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

Research Methodology

A three-pronged approach was followed for deducing the recycled plastics market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for recycled plastics market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of recycled plastics market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Recycled Plastics Market Categorization:

The recycled plastics market was categorized into four segments, namely product (Polyethylene, Polyethylene Terephthalate, Polypropylene, Polyvinyl Chloride, Polystyrene), source (Plastic Bottles, Plastic Films, Polymer Foam), application (Building & Construction, Packaging, Electrical & Electronics, Textiles, Automotive), and region (North America, Europe, Asia Pacific, South East Asia, Central & South America, Middle East & Africa).

Segment Market Methodology:

The recycled plastics market was segmented into product, source, application, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The recycled plastics market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, South East Asia, Central & South America, Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fifteen countries, namely, the U.S.; Canada; Mexico; Germany; the UK; France; Italy; China; India; Japan; Malaysia; Indonesia; Thailand; Brazil; Saudi Arabia.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Recycled plastics market companies & financials:

The recycled plastics market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• REMONDIS SE & Co. KG - REMONDIS SE & Co. KG was established in 1934 and has corporate headquarters in Lünen, Germany. The company is engaged in the recycling of waste products. It operates through three business segments, namely recycling, services, and water. The company has 30 million tons of recycling capacity. The product portfolio of the recycling business segment includes glass, iron, mercury, metal salts, plastic, plastic pellets, solvents, stainless steel, timber, and various others. The company has approximately 800 recycling facilities spread across 30 countries globally. It had approximately 30,000 employees as of March 2020.

• Biffa - Biffa was established in 1912 and has corporate headquarters in Wycombe, UK. The company is engaged in waste management services. It operates through three business segments, namely business waste, household waste, and waste processing. The company offers its waste management services to a wide range of end-use sectors such as construction, logistics, manufacturing & production, hospitality & events, retail waste management, and various others. It offers plastic recycling, food waste recycling, aggregate treatment, composting, soil treatment, and landfill through its waste processing business segment. The company has a presence in countries such as the U.S., Canada, Denmark, Australia, France, Switzerland, Luxembourg, and Germany. It has a plastic recycling capacity of 120,000 kilotons per year.

• Stericycle - Stericycle was established in 1989 and has corporate headquarters in Illinois, U.S. The company is primarily engaged in specialized medical and hazardous waste management. It offers its services to various sectors, namely marine, aerospace, military, healthcare professionals, pharmaceutical manufacturers, biotech companies, and various others. The company has its presence in 18 countries such as Argentina, Austria, Belgium, Brazil, Canada, France, Germany, Ireland, Japan, Luxembourg, the Netherlands, Portugal, South Korea, Romania, Spain, and the UK. It is a publicly listed company on NASDAQ. The company follows regulations and compliances with American Disabilities Act Amendment (ADAAA) and the Accessibility for Ontarians with Disabilities Act (AODA).

• Republic Services, Inc. - Republic Services, Inc. was established in 1996 and has corporate headquarters in Delaware, U.S. The company is engaged in solid waste collection, transfer, disposal, recycling, and environmental services in the U.S. It has 79 recycling facilities with 2.2 million tons of recycling capacity per year, and 75 landfill gas-to-energy and renewable energy projects. The company has launched the Blue Planet 2030 project aimed at reducing greenhouse gas emissions by 35%, increasing the recycling of key materials by 40%, and increase of biogas reuse by 50%. It had 16,000 vehicles for waste collection.

• Waste Management, Inc. - Waste Management, Inc. was established in 1987 as USA Waste Services, Inc. Later in 1998, after the company’s merger with an Illinois-based waste services company, its name was changed to Waste Management, Inc. The company has its headquarters in Texas, U.S. It offers its waste collection and recycling services to industries such as construction, healthcare, pharmaceutical, manufacturing, and small places such as restaurants and retail & grocery stores. The company is listed on the New York Stock Exchange (NYSE).

• Veolia - Veolia was established in 1853 and has corporate headquarters in Paris, France. The company is engaged in providing sustainable and environmental solutions. It offers its products and services to various industries such as construction, automotive, deference, oil & gas, medical & healthcare, and various others. It operates through three business segments, namely water management, waste management, and energy management. Under the waste management business segment, the company provides services such as waste collection, waste material recovery, waste-to-energy, material recovery of organic waste, treatment of hazardous waste, dismantling and remediation, urban cleaning, and industrial maintenance and cleaning. It has 675 waste processing facilities. The company recycles 600,000 tons of plastic waste globally per year. It generates 37% of the revenue from the waste management business segment.

• PLASTIPAK HOLDINGS, INC. - PLASTIPAK HOLDINGS, INC. was established in 1967 and has headquarters in Michigan, U.S. The company is engaged in manufacturing packing solutions. It caters its products and services to various industries such as automotive, personal care, food & beverages, consumer goods, agriculture, paints & coatings, and various others. The company has a presence in North & South America, Europe, Asia, and Africa. It can produce 100,000MT of recycled polyethylene terephthalate per year. The company has 40 manufacturing facilities.

• Waste Connections - Waste Connections was established in 1997 and has corporate headquarters in Texas, U.S. The company is engaged in solid waste management. It offers services including collection, transfer, recycling & recovery, and disposal in the U.S. and Canada. The company is engaged in recycling products such as corrugated cardboard, newspapers, glass, metals, aluminum, plastics, and various other products. It has services in 42 states of the U.S. and 6 states of Canada. The company has a fleet strength of 11,903.

• Covestro AG - Covestro AG was a part of Bayer Group’s Chemicals and Plastics unit and was established as an independent company in 2015. The company is headquartered in Leverkusen, Germany. It has segmented its business into three categories, namely polycarbonates (PC), polyurethanes (PU), and adhesives & coatings. The company serves various end-use industries such as consumer goods, electrical & electronics, automotive, construction, healthcare, cosmetics, medical, wood & furniture, and packaging.

• KW Plastics - KW Plastics was established in 1981 and has corporate headquarters in Alabama, U.S. The company is engaged in the recycling of high-density polyethylene and polypropylene. It supplies recycled plastics for blow molding, injection molding, extrusion, and blown film. The company offers its products and services to industries such as personal care, automotive, agriculture, construction, packaging, paint & coatings, and various others. It has a presence in the U.S. and Canada. The company is ISO:9001-2015 registered and has ISO-IEC 17025:2005 certified labs.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Recycled Plastics Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2019 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Recycled Plastics Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.