USD 43.66 billion
Report ID: SQMG15G2010 | Region: Global | Published Date: July, 2023 | Pages: 165 | Tables: 68 | Figures: 75
Global Recycled Plastic Market size was valued at USD 43.66 billion in 2021 and is poised to grow from USD 47.01 billion in 2022 to USD 69.2 billion by 2030, growing at a CAGR of 4.9% in the forecast period (2023-2030).
Plastic trash is the most common sort of litter in the ocean, accounting for 80 % of all marine debris discovered from the surface to the deep oceans. Every continent's shorelines are littered with plastic, with more rubbish found near famous tourist attractions and densely populated places. It jeopardises ocean health, marine species' health, food safety and quality, human health, and coastal tourism, as well as contributing to climate change. Several stakeholders, including governments, manufacturers, and customers, are modifying plastic consumption patterns by revamping existing manufacturing lines to produce less plastic trash, recycling plastic garbage, and designing items that are easily processed after use.
The sheer number of plastics used for storage and transportation in the food and beverage industry, in the shape of bottles, packing films, trays, bins, and disposables, results in a considerable amount of waste. Furthermore, because of the enormous volume of trash generated, food and beverage businesses are under pressure to integrate recycling into their supply chains in order to meet voluntary sustainability goals, expand producer responsibility agreements, and build circular economic operating models. All of these elements have contributed to the creation of a more efficient recycling process, allowing the food and beverage industry to hold the highest revenue share in 2021, accounting for more than 60%.
US Recycled Plastic Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 43.66 billion
Food Packaging Products
Food Packaging Products
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The Global Recycled Plastic Market is segmented based on type, application and regions. Based on the type of plastic, the Recycled Plastic Market is further sub-segmented into categories like Polyethylene Terephthalate (PET), Polyethylene (PE), Polyvinyl Chloride (PVC), Polypropylene (PP), Polystyrene (PS), Others. On the basis of Application of the plastic the Recycled Plastic Market is segregated into Food Packaging, Construction, Automotive, Electrical & Electronics, Other sectors. The regional categorization of the recycled plastic market is done on the basis of various geographies like Asia-Pacific, Europe, North America, Latin America, Middle East and Africa.
Recycled Plastic Market Analysis by Type
Polyethylene (PE) was the most popular product group in 2021, accounting for more than 31% of global sales. This high proportion is due to the rising need for packaging material in consumer goods, food and beverage, industrial, and other industries. It can also be found in laundry detergent containers, milk cartons, cutting boards, and garbage cans. Polypropylene (PP) is widely used in the manufacturing of automotive components, packaging and labelling, medical devices, and a range of laboratory equipment due to its superior chemical and mechanical characteristics. It is mechanically strong and resistant to a wide range of chemical solvents, acids, and bases.
Recycled Plastic Market Analysis by Application
In 2021, the packaging application category dominated the market, accounting for more than 36% of worldwide sales. The increased demand for packaged meals and beverages, electrical and electronic goods, and textiles is responsible for this high % rate. The primary application areas that are driving the category growth include personal hygiene items, such as shavers and electric trimmers, as well as clothing products and automotive components made from recycled plastics.
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In 2021, Asia Pacific dominated the recycled plastic market, accounting for approximately 47% of worldwide sales. Due to the growing need for non-residential construction projects such as hospitals, schools and colleges, the Asia Pacific construction industry is expected to increase significantly. This will boost demand for roofing tiles, insulation, fences, floor tiles, carpets, and a variety of other building materials. After Asia Pacific, Europe comes in second in terms of revenue. Embracing a circular economy to reduce the carbon footprint associated with traditional plastic manufacturing is leading the market.
In Europe, landfill bans have resulted in a favourable increase in plastic recycling. Because landfill costs in some European countries are so high, dumping can often be more expensive than recycling plastic. This scenario encourages people to recycle plastic. In terms of revenue, North America comes in third. The rise of the major end-use sectors, such as electrical and electronics, construction, and packaging, is driving the recycled plastic market. Over the projected period, rising demand for packaged and processed goods as well as a rapidly growing construction industry in the United States, Mexico and Canada is expected to boost market growth.
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Recycled Plastic Market Driver
Recycled Plastic Market Restraint
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The global recycled plastic business is highly concentrated, with many large-scale vendors dominating the majority of the recycled plastic market. The majority of companies are involved in mergers and acquisitions so as to gain a competitive advantage and reach across various geographies of the world.
Recycled Plastic Market Top Players Company Profiles
Recycled Plastic Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, on the basis of the type of plastic, polyethylene comprises a major segment of the revenue. The type consists of 31% of share of the total market share globally. According to the industry application segmentation, the food packaging segment holds the most lucrative part of the market and is expected to grow substantially in the forecast period. The regional insights of the recycled plastic market are more lucrative in the Asia-Pacific region because of high population countries like India and China.
|Market size value in 2021||USD 43.66 billion|
|Market size value in 2030||USD 47.01 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Recycled Plastic Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Recycled Plastic Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Recycled Plastic Market:
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