Recycled Plastics Market Is Expecting To Grow As Of Increasing Plastic Consumption In The Production

Recycled Plastics Industry Overview

The global recycled plastics market size was valued at USD 46.09 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 4.8% from 2022 to 2030.

Increasing plastic consumption in the production of lightweight components, which are used in various industries including building & construction, automotive, and electrical & electronics, is expected to propel the growth of the market over the forecast period. Amid the global COVID-19 pandemic, the demand for various packaging products was high on account of the rise in online purchases of electrical & electronics, personal care products, and Personal Protective Equipment (PPE) products, such as gloves and face masks.

Gather more insights about the market drivers, restrains and growth of the Global Recycled Plastics Market

According to The Verge, the demand for affordable consumer electronic products, such as laptops, mobile, modems, etc. has increased majorly through e-commerce websites. Rising usage of consumer electronics has propelled the demand for recycled plastics in electrical & electronics and packaging applications, which is expected to boost the market growth. The global plastics market is likely to be driven by the increasing consumption of plastics in construction, automotive, medical devices, and electrical & electronics industries. Regulatory intervention to reduce the gross vehicle weight to improve fuel efficiency and ultimately reduce carbon emissions has driven automotive Original Equipment Manufacturers (OEMs) to use plastic as a substitute for metals, such as steel and aluminum, for fabricating automotive components.

Moreover, 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, over the forecast period. High product consumption in the building & construction sector is credited to increased foreign investments in these countries due to supportive FDI norms & requirements for the redevelopment of public & industrial infrastructure. However, the COVID-19 pandemic severely affected the manufacturing industries in 2020, which further affected the demand for plastics.

Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.

• North America Plastic Recycling Market - The North America plastic recycling market size was valued at USD 2.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 13.1% from 2021 to 2028. Changing consumer behavior towards sustainability is driving the market in North America. Increasing concerns related to plastic pollution, harmful emissions from the use of petrochemicals, and fluctuating crude oil prices have been driving the demand for plastic recycling.

• Recycled Polyethylene Terephthalate Market - The global recycled polyethylene terephthalate market size was valued at USD 8.56 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.7% from 2021 to 2028. The market growth is primarily driven by changing consumer behavior towards sustainability. In addition, a ban on landfills introduced in several developed countries in North America and Europe is likely to drive the product demand over the forecast period.

Recycled Plastics Market Segmentation

Grand View Research has segmented the global recycled plastics market report based on product, source, application, and region:

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

  • Polyethylene

  • Polyethylene Terephthalate

  • Polypropylene

  • Polyvinyl Chloride

  • Polystyrene

  • Others

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

  • Plastic Bottles

  • Plastic Films

  • Polymer Foam

  • Others

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

  • Building & Construction

  • Packaging

  • Electrical & Electronics

  • Textiles

  • Automotive

  • Others

• Recycled plastics Regional Outlook (Revenue, USD Million, 2019 - 2030)

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa (MEA)

Market Share Insights

• December 2021: Veolia completed the acquisition of SUEZ to become the world champion of ecological transformation.

• July 2021: Jayplas teamed up with the Co-op Supermarket Chain to run Europe's most comprehensive in-store recycling program for plastic bags and product packaging.

Key Companies profiled:

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, LLC

• Veolia

• Shell International BV

• Waste Connections

• Clean Harbors, Inc.

• Covetsro AG

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.