Global Recycled Plastics Market Report and Forecast 2024-2032

Global Recycled Plastics Market Outlook

The global recycled plastics market size stood at a value of USD 44.71 billion in 2023. The industry is estimated to witness a CAGR of 6.1% during the forecast period of 2024-2032 to attain a value of USD 76.17 billion by 2032.

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On the basis of plastic type, the polyethylene terephthalate (PET) segment accounted for the most significant market share in 2020. The segment growth is attributed to the increased uses of recycled plastics in the manufacturing of containers, automobile parts, shoes, and luggage, among others.

Based on the application type, the non-food contact packaging segment dominated the recycled plastics market and is expected to continue its dominance over the forecast period. It is widely used in industrial processing for the protection of the products from harsh weather conditions.

On the basis of raw material type, the plastic bottles segment is estimated to account for the largest market share as they are used in numerous applications such as storing carbonated drinks, medicines, and oils, among others.

Regionally, North America dominated the industry in 2020 owing to the increasing demand for recycled plastics and the growing government and organisational initiatives in the region.

Market Segmentation

Plastic recycling is a process of collecting and re-using different types of plastic wastes. Before recycling, the waste and scrap plastic undergo a series of five stages that include sorting, washing, shredding, identification and classification of plastic, and extruding. Products manufactured from plastics are generally non-biodegradable, which can lead to various environmental concerns. Consequently, recycling plastics helps in reducing the amount of waste disposed at landfill sites, which in turn lowers the amount of greenhouse gas emissions released from landfills.

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On the basis of plastic type, the global recycled plastics market is segregated into:

• Polyethylene Terephthalate (PET)
• High Density Polyethylene (HDPE)
• Polypropylene (PP)
• Low Density Polyethylene (LDPE)
• Others

Based on the raw material types, the industry is divided into:

• Plastic bottles
• Plastic films
• Rigid Plastic and Foam
• Fibres
• Others

The industry is majorly categorised on the basis of the application segment into:

• Non-Food Contact Packaging
• Food Contact Packaging
• Construction
• Automotive
• Others

The EMR report looks into the regional markets of the global recycled plastics market like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Market Analysis

The demand for plastic materials is growing at a fast pace across several industries like packaging, food and beverage, automotive, and healthcare. Increasing population, rising disposable incomes, and continuous product innovations are the prime factors attributed to the development of these industries. The robust growth of recycled plastics in the flexible packaging segment, coupled with the rising capital investments in research and development activities in flexible packaging, is also creating ample opportunities for vendors in the recycled plastics market, thus, significantly driving the industry growth. Governments are also enforcing waste disposal taxes, landfill taxes, recycling credit schemes, and deposit refund systems to promote effective waste management. These measures by governments in various economies are further expected to facilitate the growth of the recycled plastics market.

Competitive Landscape

The report presents a detailed analysis of the following key players in the global recycled plastics market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• B. Schoenberg & Co., Inc
• UltrePET, LLC
• Carbonlite Inc.
• Others

The comprehensive report looks into the macro and micro aspects of the recycled plastics industry. The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report

Recycled Plastics Market Report Snapshots

Recycled Plastics Market Size

Recycled Plastics Market Analysis

Recycled Plastics Companies