Recycled Plastic Market Size, Share & Trends Report

Recycled Plastic Market Size, Share & Trends Analysis Report By Product (PET, PVC, PE), By Source (Polymer Foam, Plastic Bottles), By Application (Packaging, Building & Construction), By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: Sep, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68039-043-5
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 110

Report Overview

The global recycled plastic market size was valued at USD 45.1 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.0% from 2020 to 2027. Increasing plastic consumption in the production of lightweight components, which are used in various industries including building & construction, automotive, electrical & electronics, and others, is expected to propel the market growth over the forecast period. Amid the global COVID-19 pandemic, the demand for various packaging products has increased owing to the rise in the online purchase of electrical & electronics, personal care products, and personal protective equipment, such as gloves and face masks. This, in turn, is driving the demand for recycled plastics used in different types of packaging applications.

The U.S. recycled plastics market size

According to The Verge, the demand for affordable consumer electronic products, such as laptop, mobile, and modems, has increased significantly through eCommerce websites. Thus, the rise in the adoption of various consumer electronics has propelled the demand for recycled plastics in the electrical & electronics and packaging applications.

The growth of the construction industry in emerging economies, such as Brazil, China, India, and Mexico, is expected to drive the product demand in the manufacturing of components, such as insulation, fixtures, structural lumber, windows, and fences. The high product demand in the building & construction market can be attributed to increased foreign investments in the construction industry of these countries, as a result of easing FDI norms and requirements for redevelopment of public and industrial infrastructure.

Product Insights

The polyethylene product segment led the market and accounted for more than 25% share of the global revenue in 2019. This high share is attributable to the rising demand for packaging material in consumer goods, food & beverage, and various other industries. In addition, it is commonly used in laundry detergent packaging, milk cartons, cutting boards, and garbage bins.

Polypropylene is extensively used in the manufacturing of automotive components, packaging & labeling, medical devices, and diverse laboratory equipment among various others, owing to its excellent chemical and mechanical properties. It is resistant to several chemical solvents, acids, and bases and has excellent mechanical strength.

In addition, components produced using polypropylene are fatigue resistant, which is beneficial in the building & construction industry for producing plastic hinges, piping systems, consumer-grade daily-use products, manufacturing mats, and carpets & rugs among various other applications. The growth of the automotive, packaging, building & construction sectors is expected to drive the demand for recycled polypropylene over the forecast period.

Source Insights

The plastic bottles source segment led the market and accounted for more than 70% of the global revenue share in 2019. Plastic bottles are the major sources of recycled products. Plastic bottles are used in various applications across various industries in the packaging of water, oils, pharmaceuticals, and carbonated drinks. SKS Bottle & Packaging, Inc., CABKA Group, Maynard & Harris Plastics, and Placon are some of the key recycled plastic bottle manufacturers.

Polymer foam source includes packaging foam & sheets, which is widely used in impact-resistant packaging. Expanded polystyrene is the most common type of polymer foam in the packaging industry. Automobile and electrical & electronics manufacturers, such as Panasonic Corp.; SONY Electronics Inc., Ltd.; Hitachi, Ltd.; and Honda Motor Company Ltd. are moving toward the adoption of recycled plastics foam over virgin polymer foam.

Application Insights

The packaging application segment led the market and accounted for more than 37% share of the global revenue in 2019. This high share is attributable to the high demand for packed foods & beverages, electrical & electronics, and textiles. Personal hygiene products, such as electronic trimmers, shavers, and automotive components, and clothing produced from recycled plastics are the major products driving the demand for recycled plastics in this segment.

Asia Pacific is characterized by the growing packaging industry and technological advancements in the industry. The growth of the packaging industry in the region is driven by the high demand for building & construction products, consumer goods, and electrical & electronics, especially from China, India, and Southeast Asia. In addition, a flexible regulatory environment is expected to offset constraints that are usually evident in the Western markets.

Global recycled plastics market share

Asia Pacific will witness immense market growth owing to the rising electronics expenditure in countries such as China, India, and Japan. In addition, the presence of various electronic product manufacturers, which are involved in research & development activities in the region including ASE Electronics Malaysia, Foxconn Technology Group, Honeywell International Inc., SAMSUNG, Lenovo, Bajaj Electronics, Huawei Technologies Co., Ltd., Havells Group, Haier lnc., and various others will propel industry expansion over the forecast period.

Regional Insights

Asia Pacific led the market and accounted for over 46% share of global revenue in 2019. Asia Pacific construction industry is expected to witness considerable growth owing to the increasing number of non-residential construction projects, such as hospitals, schools, and colleges, which will drive the demand of roofing tiles, insulation, fences, floor tiles, and carpets, thereby boosting the market growth.

Europe ranks second in terms of revenue. The market is driven by the adoption of a circular economy to reduce the carbon footprint associated with the conventional method of plastic production by increasing plastic recycling in the region.

Landfill bans have resulted in the positive growth of plastic recycling in European countries. As landfill taxes in some European countries are extremely high, dumping becomes more expensive than plastic recycling. This encourages the collection and recycling of plastic waste.

The market in North America is driven by the growth of the major end-use industries, such as electrical & electronics, construction, and packaging. Rising demand for packed & processed food and rising construction industry in the U.S., Mexico, and Canada is anticipated to augment the market growth over the forecast period.

Key Companies & Market Share Insights

The market is fragmented in nature with the presence of various small- and medium-sized companies. Market participants compete on the basis of technology used for the recycling of plastic waste. Major players are involved in the expansion of their research & development and plastic recycling facilities, infrastructural development, and seeking opportunities to vertically integrate across the value chain. These initiatives help them develop innovative products & technologies and cater to the increasing product demand while enhancing their operations planning by bringing down their recycling costs. Some of the prominent players in the recycled plastic market include:

  • REMONDIS SE & Co. KG

  • Biffa

  • Stericycle

  • Republic Services, Inc.

  • WM Intellectual Property Holdings, L.L.C.

  • Veolia

  • Shell International B.V.

  • Waste Connections

  • CLEAN HARBORS, INC.

  • Covestro AG

Recycled Plastic Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 47.2 billion

Revenue forecast in 2027

USD 66.6 billion

Growth rate

CAGR of 5.0% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Volume in kilotons, revenue in USD million, and CAGR from 2020 to 2027

Report coverage

Volume forecast, revenue forecast, competitive landscape, growth factors and trends

Segments covered

Product, source, application, region

Regional scope

North America; Europe; Asia Pacific; Southeast Asia; Central & South America; Middle East & Africa

Country Scope

The U.S.; Canada; Mexico; Germany; The U.K.; France; Italy; China; India; Japan; Malaysia; Indonesia; Thailand; Brazil; Saudi Arabia

Key companies profiled

REMONDIS SE & Co. KG; Biffa; Stericycle; Republic Services, Inc.; WM Intellectual Property Holdings, L.L.C.; Veolia; Shell International B.V.; Waste Connections; Clean Harbors, Inc.; Covestro AG

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Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global recycled plastic market report on the basis of product, source, application, and region:

  • Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

    • Polyethylene

    • Polyethylene Terephthalate

    • Polypropylene

    • Polyvinyl Chloride

    • Polystyrene

    • Others

  • Source Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

    • Plastic Bottles

    • Plastic Films

    • Polymer Foam

    • Others

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

    • Building & Construction

    • Packaging

    • Electrical & Electronics

    • Textiles

    • Automotive

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • The U.K.

      • France

      • Italy

    • Asia Pacific

      • China

      • India

      • Japan

    • Southeast Asia

      • Malaysia

      • Indonesia

      • Thailand

    • Central & South America

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

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