Recycled plastic refers to materials that have undergone a process of transformation, where waste plastic is collected, sorted, cleaned, and processed into new usable products. It involves breaking down the plastic into small pieces, melting them, and reshaping them into various forms, such as bottles, containers, or fibers. This recycling process helps divert plastic waste from landfills, conserves natural resources, and reduces the need for virgin plastic production.
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Data Bridge Market Research analyzes that the Global Recycled Plastic Market is expected to reach USD 39,458,951.91 thousand by 2030 from USD 27,606,503.26 thousand in 2022, growing with a substantial CAGR of 4.6% in the forecast period of 2023 to 2030. The rising demand for sustainable packaging will drive market growth.
Key Findings of the Study
- Rising Demand for Sustainable Packaging
Packaging plays an important role as plastic packaging in food packaging, which protects foods against environmental, chemical, and physical factors that could contaminate all food if not packaged correctly. The essential role of packaging is to protect the product from damage during transit. Still, packaging also protects the product in the warehouse and retail shoes before the sale of the product. Different types of packaging are used for different kinds of products. The demand for eco-friendly products for packaging is increasing because eco-friendly products have low-cost production and can be reused and recycled, which lowers the production of waste in the region. For packaging, several manufacturers prefer recycled plastic packaging more as packaging processes are less energy-consuming. In addition to that, they are said to emit minimal carbon as well they help in the reduction of plastic waste.
In conclusion, recycled plastic are low energy consuming and easy to manufacture compared to synthetic plastics, which also helps to maintain the ecological balance as it helps reduce plastic waste faster and contributes to less carbon emission. So the manufacturers prefer recycled plastics for the packaging of food and beverage products. Hence, the increase in the preference for sustainable plastic packaging is expected to drive market growth.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Thousand
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Segments Covered
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Source (Bottles, Films, Fibers, Foams, and Others), Polymer Type (Polyethylene Terephthalate (PET), High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Polypropylene, Polyvinyl Chloride (PVC), Polystyrene (PS), Polyurethane (PUR), and Others), Industry (Packaging, Building & Construction, Automotive, Electrical and Electronics, Furniture, Textile and Clothing, Aerospace and Defence, and Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, U.K., Spain, Italy, Netherlands, Austria, Turkey, Belgium, Switzerland, Rest of Europe, China, Japan, India, South Korea, Taiwan, Hong Kong, Australia & New Zealand, Thailand, Singapore, Philippines, Malaysia, Indonesia, Rest of Asia-Pacific, South Africa, Saudi Arabia, U.A.E., Egypt, Isreal and Rest of Middle East & Africa
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Market Players Covered
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Veolia (France), LyondellBasell Industries Holdings B.V. (Netherlands), Indorama Ventures Public Company Limited (Thailand), Dow (U.S.), Repsol (Spain), Alpek S.A.B. de C.V. (Mexico), Far Eastern New Century Corporation (Taiwan), Borealis AG (Austria), PLASTIPAK HOLDINGS, INC. (U.S.), KW Plastics (U.S.), Ultra-Poly Corporation. (U.S.), Jayplas (U.K.), CUSTOM POLYMERS (U.S.), Recycled Plastics UK (U.K.), K K Asia (HK) Ltd.(Hong Kong), Envision Plastics (U.S.), B & B Plastics Inc. (U.S.), Granite Peak Plastics. (U.S.), B. Schoenberg & Co., Inc. (U.S.), MBA Polymers Inc. (U.S.), and Revolution Company(U.S.) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
The market is segmented into three notable segments on the basis of source, polymer type, and industry.
- On the basis of source, the market is segmented into bottles, films, fibers, foams, and others.
In 2023, the bottles segment is anticipated to dominate the global recycled plastic market.
In 2023, the bottles segment is expected to dominate the market due to its demand and availability, with a 61.28% market share.
- On the basis of polymer type, the market is segmented into high-density polyethylene (HDPE), low-density polyethylene (LDPE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Polyurethane (PUR) and others.
In 2023, the polyethylene terephthalate (PET) segment is anticipated to dominate the global recycled plastic market.
In 2023, the Polyethylene Terephthalate (PET) segment is expected to dominate the market because of its high recyclability and usage in plastic end products, with a 58.79% market share.
- On the basis of industry, the market is segmented into packaging, building and construction, automotive, electrical and electronics, furniture, textile and clothing, aerospace and defence, and others. In 2023, the packaging segment is expected to dominate the market because of the growing awareness of sustainable packaging solutions, with a 43.23%market share.
Major Players
Data Bridge Market Research recognizes the following companies as the major players in the market that include Veolia (France), LyondellBasell Industries Holdings B.V. (Netherlands), Indorama Ventures Public Company Limited (Thailand), Dow (U.S.), Repsol (Spain), Alpek S.A.B. de C.V. (Mexico), Far Eastern New Century Corporation (Taiwan), Borealis AG (Austria), PLASTIPAK HOLDINGS, INC. (U.S.), KW Plastics (U.S.), Ultra-Poly Corporation. (U.S.), Jayplas (U.K.), CUSTOM POLYMERS (U.S.), Recycled Plastics UK (U.K.), K K Asia (HK) Ltd.(Hong Kong), Envision Plastics (U.S.), B & B Plastics Inc. (U.S.), Granite Peak Plastics. (U.S.), B. Schoenberg & Co., Inc. (U.S.), MBA Polymers Inc. (U.S.), and Revolution Company(U.S.) among others.
Market Development
- On October 2022, according to Tomorrow’s World Today, CRDC Global, supported by the alliance to end plastic waste, announced the opening of a factory that can recycle hard-to-recycle plastic waste into a concrete additive called RESIN8. The factory uses a proprietary process that is efficient in transforming plastic waste into RESIN8 at the rate of approximately one ton of plastic per hour. RESIN8 is found to be increasing the integrity of asphalt and concrete. The material is further used to build housing projects and has better insulation properties than traditional concrete.
- On October 2022, according to Packaging 360, The collaboration between TotalEnergies Corbion and TOMRA Recycling showed the effectiveness of sorting polylactic acid from municipal mixed plastic waste. They sorted the waste using the Near Infra-Red (NIR) sorting technology. The sorting test demonstrated there were no PLA trays mixing with other types of plastics. It was also found that it did not contaminate the other waste stream having PET bottles.
- On August 2022, according to Gardner Business Media, Inc., Zen Robotics which is specialized in artificial intelligence robotic sorting machines, was acquired by Terex Material Processing. The machines of Zen Robotics autonomously pick and sort waste using AI, 3D sensors, and cameras. Zen Robotics' Fast Picker is designed for processing municipal waste, and the heavy picker is designed to handle industrial waste and bulky construction.
- On August 2020, according to Unilever, Magnum, an ice cream brand, launched new tubs which are made from recycled polypropylene plastic in a way to reduce plastic waste. The tubs and lids are fully recyclable and are made from polypropylene. The move was made by Unilever as part to reduce the usage of virgin plastic and increase the usage of recycled plastic by the year 2025.
Regional Analysis
Geographically, the countries covered in the market are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, U.K., Spain, Italy, Netherlands, Austria, Turkey, Belgium, Switzerland, Rest of Europe, China, Japan, India, South Korea, Taiwan, Hong Kong, Australia & New Zealand, Thailand, Singapore, Philippines, Malaysia, Indonesia, Rest of Asia-Pacific, South Africa, Saudi Arabia, U.A.E., Egypt, Isreal and Rest of Middle East & Africa.
As per Data Bridge Market Research analysis:
Asia-Pacific is the dominant region in the global recycled plastic market during the forecast period 2023-2030
Asia-Pacific is expected to dominate the market.Asia-Pacific is expected to dominate the market due to the rising adaptation of sustainable packaging materials.
Asia-Pacific is estimated to be the fastest-growing region in the global recycled plastic market for the forecast period 2023-2030
Asia-Pacific is expected to grow during the forecast period due to Implementation of supportive initiatives by various governments regarding recyclable plastic.
For more detailed information about the global recycled plastic market report, click here – https://www.databridgemarketresearch.com/reports/global-recycled-plastic-market
