Global Recycled Plastics Market Insights Forecasts to 2032

• The Recycled Plastics Market Size was valued at USD 50.12 Billion in 2022.
• The Market Size is Growing at a CAGR of 5.1% from 2022 to 2032
• The Worldwide Recycled Plastics Market Size is expected to reach USD 70.31 Billion by 2032
• North America is expected to grow the fastest during the forecast period

The Global Recycled Plastics Market Size is expected to reach USD 70.31 Billion by 2032, at a CAGR of 5.1% during the forecast period 2022 to 2032.

Recycled plastic is plastic waste that has been gathered, processed, and made into new items rather than being dumped in landfills or the environment. Recycling plastic reduces the need for new plastic, conserves resources, and lessens the environmental damage caused by the production of plastic. Numerous goods, including plastic bottles, containers, packaging materials, furniture, textiles, automobile parts, and more, can be made from recycled plastic pellets. For various uses, the pellets are either extruded into sheets or fibres or melted and moulded into the necessary shape. Plastic recycling has various positive environmental effects. It aids in the preservation of natural resources, such as petroleum, which is a necessary component of making plastic.

Impact of COVID 19 On Global Recycled Plastic Market

The COVID-19 epidemic has had both favourable and adverse effects on the market for recycled plastic. Lockdowns and limitations enforced by governments around the world during the pandemic caused supply systems, including the collection and processing of plastic garbage, to break down. The collection and processing of recycled plastic were hampered by a lack of labour, temporary closures of recycling facilities, and travel restrictions. The demand for recycled plastic was impacted by the global crisis as well. Recycled plastic demand declined throughout their supply chains as a result of slowdowns and reduced production in sectors like manufacturing, construction, and the automobile industry. The market was directly impacted by the decreased demand. Consumer behaviour changed as a result of the epidemic, including a greater emphasis on cleanliness and hygiene. As a result, single-use packaging and disposables are becoming more popular, which may have an effect on the market for products made of recycled plastic. The market for recycled plastic had short-term disruptions and difficulties as a result of the COVID-19 outbreak, but the long-term outlook is still favourable. With rising demand for recovered plastic goods and investments in recycling infrastructure and technology, efforts to manage plastic waste and foster a circular economy are anticipated to continue.

Key Market Drivers

Due to rising environmental consciousness, rising demand for sustainable goods, and government programmes supporting recycling and the circular economy, the market for recycled plastic has seen tremendous expansion in recent years. The damaging effects of plastic waste on the environment, particularly in terms of marine pollution and ecological destruction, are becoming more well recognised. Consumer demand for eco-friendly and sustainable products, particularly those created from recycled plastic, has surged as a result of this awareness. Many businesses and brands are embracing sustainability objectives and programmes, which includes using recycled plastic in their goods and packaging. Consumer demand, brand reputation, and a desire to lessen environmental effect are the driving forces behind these promises. Major firms using recycled plastic stimulates the market's expansion. In recent years, the market for recycled plastic has attracted large investments. Infrastructure, R&D, and capacity expansion for recycling are being funded by both public and private enterprises. These investments assist the expansion of the market by enhancing the effectiveness and scope of recycling activities.

Key Market Challenges

The market for recycled plastics is expanding, but it still confronts a number of obstacles. The market for recycled plastics may have growth barriers due to inadequate recycling infrastructure and collection methods. Lower collection rates and less readily available recovered plastics may result in some areas due to a lack of recycling infrastructure or restricted access to recycling programmes. The use of recycled plastics in particular applications may be constrained by specific technological issues. For instance, certain plastic polymers have limited recycling choices due to the difficulty of recycling them. Recycled plastics might differ in other ways from virgin plastics, which would restrict their usage in some high-performance applications.

Market Segmentation

Product Insights

Polyethylene segment is dominating the market with the largest market share 

On the basis of product, the global recycled plastics market is segmented into Polyethylene, Polyethylene Terephthalate, Polypropylene, Polyvinyl Chloride, Polystyrene. Among these, polyethylene segment is dominating the market with the largest market share over the forecast period. The segment has been rising as a result of rising environmental awareness, laws that encourage recycling, and customer preferences for eco-friendly goods. To achieve environmental objectives and customer expectations, many businesses are using polyethylene into their manufacturing procedures. Polyethylene goods play a crucial part in the market for recovered plastics because of their high demand and potential for reuse. 

Propylene segment is witnessing the fastest market growth over the forecast period. Among the many goods that are produced using propylene, which is a crucial building ingredient in the chemical industry, are plastics, synthetic fibres, solvents, and chemical intermediates. Propylene demand is typically impacted by elements including economic expansion, industrial activity, consumer demand for plastic goods, and general market circumstances.

Source Insights

Plastic bottles segment accounted the largest market share

Based on source, the global recycled  plastics market is segmented into plastic bottles, plastic films, polymer foam, and others. Among these, plastic bottles segment accounted the largest market share over the forecast period. Recycled polyethylene terephthalate, or rPET, is a type of plastic bottle that is increasingly in demand as people become more conscious of sustainability and environmental issues. Numerous businesses and individuals are seeking for ways to cut back on plastic trash and support recycling initiatives.

Polymer foam, on the other hand is witnessing the fastest market growth over the forecast period. Foam compounding is a technique where polymer foam is combined with recycled plastic. In this technique, recycled plastic pellets or granules are combined with minute pieces of ground-up polymer foam. The resulting mixture can be further treated to produce items made of foam with certain qualities. The mechanical characteristics and density of the recycled plastic are improved throughout the blending process, making it acceptable for a variety of applications.

Application Insights

Packaging segment is dominating the market with the largest market share

On the basis of application, the global recycled plastics market is segmented into building and construction, packaging, electrical and electronics, textiles, automotive, and others. Among these, packaging segment is dominating the market with the largest market share over the forecast period.

In recent years, the market for recycled plastics has experienced tremendous expansion in the packaging sector. The need for recycled plastics in packaging applications has grown as sustainability and environmental concerns have become more pressing. High-quality recycled plastics suited for packaging applications are now easier to obtain because to technological developments in recycling processes. Modern sorting and processing techniques have increased recycling's effectiveness and cost-effectiveness, making recovered plastics an attractive alternative for packaging producers.

Region Insights

Asia Pacific region is dominating the market with the largest market share over the forecast period

In recent years, the Asia Pacific area has seen a major increase in the market for recycled plastics. Recycling and sustainable practises are becoming increasingly important as nations in the region struggle with rising plastic waste and environmental issues. Consumer preference for sustainable products has changed as a result of rising environmental awareness among consumers. Recycled plastics are increasingly in demand for use in packaging, automobiles, construction, and textiles, among other industries.

Europe, on the other hand is witnessing the fastest market growth over the forecast period. Consumers in Europe are becoming more environmentally concerned and are seeking sustainable products. The need for recycled plastics is being driven by consumers' increased desire for goods created from recycled resources.

Recent Market Developments

• In November 2021, Honeywell's "UpCycle Process Technology" plastic recycling technique would go into commercial use.

List of Key Companies

• Custom Polymers (United States)
• B&B Plastics Inc. (United States)
• B. Schoenberg & Co., Inc. (United States)
• Envision Plastics (United States)
• Jayplas (United Kingdom)
• Joe's Plastics (United States)
• K K Asia (HK) Ltd. (Hong Kong)
• Berry Global Inc. (United States)
• MBA Polymers Inc. (United States)
• Plastipak Holdings, Inc. (United States)
• SUEZ (France)
• Ultra-Poly Corporation (United States)
• Veolia (France)
• KW Plastics (United States)
• Birch Plastics Inc. (United States)
• RJM International, Inc. (United States)
• Asia Plastics Renewable Resources Holdings Co., Ltd. (China)
• Clear Path Recycling (United States)
• Green Line Polymers (United States)
• Imerys (France). 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Recycled Plastics Market based on the below-mentioned segments:

By Product 

• Polyethylene
• Polyethylene Terephthalate
• Polypropylene 
• Polyvinyl Chloride,
• Polystyrene

By Source 

• Plastic bottles 
• Plastic films
• Polymer foam 
• Others

By Application

• Building and construction
• Packaging 
• Electrical and electronics
• Textiles
• Automotive
• others

Recycled Plastics Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa