Asia-Pacific Recycled Plastic Market – Industry Trends and Forecast to 2030

Asia-Pacific Recycled Plastic Market– Industry Trends and Forecast to 2030, By Type (Polyethylene Terephthalate, Polyethylene, Polypropylene, Polyvinyl Chloride, Polystyrene and Others), Source (Bottles, Bags, Films, Fibres, Foams and Others), Industry (Packaging, Building and Construction, Textile, Automotive, Electrical and Electronics, Household Goods, Agriculture, Healthcare and Others) – Industry Trends and Forecast to 2030.

Asia-Pacific Recycled Plastic Market Analysis and Size 

Plastic recycling is defined as reprocessing scrap or waste from plastic products into useful products. As a result, because plastic is not biodegradable, it is recycled in order to mitigate the negative effects of dumping plastic products in the soil.

Data Bridge Market Research analyses that the Asia Pacific Protective Films Market which was USD   16.97 billion 2022, would rocket up to USD 28.93 billion by 2030, and is expected to undergo a CAGR of 6.9% during the forecast period of 2023 to 2030. Growing environmental concerns is one of the driving factor for the luxury leather goods market in Africa. 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 in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Asia-Pacific Recycled Plastic Market Scope and Segmentation

Market Definition

Plastic recycling is the processing of plastic waste into other products. Recycling can reduce dependence on landfill, conserve resources and protect the environment from plastic pollution and greenhouse gas emissions. Recycling rates lag those of other recoverable materials, such as aluminium, glass and paper.

Asia-Pacific Recycled Plastic Market Dynamics

Drivers

• Growing Environmental Concerns

The growing awareness of environmental sustainability and the need to reduce plastic waste has been a major driving force in the Asia-Pacific recycled plastic market. To reduce the environmental impact of plastic waste, governments and organisations are enacting stringent regulations and promoting recycling initiatives.

• Demand from End-Use Industries

The Asia-Pacific recycled plastic market is expanding due to rising demand for recycled plastic in various end-use industries such as packaging, automotive, construction, and consumer goods. Consumer preferences and corporate sustainability goals are driving companies to use recycled plastic as a sustainable alternative to virgin plastics.

Opportunities

• Growing Consumer Awareness and Demand

Increasing consumer awareness of the environmental impact of plastic waste and the benefits of using recycled plastics presents a market growth opportunity. Consumers are actively seeking environmentally friendly and sustainable products, including those made from recycled plastics. Companies that offer recycled plastic products and effectively communicate their environmental benefits can tap into this growing consumer demand and gain a competitive edge in the market.

• Technological Advancements and Innovation

Continuous technological advancements in recycling processes, such as advanced sorting and purification techniques, have the potential to improve the quality and value of recycled plastics. Chemical recycling and the development of new materials from recycled plastics, for example, can open up new possibilities and applications for recycled plastics in a variety of industries. These technological advancements contribute to the overall growth and market potential of the Asia-Pacific recycled plastic industry.

Restraints/Challenges

• Quality and Performance Concerns

Recycled plastics may face challenges in terms of quality and performance compared to virgin plastics. Contamination, inconsistent material properties, and limited compatibility with certain applications can restrain the adoption of recycled plastic in some industries. Quality control measures and technological advancements are needed for these concerns and improve the acceptance of recycled plastics.

• Cost Competitiveness

The cost competitiveness of recycled plastic versus virgin plastic is a market growth challenge. The cost of recycled plastic is influenced by factors such as raw material availability and price, processing technologies, and economies of scale. Achieving cost parity or cost advantages over virgin plastics is crucial to drive wider adoption of recycled plastic in various industries.

Recent Developments

• On 4 May, 2023, LOTTE Chemical has expanded its "Project LOOP" initiative to promote proper recycling and the culture of resource circulation. They will collaborate on the construction of a recycling system and the expansion of waste plastic collection points in Incheon through an MOU with LOTTE Aluminum, Michuhol-gu, Inha University, Incheon Federation for Environmental Movement, and AO2. The goal is to promote proper recycling and contribute to the circular economy
• On 18 February, 2022, Indorama Ventures, the world's largest producer of recycled PET for beverage bottles, has purchased an 85 percent stake in UCY Polymers CZ, a Czech Republic-based PET plastic recycler. This investment will allow for the recycling of an additional 1.12 billion post-consumer PET bottles per year by 2025, contributing to Europe's plastic collection and recycling goals. Indorama Ventures intends to increase its recycling capacity to 750,000 tonnes per year by 2025, contributing to the region's growing demand for recycled PET

Asia-Pacific Recycled Plastic Market Scope

The Asia-Pacific recycled plastic market is segmented on the basis of type, source and industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

TYPE

• POLYETHYLENE TEREPHTHALATE
• POLYETHYLENE
• POLYPROPYLENE
• POLYVINYL CHLORIDE
• POLYSTYRENE
• OTHERS

 SOURCE

• BOTTLES
• BAGS
• FILMS
• FIBERS
• FOAMS
• OTHERS

INDUSTRY

• PACKAGING
• BUILDING AND CONSTRUCTION
• TEXTILE
• AUTOMOTIVE
• ELECTRICAL AND ELECTRONICS
• HOUSEHOLD GOODS
• AGRICULTURE
• HEALTHCARE
• OTHERS

Asia-Pacific Recycled Plastic Market Regional Analysis/Insights

Asia-Pacific recycled plastic market is analysed and market size insights and trends are provided by country, type, price range, application as referenced above.

The countries covered in the Asia-Pacific recycled plastic market report are China, India, Japan, South Korea, Australia, Indonesia, Taiwan, Singapore, Thailand, Malaysia, Philippines, Vietnam, Rest of Asia-Pacific.

China dominates the Asia-Pacific Recycled Plastic Market due to its large population, expanding industrial sectors, and proactive government initiatives for plastic waste management and recycling.

India is expected to witness significant growth during the forecast period of 2022 to 2030 due country's increasing population, rapid urbanization, and government initiatives promoting recycling and sustainable practices contribute to its high growth potential and market influence in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Asia-Pacific Recycled Plastic industry growth and new technology penetration

The Asia-Pacific Recycled Plastic Market also provides you with detailed market analysis for every country growth in Asia-Pacific protective films industry, installed new production plant, impact of technology using life line curves and changes in Asia-Pacific recycled plastic regulatory scenarios and their impact on the Asia-Pacific Recycled Plastic Market. The data is available for historic period 2015-2020.

Competitive Landscape and Asia-Pacific Recycled Plastic Market Share Analysis

The Asia-Pacific Recycled Plastic Market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Asia-Pacific Recycled Plastic Market.

Some of the major players operating in the Asia-Pacific recycled plastic market are:

• Indorama Ventures Public Company Limited (Thailand)
• LOTTEChemical Corporation (South Korea)
• China Resources (Holdings) (China)
• China Petrochemical Corporation (China)
• Formosa Plastics Corporation (Taiwan)
• Mitsui Chemicals, Inc. (Japan)
• Reliance Industries Limited (India)
• Hanwha Chemical Corporation (South Korea)
• SCG Chemicals Co., Ltd. (Thailand)
• LG Chem (South Korea)