Recycled Plastics Market Benefits from Favorable Government

Recycled Plastics Market size is expected to be worth around USD 114.8 billion by 2033, from USD 52.7 billion in 2023, growing at a CAGR of 8.1% during the forecast period from 2023 to 2033.

This market encompasses the entire recycling process, including the collection, sorting, cleaning, and reprocessing of discarded plastics into raw materials that can be used in manufacturing. Recycled plastics are derived from various sources, such as post-consumer waste (like plastic bottles, packaging materials, and other discarded consumer products) and post-industrial waste (such as scraps and offcuts from manufacturing processes). 

The market for recycled plastics is driven by increasing environmental awareness, regulatory policies promoting sustainability, and the rising demand for eco-friendly materials in various industries.

The growth of online sales for personal care and Personal Protective Equipment (PPE) products further boosts the demand for recycled plastics, as companies seek to package their products in sustainable materials.

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Key Market Segment

Plastic Type

• Polyethylene

• Polyethylene Terephthalate

• Polypropylene

• Polyvinyl Chloride

• Polystyrene

• Other Products

Source

• Plastic Bottles

• Plastic Films

• Polymer Foam

• Other Sources

Application

• Building & Construction

• Packaging of Products

• Electrical & Electronics

• Textiles

• Automotive

• Other Applications

Plastic Type

Polyethylene Terephthalate dominates the recycled plastics market with a 29.3% share in 2023, driven by its demand in packaging across food, beverage, and consumer goods industries, while Polypropylene is crucial for its chemical and mechanical properties in sectors like medical devices, automotive, and construction.

Source Channel

Plastic bottles, accounting for 65% of global recycled plastics revenue in 2023, are the primary source of recycled materials, extensively used in packaging oils, pharmaceuticals, and beverages.

Application Analysis

In 2023, the packaging industry led the recycled plastics market, contributing over 42.1% of global revenue, driven by rising demand for packaged food, beverages, electronics, and textiles, particularly in the Asia Pacific region.

Key Market Players

• Veolia

• Plastipak Holdings, Inc.

• SUEZ SA

• Ultra Poly Corporation

• Fresh Pak Corporation

• B&B Plastics Recycling Inc.

• Alpek S.A.B. de C.V.

• Indorama Ventures

• Far Eastern New Century Corporation

• Envision Plastics Industries

• Custom Polymers, Inc.

• Berry Global Inc.

• Other Key Players

Driver

The increasing adoption of recycled plastic in the packaging industry, particularly for food and beverage products, is driven by the material's effectiveness in ensuring product safety and environmental sustainability.

Restraint

The preference for virgin plastics over recycled alternatives, due to quality concerns and cost advantages, restricts the market growth despite regulatory pressures.

Opportunity

Favorable initiatives and regulations in developed countries, such as tax incentives and public funding for recycling projects, promote the use of recycled plastics, creating growth opportunities.

Challenge

The major challenge for the recycled plastics market is the difficulty in collecting sufficient plastic waste, as only 14% of used plastic packaging is currently recycled, necessitating new collection methods to capture the remaining 86%.