| 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 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.
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Some of the prominent key players are:
· 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) · Veolia (France)
Opportunity: Favorable initiatives to promote use of recycled plastics in developed countries
In the developed economies of North America and Europe, several regulations are in place or have been introduced to promote the recycling of plastics. Moreover, several states in the US offer some tax incentives or credits to promote the recycling of plastics. This is expected to trigger significant growth in public sector funding for waste-related projects. Therefore, such favorable initiatives undertaken by developed economies are expected to create growth opportunities for recycled plastics.
By plastic type, the polyethylene terephthalate (PET) segment is the largest segment of the recycled plastics market during 2023 to 2030.
The polyethylene terephthalate (PET) segment, by plastic type, is projected to account for the largest share of recycled plastics market owing to its widespread applications. PET can be recovered and recycled repeatedly and remelted to produce new PET products. It is usually recycled into fashion products such as polar fleece clothes, backpacks, and carpets, along with food & beverage, building & construction, Packaging applications.
Europe is the second largest region in the recycled plastics market.
The major factors contributing to the growth of the recycled plastics in Europe include the EU restrictions on single-use plastics since 2019, aims to reduce plastic pollution with a target for recycling 50% of plastic packaging by 2025, increased venture capital funding, and initiatives undertaken by government bodies to encourage the adoption of recycled plastics across Europe. |
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