Recycled Plastic Market Detailed Analysis by Latest Trends 2030

Recycled Plastics Industry Overview

The global recycled plastic market size is anticipated to reach USD 69.2 billion by 2030, according to a new report by Grand View Research, Inc., growing at a CAGR of 4.8% over the forecast period. Increasing environmental concerns, rapid urbanization & industrialization, and the rising need to reduce the carbon footprint in the manufacturing of virgin plastic resin are expected to drive the demand for recycled plastics over the forecast period. The demand for recycled plastics is expected to increase mainly in the packaging application, which includes packaging of processed food & beverages, medical, electronics, and various other products, owing to the growing number of COVID-19 positive cases.

Recycled Plastics Market Segmentation

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

Based on the Product Insights, the market is segmented into Polyethylene (PE), Polyethylene Terephthalate (PET), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS) and Others.

• The Polyethylene (PE) product segment led the market and accounted for more than 31% share of the global revenue in 2021. This high share is attributed to the rising demand for packaging material in consumer goods, food & beverage, industrial, and various other industries.
• Polypropylene (PP) is extensively used in manufacturing automotive components, packaging & labeling, medical devices, and diverse laboratory equipment owing to its excellent chemical and mechanical properties. It is resistant to several chemical solvents, acids, and bases and has excellent mechanical strength.

Based on the Source Insights, the market is segmented into Plastic Bottles, Plastic Films, Polymer Foam and Others.

• The plastic bottles source segment led the market and accounted for more than 74% share of the global revenue in 2021. Plastic bottles are the major source of recycled products.
• The polymer foam source segment includes packaging foam and sheets, which are widely used in impact-resistant packaging solutions.

Based on the Application Insights, the market is segmented into Building & Construction, Packaging, Electrical & Electronics, Textiles, Automotive and Others.

• The packaging application segment led the market in 2021 and accounted for more than a 36% share of the global revenue. This high share is attributable to the rising demand for packaged foods & beverages, electrical & electronics, and textiles. 
• Growing packaging, automotive, and construction industries in the country are further propelling the product demand. The drop in the production of automobiles was due to the global economic slowdown and decline in demand from other countries, which is now recovering at a significant rate. 
• According to the Plastic Waste Management Institute (PMMI), the country’s plastic recycling rate is 84%, the highest in Asia Pacific. The most common plastic waste generated in the country includes Polyethylene (PE), Polypropylene (PP), Polystyrene (PS), and Polyvinyl Chloride (PVC).

Recycled Plastics Regional Outlook

• North America
• Europe
• Asia Pacific
• Southeast Asia
• Central & South America
• Middle East & Africa

Key Companies Profile & Market Share Insights

Companies in the market compete based on technology used for the recycling of plastic waste. Major players are involved in infrastructural development and expansion of their plastic recycling and R&D facilities and are also seeking opportunities to vertically integrate across the value chain.

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

Order a free sample PDF of the Recycled Plastics Market Intelligence Study, published by Grand View Research.