The global Recycled Plastics Market is estimated to be valued at US$ 69.4 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Recycled plastics are produced from post-consumer or post-industrial plastic waste through mechanical or chemical processes. Recycled plastics help reduce landfill waste and lower carbon footprint as they require less energy during production compared to virgin plastics. Plastics such as polyethylene terephthalate (PET), high-density polyethylene (HDPE), polyvinyl chloride (PVC), low-density polyethylene (LDPE), and polypropylene (PP) are commonly recycled.
Market key trends:
One of the key trends in the recycled plastics market is the rising demand for recycled PET for packaging applications. Recycled PET can be used to produce food-grade packaging materials, fiber for clothing and carpets, and strapping for palletizing and securing loads. It requires less energy during production and lowers emissions compared to virgin PET. Governments across regions are promoting use of recycled plastics through initiatives like extended producer responsibility which is expected to drive the market growth over the forecast period.
Segment Analysis:
The recycled plastics market is segmented by polymer, application, and region. By polymer, the polyethylene terephthalate (PET) segment dominates the market and accounted for the largest share in 2023 owing to its wide usage in packaging applications such as bottles, jars and containers. PET bottles account for highest recycled plastic materials globally and drives substantial demand for recycled PET materials.
Key Takeaways:
The global Recycled Plastics Market Share is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing awareness about environmental protection and stringent regulations mandating plastic waste recycling and reuse.
Regional analysis:
Asia Pacific dominates the recycled plastics market with over 35% share in 2023 owing to high plastic waste generation and stringent regulations in major countries like China and India promoting recycling activities. Additionally, establishment of several recycling facilities to process plastic waste offers lucrative growth opportunities in the region.
Key players:
Key players operating in the recycled plastics market include 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). Alpek and Indorama Ventures captured over 15-20% share respectively due to their widespread production facilities and capabilities to process multiple polymers like PET, PE, PP and other flexible plastics.
For more insights, read- https://www.newsstatix.com/recycled-plastics-market-demand-share/
