What is the Global market size of the Recycled Plastic Market?

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).

Global Recycled Plastic Market Size, Share, Growth Analysis, By Type(Polyethylene Terephthalate (PET), Polyethylene (PE)), By Application(Food Packaging, Construction) - Industry Forecast 2024-2031

Report ID: SQMG15G2010 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 68 | Figures: 75

Global Recycled Plastic Market Insights

Global Recycled Plastic Market size was valued at USD 43.66 billion in 2019 and is poised to grow from USD 47.01 billion in 2023 to USD 69.2 billion by 2031, growing at a CAGR of 4.9% in the forecast period (2024-2031).

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 2019, accounting for more than 60%.

US Recycled Plastic Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Recycled Plastic Market Report Snapshots

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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. 'Veolia Environnement S.A.', 'Borealis AG', 'SUEZ S.A.', 'Dow Chemical Company', 'Republic Services Inc.', 'Waste Management Inc.', 'Clean Harbors Inc.', 'Ultra-Poly Corporation', 'KW Plastics', 'Plastipak Holdings Inc.', 'Envision Plastics', 'Berry Global Inc.', 'Eco-Products Inc.', 'CarbonLITE Industries LLC', 'MBA Polymers Inc.', 'GreenLine Polymers', 'Nestlé S.A.', 'PepsiCo Inc.', 'Coca-Cola Company', 'Unilever NV'

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, 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.

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Global Recycled Plastic Market Size, Share, Growth Analysis, By Type(Polyethylene Terephthalate (PET), Polyethylene (PE)), By Application(Food Packaging, Construction) - Industry Forecast 2024-2031

Global Recycled Plastic Market Insights

Global Recycled Plastic Market Report Snapshots

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