Recycled Plastics Market Size, Share & Trends Analysis By Product (Polyethylene, Polyethylene Terephthalate, Polypropylene, Polyvinyl Chloride, Polystyrene), By Source, By Application, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global recycled plastics market size was valued at USD 47.60 billion in 2022 and is expected to exhibit a compound annual growth rate (CAGR) of 4.9% from 2023 to 2030. Increasing plastic consumption in the production of light weight components which are used in various industries including building & construction, automotive, electrical & electronics and various other industries is expected to propel the growth of recycled plastics demand over the forecast period.

Amid the global COVID-19 pandemic situation, the demand for various packaging products has increased owning to the rise in online purchase of electrical & electronics, personal care products and personal protective equipment products such as gloves, face mask, and various products. This, in turn, is driving the demand for recycled plastics in used in different types of packaging applications.

According to The Verge, the demand for affordable consumer electronic products such as laptop, mobile, modems and various others have increased majorly through ecommerce websites. These rise in demand of consumer electronic have propelled the demand of recycled plastics in electrical & electronics and packaging application which is expected to boost the demand over the forecast period.

The growth of the construction industry in emerging economies such as Brazil, China, India, and Mexico are expected to drive the demand in the manufacturing of components such as insulation, fixtures, structural lumber, windows, fences, and various others over the forecast period. The growth of the recycled plastic in building & construction market can be attributed to increased foreign investment in these countries construction industry, as a result of easing FDI norms and requirements for redevelopment of public and industrial infrastructure.

Product Insights

Polyethylene product segment led the market and accounted for more than 26% share of the global revenue in 2022. This high share is attributable to the rising demand for packaging material in consumer goods, food & beverage, industrial and various other industries. Additionally, it is commonly used in laundry detergents packaging, milk cartons, cutting boards, and garbage bins, among various other applications.

Polypropylene is extensively used in manufacturing automotive components, packaging & labelling, 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 have excellent mechanically strength. It is also among the most highly formulated plastics across the globe.

Additionally, components produced using polypropylene is fatigue resistant, which is beneficial in 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 automotive, packaging, building & construction is expected to drive the demand of recycled polypropylene in the forecast period.

Source Insights

Plastic bottles source segment led the market and accounted for more than 74% share of the global revenue in 2022. Plastics 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 Corporation; SONY Electronics Inc., Ltd.; Hitachi, Ltd.; and Honda Motor Company Ltd. are moving toward adoption of recycled plastics foam over virgin polymer foam.

Application Insights

Packaging application segment led the market and accounted for more than 37% share of the global revenue in 2022. This high share is attributable to rising demand of packed food & beverages, electrical & electronics, and textiles. Personal hygiene products, such as electronic trimmers, shavers, along with automotive components, clothing produced from recycled plastics are the major products that driving the demand of recycled plastics.

Asia Pacific is characterized by the growing packaging industry and technological advancements in the industry. The growth of 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.

Asia Pacific will witness immense market growth owing to the rising electronics expenditure in the countries such as China, India, and Japan. In addition, 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 dominated the market and accounted for over 47% share of global revenue in 2022. Asia Pacific construction industry is expected to witness considerable growth owing to increasing demand for non-residential construction projects such as hospitals, schools, and colleges over the forecast period which will drive the demand of roofing tiles, insulation, fences, floor tiles, carpets and various other which will propel the market growth.

Europe ranks second in terms of revenue after Asia Pacific in the forecast period. The market is driven by the adaption of circular economy to reduce the carbon foot print associated with conventional method of plastic production by increasing the 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, the cost of dumping sometimes becomes more expensive as compared to plastic recycling. This scenario is encouraging the involvement of the European population in the collection of plastic waste and plastic recycling.

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

Key Companies & Market Share Insights

The market is fragmented in nature with presence of various small-sized and medium-sized players such as Republic Services, Inc., Stericycle, and Veolia. Companies in the market compete on the basis of technology used for the recycling of plastic waste. Major players are involved in expansion of their plastic recycling facilities, infrastructural development, investing in research & development facilities, and seeking opportunities to vertically integrate across the value chain.

These initiatives help them cater to the increasing global recycled plastics demand, ensure competitive effectiveness, enhance their operations planning, develop innovative products & technologies, bring down their recycling costs, and expand their customer base. The global market is found to be significantly fragmented in nature owing to the presence of large number of plastic waste recyclers across the globe including: Some of the prominent players in the global recycled plastics 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.

• Covetsro AG

Recycled Plastics Market Report Scope

Global Recycled Plastics Market Report Segmentation 

This report forecasts revenue and volume growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2019 to 2030. For this study, Grand View Research has segmented the global Recycled plastics market report based on product, source, application and region:

• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • Polyethylene

  • Polyethylene Terephthalate

  • Polypropylene

  • Polyvinyl Chloride

  • Polystyrene

  • Others

• Source Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • Plastic Bottles

  • Plastic Films

  • Polymer Foam

  • Others

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • Building & Construction

  • Packaging

  • Electrical & Electronics

  • Textiles

  • Automotive

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

  • South East Asia

    • Malaysia

    • Indonesia

    • Thailand

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia