Recycled Plastics Global Market Report 2024

Recycled plastic is characterized as plastic that has undergone decontamination during the recycling process and has undergone additional post-processing without being transformed into recycled plastic products. This involves collecting used plastic waste and transforming it into new, functional plastic items, contributing to the reduction of plastic waste. Globally, over a trillion pounds of plastic are produced and used, and recycling plays a crucial role in ensuring that this substantial volume is repurposed rather than wasted. Recycled plastics find applications in the manufacturing of containers for beauty products, new plastic bottles, and durable items like plant holders.

The primary types of recycled plastics include polyethylene terephthalate, polyvinyl chloride, polyethylene, polypropylene, polystyrene, and others. Polyethylene terephthalate, for example, is utilized in the production of shopping bags, videotapes, water bottles, and more. It is a condensation polymer of terephthalic acid and ethylene glycol. Various sources provide the raw material for recycled plastics, including plastic bottles, plastic films, plastic foams, plastic fibers, and others. These recycled plastics find application in diverse industries such as packaging, textiles, automotive, building and construction, electrical and electronics, and various other sectors.

The recycled plastics market research report is one of a series of new reports that provides recycled plastics market statistics, including global market size, regional shares, competitors with a recycled plastics market share, detailed recycled plastics market segments, market trends and opportunities, and any further data you may need to thrive in the recycled plastics industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The recycled plastics market size has grown steadily in recent years. It will grow from $52.03 billion in 2023 to $54.52 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth observed in the historical period can be attributed to increasing environmental awareness, government regulations promoting sustainable practices, the emphasis on e-waste recycling, growing consumer demand for environmentally friendly products, and a focus on achieving sustainability in supply chains.

The recycled plastics market size is expected to see steady growth in the next few years. It will grow to $65.65 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The anticipated growth in the forecast period can be attributed to the rise of circular economy initiatives, corporate sustainability goals, efforts to reduce plastic waste, the development of bioplastics and hybrid materials, and the increasing adoption of sustainable packaging solutions. Key trends expected in the forecast period encompass the advancement of recycling technologies, the promotion of eco-friendly packaging, plastic-to-fuel conversion initiatives, e-waste recycling, and the emphasis on sustainability in the fashion industry.

The anticipated growth of the recycled plastics market is driven by the increasing awareness among investors regarding environmental protection. Environmental protection involves actions taken to preserve or improve the quality of environmental media by preventing pollution or reducing its presence. Utilizing recycled plastics is viewed as an environmentally friendly alternative, contributing to environmental protection by repurposing plastic instead of discarding it. A study conducted by Mastercard Inc. among 25,519 adults in 24 countries found that 58% of adults are more aware of their environmental impact, and 85% are willing to take personal action to address environmental and sustainability issues in 2021. Therefore, the heightened awareness among investors about environmental protection is expected to boost the growth of the recycled plastics market.

The projected growth of the recycled plastics market is also fueled by the increasing demand for packaged food. Packaged food refers to processed and sealed food products. As concerns about plastic waste and environmental impact grow, the packaged food industry is shifting towards sustainable and recyclable packaging materials, including recycled plastics. For example, in November 2021, data from Bizom indicated a 95% year-on-year increase in sales of packaged foods in the run-up to the holiday season, driven by the popularity of ready-to-eat products and rising out-of-home consumption. Thus, the rising demand for packaged food is a key driver of the recycled plastics market.

Technological advancements represent a prominent trend in the recycled plastics market, with major companies focusing on developing innovative solutions to enhance their market position. Sumitomo Chemical Co., Ltd., a Japanese chemical company, introduced MeguriTM in September 2021. MeguriTM encompasses a range of recycled plastic items produced through various recycling technologies, embodying a circular economy approach for resources and people. This reflects Sumitomo Chemical's commitment to addressing social challenges through business activities.

Strategic collaborations are playing a pivotal role in advancing plastic recycling initiatives in the recycled plastics market. In March 2023, LyondellBasell, a US-based chemical company, partnered with EEW Energy, a German thermal waste treatment company, to extract and recycle plastics from incineration waste streams. This strategic collaboration aims to strengthen plastic recycling efforts.

In April 2022, MOL PLC, a Hungary-based oil and gas company, acquired ReMat Zrt, a Hungarian plastics recycling company. This acquisition positions MOL to provide specialized virgin and recycled solutions, meeting the growing demand for circular materials and supporting MOL's ambition to lead the low-carbon circular economy in Central and Eastern Europe.

Major companies operating in the recycled plastics market include Rethmann SE & Co. KG, Biffa Waste Services Limited, Stericycle Inc., Veolia India Private Limited, Jayplas Limited, KW Plastics, MBA Polymers Inc., Waste Connections Inc., Clean Harbors Inc., Suez India Private Limited, Plastic Recycling Inc., UltrePET LLC, Greenotech Recycling Private Limited., Advanced Environmental Recycling Technologies Inc., Alpek S.A.B. de C.V., B. Schoenberg & Co Inc., B&B Plastics Recycling Inc., Berry Global Inc., CABKA North America Inc., CarbonLite Industries LLC, Custom Polymers Inc., Dart Container Corporation., Delta Plastics of the South LLC, ECO-Cycle Solutions LLC, Emco Industrial Plastics Inc., Envision Plastics LLC, Far Eastern New Century Corporation, Fresh Pak Corporation, GDB International Inc.

Asia-Pacific was the largest region in the recycled plastics market in 2023. North America is expected to be the fastest-growing region in the recycled plastics market share during the forecast period. The regions covered in the recycled plastics market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the recycled plastics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The recycled plastic market consists of sales of high-density polyethylene (HDPE) and low-density polyethylene (LDPE). Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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