How big is plastic recycling industry?
The global recycled plastics market size reached US$ 39.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 53.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.88% during 2023-2028.
Year Considered to Estimate the Market Size:
Base Year of the Analysis: 2022
Historical Period: 2017-2022
Forecast Period: 2023-2028
The practise of reusing and recovering plastic trash into usable and valuable items is known as plastic recycling. Before being recycled, plastic products go through a series of stages that include collecting, sorPlastic recycling represents the process of reusing and recovering plastic waste or scraps as functional and valuable products. It includes sorting, washing, shredding, identifying, classifying, extruding, and reprocessing post-industrial plastics. Recycled plastic aids in saving natural resources that are used for producing virgin plastics, clearing landfill space, conserving energy, etc. Consequently, it is extensively utilized in the manufacturing of footwear, fabrics, toys, bags, toothbrushes, numerous consumer products, etc., across the globe.
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Global Recycled Plastics Market Trends:
The rising consumer environmental consciousness towards the harmful effects of plastic waste is primarily augmenting the recycled plastics market. Furthermore, the implementation of various stringent regulations by government bodies across countries to minimize waste production, promote the reuse and recycling of plastic scraps, encourage sustainable waste treatment, etc., is positively influencing the global market. Apart from this, the expanding global population is resulting in the increasing construction activities of residential and commercial complexes, which is acting as another significant growth-inducing factor.
Moreover, the widespread adoption of plastics to produce several components of automobiles and extensive R&D activities are also bolstering the market growth. Besides this, the inflating sales of passenger and commercial vehicles are further catalyzing the global market. Additionally, busy schedules of working population and the growing income levels of individuals are propelling the demand for ready-to-eat (RTE) and processed food products, thereby stimulating the market growth. In line with this, leading manufacturers are focusing on adding value and consumerism to these items, which is expected to fuel the recycled plastics market in the coming years.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape
The competitive landscape of the market has been examined in the report.
Avangard Innovative, Veolia Environnement S.A. (VEOEY), Suez Recycling & Recovery Holdings, KW Plastics, B. Schoenberg & Co. Inc., Delta Plastics, CarbonLITE Industries, and UltrPET LLC.
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Market Summary:
- Based on the plastic type, the market has been divided into high-density polyethylene (HDPE), polyethylene terephthalate (PET), polypropylene (PP), low-density polyethylene (LDPE) and others. Among these, polyethylene terephthalate (PET) is the most popular type of recycled plastic.
- On the basis of the raw material, the market has been classified into plastic bottles, fibers, plastic films, rigid plastic and foam, and others. Plastic bottles currently account for the majority of the total market share.
- The market has been segregated based on the application into construction, non-food contact packaging, automotive, food contact packaging and others. Currently, recycled plastics are mostly used for non-food contact packaging.
- Region-wise, Asia Pacific represents the leading market. Other regions include Latin America, Europe, North America, and Middle East and Africa.
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