Recycled Plastic Market Updates

Recycled Plastic Market size was valued at USD 47.01 Billion in 2023 and is poised to grow from USD 49.31 Billion in 2024 to USD 72.59 Billion by 2032, growing at a CAGR of 4.9% during the forecast period (2025-2032).

The global recycled plastic industry 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. 'REMONDIS SE & Co. KG', 'Biffa', 'Stericycle', 'Republic Services, Inc.', 'Waste Management, Inc. (WM)', 'Veolia Environnement S.A.', 'SUEZ', 'Plastipak Holdings, Inc.', 'KW Plastics', 'Custom Polymers, Inc.', 'MBA Polymers, Inc.', 'Envision Plastics', 'Clear Path Recycling', 'Green Line Polymers', 'UltrePET, LLC', 'Evergreen Plastics, Inc.', 'Indorama Ventures Public Company Limited', 'CarbonLITE Industries', 'Phoenix Technologies International, LLC', 'Avangard Innovative'

Plastics are versatile, lightweight, and inexpensive materials that may be moulded into a wide range of goods. As a result, over the previous few decades, the output of plastics has expanded dramatically. However, its current use has resulted in a massive amount of trash, causing environmental issues. The landfill is the traditional method of trash disposal, however landfill space is becoming increasingly rare in many nations. Although this method has little environmental consequences, it does provide a long-term risk of soil and groundwater pollution, therefore damaging the environment.

The largest and fastest-growing source of recovered plastics is bottles. Because they have a stronger collecting and sorting network, they are the most recycled post-consumer plastics. Furthermore, PET resin is used in the majority of bottles, which is the most recycled resin with the highest recycling rate. Many developing countries are entering the recycling market, and because bottles are readily available, they will rely on them as a supply of recovered plastics.

In 2021, Asia Pacific dominated the recycled plastic market share, 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.