Global Recycled Plastic Market is expected to reach ~USD 180 Bn by 2028F: Ken Research
Global Recycled Plastic Market By Geography
The Global Recycled Plastic market is segmented by geography into North America, Europe, Asia- pacific and LAMEA.
Asia Pacific held the largest market share among all other regions within the global recycled plastics market in 2022.
Asia-Pacific represents the growing packaging industry and technological advancements in the industry. The growth of the packaging industry in the region is driven by the high demand for building & construction products, consumer goods, and electrical & electronics, especially from China, India, and Southeast Asia.
According to the Plastic Waste Management Institute (PMMI), India has the highest plastic recycling rate of 84% in the Asia Pacific region. The country recycles 23% of its plastic waste through mechanical recycling, 4% through chemical recycling, and the rest through thermal recycling by burning the plastic to produce energy.
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Competition Scenario In Global Recycled Plastic Market
The Global Recycled Plastics Market is highly competitive with ~500 players, including globally diversified players, regional players, and many country-niche players. Most of the country-niche players are the manufacturers of PET recycled plastics products used in various end-user industries.
Country-Niche players constitute 60% of the total competitors, while regional players hold the second largest share. Some of the major players in the market include B. Schoenberg & Co., Covestro AG, B&B Plastics, Green Line Polymers, KW Plastics, Republic Services, Ultra Poly Corporation, Veolia, Shell International B.V., Custom Polymers, Plastipak Holdings, among others.
What Is The Expected Future Outlook For The Overall Global Recycled Plastic Market Across The Globe?
The Global Recycled Plastic market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Recycled Plastic market is driven by the growing acceptance of recycled plastics in the textile industry and the shift of the packaging industry from virgin plastics to recyclable materials. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
With the increasing investments and emergence of new products, the Global Recycled Plastic market is changing rapidly. For instance, In January 2022, Plastipak Holdings completed a major investment and significantly expanded its PET recycling capacity at its manufacturing site in Luxembourg. The new plant converts washed RPET flakes originating from post-consumer bottles into food-grade recycled PET (rPET) pellets.
In July 2021, Co-op, a food retail business brand in the U.K., launched the most extensive in-store recycling scheme for plastic bags and product wrapping in Europe. The initiative ensured all the Co-op’s food packing is easily recyclable.
Furthermore, In June 2021, Indorama Ventures Sustainable Recycling (IVSR), a global chemicals producer acquired CarbonLite Holdings as part of the company’s commitment to increase PET recycling capacity.
The Global Recycled Plastics Market witnessed a dip in growth for the year 2020, owing to the COVID-19 pandemic. There was a complete ban on imports and export that disrupted the supply chain and hampered the market globally. However, the market condition is expected to get better in 2022, thereby restoring growth over the forecast period. The market is primarily driven by the increasing usage of recycled plastics in textiles, buildings & construction, packaging, automotive, and other industries. Though the market is highly competitive with ~500 participants, country-niche players control the dominant share in the market and regional players also hold a significant share.
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Key Topics Covered in the Report
- Snapshot of Global Recycled Plastics Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Recycled Plastics Market
- Historic Growth of Overall Global Recycled Plastics Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of Global Recycled Plastics Industry
- Overview, Product Offerings, Strengths, & Weaknesses of Key Competitors
- Covid-19 Impact on the Overall Global Recycled Plastics Market
- Future Market Forecast and Growth Rates of the Total Global Recycled Plastics Market and Segments
- Market Size of Application / End User Segments with Historical CAGR and Future Forecasts
- Analysis of Global Recycled Plastics Market
- Major Production/Supply and Consumption/Demand Hubs within Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Region
Leading Companies Mentioned in the Report
- B. Schoenberg & Co.
- Covetsro AG
- B&B Plastics
- Green Line Polymers
- KW Plastics
- Republic Services
- Ultra Poly Corporation
- Veolia
- Shell International B.V.
- Custom Polymers
- Plastipak Holdings
Notable Emerging Companies Mentioned in the Report
- Zymergen
- PureCycle Technologies
- UBQ Materials
- Plastic Energy
- Loop Industries
- Banyan Nation
- The Shakti Plastic Industries
- IntegriCo Composites
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Plastics Manufacturers
- Recycled Plastics Manufacturers
- Polyethylene Plastic Product Type Suppliers
- Polyethylene Terephthalate Plastic Product Type Suppliers
- Polypropylene Plastic Product Type Suppliers
- Polyvinyl Chloride Plastic Product Type Suppliers
- Polystyrene Plastic Product Type Suppliers
- Recycled Plastic Bottles Manufacturers
- Recycled Plastic Films Manufacturers
- Recycled Plastic Foam Manufacturers
- Recycled Plastics Distributors
- Emerging and Startup Recycled Plastics Companies in the Market
- Different Types of Recycled Plastics Institutes
- Government Departments of Polymers
- Ministries and Departments of Electrical & Electronics
- Ministries and Departments of Construction Materials
- Ministries and Departments of Chemicals
- Ministries and Departments of Petrochemicals
- Importers and Distributors of Recycled Plastics
Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022-2028F
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