PP (polypropylene), PS (polystyrene), and others depending on the type of plastic used.
The segmentation of the recycled plastic market according to process includes mechanical and chemical processes.
The market segmentation for recycled plastic includes two categories of recycled plastic: post-consumer recycling and industrial recycling.
The segmentation of the recycled plastic market includes the automotive, electrical & and electronics, textiles, packaging, building and construction, and other end-use industries.
Regional Insights
Since 2022 (45.80%), the North American market has remained at the top. The growth of important end-use industries like electrical & and electronics, building, and packaging is boosting the market. The market is expected to expand over the projected time due to rising consumer demand for packaged and processed foods as well as the growth of the North American construction industry.
In the Asia Pacific, especially in countries with large population densities and weak waste treatment infrastructure, there is growing concern about the environmental impact of plastic garbage. The Asia-Pacific region’s awareness of and demand for sustainable waste management techniques, including plastic recycling, has considerably expanded as a result.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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