Recycled Plastics Market To Predict Global Expansion At CAGR $96.48 Billion By 2030
Recycled Plastics Industry Overview
The global recycled plastics market size was estimated at USD 51.70 billion in 2023 and is projected to grow at a CAGR of 9.5% from 2024 to 2030. Increasing plastic consumption in the production of lightweight components which are used in various industries including building & construction, automotive, electrical & electronics, and various other industries are expected to propel the market growth over the forecast period.
Gather more insights about the market drivers, restrains and growth of the Recycled Plastics Market
The rise in online purchases of electrical & electronics, personal care products and personal protective equipment products such as gloves, face masks, and various products is driving the demand for recycled plastics used in different types of packaging sources.
According to the Verge, the demand for affordable consumer electronic products such as laptops, mobile, modems and various others have increased majorly through e-commerce websites. These rise in demand for consumer electronic have propelled the demand of recycled plastics in electrical & electronics and packaging source 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 is expected to drive the demand for recycled plastics in the manufacturing of components such as insulation, fixtures, structural lumber, windows, fences, and various others over the forecast period. The growth of 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.
Browse through Grand View Research's Category Plastics, Polymers & Resins Industry Research Reports.
• The global nonwoven fabrics market size was valued at USD 52.56 billion in 2023 and is projected to grow at a CAGR of 4.9% from 2024 to 2030. Nonwoven textiles are widely used in various sectors such as construction, healthcare, agriculture, and more. It is projected that the increasing need for strong, affordable, and lightweight materials in these industries will result in the growth of the nonwoven fabric market.
• The global tackifier market size was valued at USD 4.15 billion in 2023 and is projected to grow at a CAGR of 4.9% from 2024 to 2030. The increasing demand for adhesives and sealants in industries such as packaging, construction, and pharmaceuticals is favorably boosting the global market. Tackifiers are chemical composites used in the production of adhesives, and they are the most significant component of hot-melt adhesives that require sensitive adhesives. They find applications in various sectors, including assembling adhesives, bookbinding adhesives, tapes and labels, leather, construction adhesives, footwear, and rubber goods.
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, 2018 - 2030)
Polyethylene
Polyethylene Terephthalate
Polypropylene
Polyvinyl Chloride
Polystyrene
Others Products
Recycled Plastics Source Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
Plastic Bottles
Plastic Films
Polymer Foam
Others Sources
Recycled Plastics Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
Building & Construction
Packaging
Electrical & Electronics
Textiles
Automotive
Others Applications
Recycled Plastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Italy
Asia Pacific
China
India
Japan
Southeast Asia
Malaysia
Indonesia
Thailand
Central & South America
Brazil
Middle East & Africa
Saudi Arabia
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Key Companies profiled:
Biffa
Stericycle
Republic Services, Inc.
WM Intellectual Property Holdings, L.L.C.
Veolia
Shell International B.V.
Waste Connections
CLEAN HARBORS, INC.
Covetsro AG
REMONDIS SE & C
Recent Developments
• In January 2024, Republic Services, Inc. announced the opening of a new Salt River recycling center. The new facility will play a vital role in improving recycling rates in the Valley as it has more modern technology and higher capacity than its predecessor. It is a 51,000-square-foot recycling center in the Salt River Pima-Maricopa Indian Community, designed to manage recyclables from approximately 1.4 million residents and over 2,000 businesses. The facility can process up to 40 tons of recyclables or eight truckloads per hour. This includes cardboard, paper, jugs, plastic bottles, metal food and beverage cans, and glass bottles and jars.
• In September 2023, WM has recently announced the opening of a new recycling facility in Cleveland, spanning over a vast area of 100,000 square feet. The facility is anticipated to process nearly 420 tons of recyclable materials daily. This project is part of WM's previously declared enterprise-wide initiative to invest over USD 1 billion in recycling infrastructure, which includes around 40 automated or planned new recycling facilities. The new facilities are expected to add 2.8 million incremental tons managed by 2026.
• In April 2023, Biffa announced the acquisition of North Yorkshire based Esterpet Ltd, a recycler of Polyethylene Terephthalate (PET) plastic. Esterpet converts 25,000 tons of plastic flakes each year, generated from recycled bottles, into high-purity plastic pellets. This latest acquisition builds on Biffa’s existing strong capabilities in closed-loop food grade plastic recycling, including its plants in Seaham, Redcar and Washington where it already converts over 165,000 tons of plastic each year into high quality recycled polymers.
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