The report “Recycled Plastics Market by Source (Bottles, Fibers, Films, Foams), Process, Plastic Type (PET, PE, PP, PVC, PS), Type, End-Use (Packaging, Textiles, Building & Construction, Automotive, Electrical & Electronics), and Region – Global Forecast to 2030″, is projected to grow from USD 69.4 billion in 2023 to USD 120.0 billion by 2030, at a CAGR of 8.1% from 2023 to 2030. The growing demand for usage of recovered plastics to control the rising plastic pollution levels has spurred the consumption of recycled plastics. Since recycled plastics conserve more of expended energy than virgin plastics, these are employed in most of the major end-use industries including packaging, textiles, building & construction, automotive, and electrical & electronics.
Key Market Players
Alpek (Mexico), Biffa (UK), Cabka (Germany), Far Eastern New Century Corporation (Taiwan), Indorama Ventures (Thailand), Jayplas (UK), Loop Industries, Inc. (Canada), MBA Polymers Inc. (US), Plastipak Holdings, Inc. (US), Republic Services (US), Stericycle (US), and Veolia (France), and others are the leading players in the market.
Asia Pacific is projected to account for the largest share of the global Recycled Plastics Industry.
Increasing demand for recycled plastics from building & construction industry is leading to the growth of Asia Pacific market. The rising population, economic growth, and development of industrial sector in emerging economies such as India, Japan, and China are among the other factors which are driving the Asia Pacific market.
Recycled Plastics Market Dynamics
- Drivers: Increasing use in packaging, automotive, and electrical & electronics industries
- Restraint: Adverse impact of downcycling
- Opportunity: Favourable initiatives to promote use of recycled plastics in developed countries
- Challenge: Difficulty in collection of raw materials