Recycled Plastic Market to Reach Valuation of USD 67.1 Billion by 2030 – Increasing Global Awareness of Environmental Sustainability and the Imperative to Reduce Plastic Pollution Drives the Market

In terms of revenue, the Global Recycled Plastic Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 4.7 from 2023 to 2030.

A significant shift has occurred in the plastic packaging industry in recent years, with a growing emphasis on incorporating more Asia Pacifics. Brands worldwide proudly showcase their commitment to sustainability through advertising campaigns highlighting the positive environmental impact of these changes. Recycling plastics presents a compelling solution, requiring less energy than producing new materials and alleviating the demand for fossil-fuel-based raw materials. This conserves energy, saves valuable landfill space, and mitigates environmental pollution.

Governments, organizations, and environmentalists are increasingly alarmed by the detrimental effects of plastic waste, such as polluted oceans, overextended landfills, and ecological damage. Plastic recycling is crucial in the collective effort to improve the environment and enhance waste management solutions. 

Key Highlights from the Report

• Based on the Product segmentation, the Polyethylene Terephthalate (PET) segment dominates the global market. Due to its transparent, durable, lightweight, and recyclable qualities, PET is widely favored for packaging food and beverage items because of its non-toxic attributes and straightforward recyclability. Also, government regulations worldwide have prompted bottled water and beverage producers to transition from virgin PET to recycled PET in the production of packaging bottles.
• Furthermore, based on the segmentation of Source, the Bottles segment contributes most of the market growth in 2022, with a 72% revenue share owing to its widespread availability and well-established collection network. Bottles are used extensively in packaging water, carbonated beverages, medicines, pharmaceuticals, and other products, facilitating simplified sorting and recycling processes.
• Finally, based on Region, Asia Pacific holds a significant market share within the Asia Pacific market in 2022, i.e., 48% of revenue due to an increase in the packaging industry and technological innovations in the sector. 

Market Dynamics

The rising production of plastic poses severe environmental challenges, including high energy demand, consumption of fossil fuels, and the accumulation of plastic waste. Strategies to address this issue, particularly in food packaging, involve reducing packaging weight and volume, promoting packaging reuse, and advancing the recycling of specific polymers (3R). Plastic recycling involves sorting plastics by resin type, followed by mechanical or chemical processes. Moreover, manufacturers play a pivotal role in promoting eco-design and the use of Asia Pacific. Products designed for easy recycling contribute to a more sustainable future. However, challenges arise, especially with multi-layer plastics and specific theoretically recyclable polymers that may not be recycled due to insufficient quantities in waste streams. Also, manufacturers face technical challenges, such as overcoming issues of odor and color associated with recycled resins. These challenges underscore the importance of considering recycling constraints during product development, requiring collaboration between operational marketing teams and plastic manufacturers.

Several companies across multiple sectors are leading the charge in embracing Asia Pacific. For instance, Coca-Cola, a multinational giant, has proactively invested in recycling, manufacturing bottles from 50% Asia Pacific, and transitioning to 100% rPET bottles in North America. This strategic decision aligns with their commitment to circular action, aiming to eliminate the use of virgin plastic within the next decade and reduce carbon emissions by 21%. Furthermore, in the fashion industry, companies like Unirec, founded in 2021, are leading the way by creating clothing, workwear, and uniforms from Asia Pacific bottles. Their innovative approach ensures that used plastic materials are repurposed, preventing environmental pollution and lowering carbon emissions throughout manufacturing.

Based on Region, Asia Pacific accounted for the majority of market share in 2022 owing to the expanding packaging industry and technological innovations within the sector. The surge in the packaging industry in this region is propelled by a robust demand for building & construction materials, consumer goods, and electrical & electronics, mainly from India, China, and Southeast Asia. Furthermore, a flexible regulatory environment is anticipated to lessen constraints typically observed in Western markets. 

The Global Recycled Plastic Market is Segmented as follows

• Product
  • Polyethylene (PE)
  • Polyethylene Terephthalate (PET)
  • Polypropylene (PP)
  • Polyvinyl Chloride (PVC)
  • Polystyrene (PS)
  • Other Products
• Source
  • Bottles
  • Films
  • Foams
  • Fibers
  • Other Sources
• End-Use Industry
  • Packaging
  • Building & Construction
  • Electrical & Electronics
  • Textiles
  • Automotive
  • Other End-Use Industries
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Recycled Plastic Market is

Veolia (France), Plastipak Holdings Inc. (U.S.), Biffa PLC (UK), Alpek (Mexico), MBA Polymers (U.S.), Cabka (Netherlands), Jayplas (UK), Loop Industries Inc. (Canada), Republic Services Inc. (U.S.), KW Plastics (U.S.), Stericycle (U.S.), Far Eastern New Century Corporation (Taiwan), Indorama Ventures (Thailand), Remondis SE & Co. KG (Germany), WM Intellectual Property Holdings LLC (U.S.), Waste Connections (U.S.), Clean Harbors Inc. (U.S.), Covetsro AG (Germany) 

The Global Recycled Plastic Market Scope can be Tabulated as below