Recycled Plastics Market Size Worth US$ 4001.37MN, Globally, by 2028 at 6.9% CAGR - Exclusive Report by The Insight Partners

NEW YORK, June 3, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Recycled Plastics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Source, Application, and Geography," the recycled plastics market is projected to reach US$ 4001.37 million by 2028 from US$ 2682.21 million in 2022; it is expected to grow at a CAGR of 6.9% from 2022 to 2028. The recycled plastics market projected growth during the forecast period is mainly attributed to the flourishing automobile sector and packaging industry. by Type (Polyethylene Terephthalate, Polyvinyl Chloride, Polyethylene, Polystyrene, and Others), Source (Plastic Bottles, Plastic Films, Plastic Foams, Plastic Fibers, and Others), Application (Packaging, Textile, Automotive, Building and Construction, Electrical and Electronics, and Others), and Geography. the factors fueling the market growth, revenue estimation, and market share analysis. It also entails the identification of significant market players along with their key developments.

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Recycled Plastics Market: Competition Landscape

REMONDIS SE & CO.KG; Biffa; Stericycle, Inc.; Veolia; Jayplas; Alpek S.A.B.de C.V.; Republic Services, Inc.; B & B Plastics Inc.; Clear Path Recycling; and PLASTIPAK HOLDINGS, INC  are a few of the major players operating in the recycled plastics market. Key companies in this recycled plastics market are focusing on strategies such as R&D investments and new product launches.

In 2022, Asia Pacific held the largest share of the recycled plastics market. The market growth in this region is mainly attributed to the growing demand for additives from the automotive, packaging, and building & construction industry. Further, increasing construction activities in emerging economies are significantly boosting the growth of the recycled plastics market. Rapid urbanization with an increasing global population is driving the demand for recycled plastic in buildings and construction activities. The rising growth of the construction industry is due to the growing population in emerging economies, including India and China. Moreover, these countries use recycled plastic in residential and commercial construction and other infrastructure projects.

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Growing demand for more environmentally-friendly homes with a lower carbon footprint and open green spaces is augmenting the recycled plastics market growth for recycled plastic. Roofing titles are essential for any building and take a considerable amount of money to install. Recycled plastic is also used to build roofing titles as they are less expensive than other construction materials. Further, rising awareness among investors regarding environmental protection is driving the demand for recycled plastic in construction materials and designs of more ecologically viable homes. Increasing government expenditure and investment to improve domestic infrastructure and for sustaining economic growth would create lucrative oppourtunties for  recycled plastic in construction industry especially in developing countries.

Rising Stringent Government Regulations to Upsurge the recycling rate of plastics and favor Recycled Plastics Market Growth

Recycled plastics are resins that are manufactured by reusing waste plastic products. Furthermore, they are produced by recovering plastic scraps and other wastes and then reprocessing them into useful products. Further, recycling plastics is witnessing a boost in its growth due to the rising awareness about the environment. Many organizations are recruiting companies to opt for recycled plastics in their manufacturing facilities. Rising environmental concerns and the need for frameworks to conserve energy coupled with versatile applicability support stringent government regulations in many regions. Technological advancement in plastic recycling is supporting the demand for recycled plastic. Recycling plastic is one solution that is considered more sustainable over the long term.

Recycled Plastics Market: Segmental Overview

Based on type, the recycled plastics market is segmented into polyethylene terephthalate, polyvinyl chloride, polyethylene, polystyrene, and others. The market demand for polyethylene terephthalate is anticipated to grow significantly during the studied forecast period.  It is a polymer created by combining two monomers, such as Modified Ethylene Glycol and Purified Terephthalic Acid. Polyethylene recycled plastics can be identified by its recycling code#1, as they have short lifespan it is easy to recycle them, low diffusion coefficient makes polyethylene terephthalate much more suitable when compared to other plastics materials. Polyethylene terephthalate is the most widely used plastic and is clear, strong, lightweight, and 100% recyclable.

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The recycled plastics market, based on source, is segmented into plastic bottles, plastic films, plastic foams, plastic fibers, and others. The recycled plastics market demand for plastic bottles is anticipated to grow significantly during the forecast period. Plastic bottles are the most recycled post-consumer plastics. Recycling plastic bottles can help in the conservation of 80% of energy, which is used in the manufacturing of new bottles, containers, and other products. Recycled plastic bottles are more environmentally friendly than non-recycled single-use plastic bottles,  as these recycled plastic bottles help reduce the environmental crisis due to serious climate change. Therefore, a massive shift in preference for recycled plastic bottles is required to avoid the landfill problem.

Based on application, the recycled plastics market is segmented into packaging, textile, automotive, building and construction, electrical and electronics, and others. The automotive industry is the major consumer of recycled plastics. An increase in automotive production in emerging economies with the increase in global population is projecting the demand for recycled plastics for auto parts manufacturing. The automotive industry is among the ones where plastic consumption is high. In the automotive industry, recycled plastic is used to produce new parts. The primary reason for using recycled plastic in the automotive industry helps to reduce vehicle mass, which is directly linked to reducing carbon emissions. In addition, these plastic parts are not prone to corrosion, offer flexibility and resilience for added safety, and provide thermal insulation.

Based on type, the recycled plastics market is segmented into polyethylene terephthalate, polyvinyl chloride, polyethylene, polystyrene, and others. Based on application, the recycled plastics market is segmented into packaging, textile, automotive, building and construction, electrical and electronics, and others. The packaging segment held the largest market share in 2020. Rapidly growing key application industries, including food & beverages, pharmaceuticals, and personal & household care, are driving the demand for recycled plastics. Furthermore, recycled plastic packaging survives in extreme environments and does not degrade in extreme temperatures, thus preserving the integrity of products, such as food and beverages. Increasing demand from sports equipment industries, fashion accessories, toys, soaps, surfactants, and other personal care products will create lucrative market opportunities for the packaging industry.

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In 2022, Asia Pacific held the largest share of the global recycled plastics market. The rise in the number of food & beverages industries would cater the demand of recycled plastics in the region. The region is also flourishing owing to presence of manufacturing facilities and cheap labor. China is one of the largest producers of recycled plastics due to abundance of resources.

The polyethylene terephthalate segment held the largest market share. It is a polymer created by combining two monomers: modified ethylene glycol and purified terephthalic acid. Polyethylene terephthalate is the most widely used plastic; it is clear, strong, lightweight, and 100% recyclable. Polyethylene recycled plastics can be identified by recycling code#1; as they have a short lifespan, it is easy to recycle them.

The plastic bottles segment held the largest market share. Plastic bottles are the most recycled post-consumer plastics. Recycling plastic bottles can help conserve 80% of the energy used in manufacturing new bottles, containers, and other products. Recycled plastic bottles are more environmentally friendly than non-recycled single-use plastic bottles, and recycled plastic bottles help reduce the environmental crisis.

The packaging segment held the largest share of the market in 2022. The packaged food and beverage sector have been experiencing robust growth due to lifestyle changes, growing urban population, and rising economic activities in emerging economies. These factors drive the demand for recycled plastic in the packaging industry. Furthermore, introducing innovative solutions such as active packaging, modified atmosphere, edible, and the ability of plastic to be recycled is boosting the market growth in the packaging industry.

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Furthermore, recycled plastic packaging survives in extreme environments and does not degrade in extreme temperatures, thus preserving the integrity of products, such as food and beverages. Increasing demand from sports equipment industries, fashion accessories, toys, soaps, surfactants, and other personal care products has created lucrative market opportunities for the packaging industry. The packaged food and beverage sector have been experiencing robust growth due to lifestyle changes, growing urban population, and rising economic activities in emerging economies. These factors drive the demand for recycled plastic in the packaging industry. Furthermore, introducing innovative solutions such as active packaging, modified atmosphere, edible, and the ability of plastic to be recycled is boosting the market growth in the packaging industry.

Impact of COVID-19 Pandemic on Recycled Plastics Market

The COVID-19 pandemic caused significant economic losses worldwide, especially in 2020 and early 2021. The recycled plastics market also experienced the adverse effects of the COVID-19 pandemic in 2020. The pandemic temporarily hampered the operational efficiencies of various industries, which resulted in limited demand for lubricants and recycled plastics. Nevertheless, various economies started reviving their operations in 2021. The resultant growing need for recycled plastics and significant investments by prominent manufacturers to increase production capacities are driving the growth of the recycled plastics market.

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