Recycled Plastics Market Size Worth $114.6 Billion By 2030: IndustryARC

Recycled Plastics Market size is predicted to reach $114.6 billion by 2030, growing at a CAGR of 7% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Increased demand for sustainable materials and growing environmental regulations propel market growth, finds IndustryARC in its recent report, titled “Recycled Plastics Market – By Type (Polyethylene Terephthalate, Polyethylene, Polypropylene, Polyvinyl Chloride, Polystyrene, Others), By Source (Bottles, Films, Fibers, Foams, Others), By End-User (Packaging, Building & Construction, Textile, Automotive, Electrical & Electronics, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”

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North America to Register Significant Growth:

North America is expected to register significant growth in the recycled plastics market during the forecast period, fueled by increasing environmental regulations, consumer demand for sustainable products, and significant advancements in recycling technologies. The region’s robust recycling infrastructure, combined with a strong emphasis on reducing plastic waste, is driving the adoption of recycled plastics across various industries, including packaging, automotive, and construction. Additionally, government initiatives and corporate commitments to sustainability are further accelerating market growth. For instance, California’s Plastic Pollution Prevention and Packaging Producer Responsibility Act (SB 54) requires that all single-use plastic packaging and food ware sold in the state be recyclable or compostable by 2032. With the ongoing shift towards a circular economy, North America’s recycled plastics market is poised for continued expansion, reinforcing its position as a key player in the global landscape.

Recycled Plastics Market 2024-2030: Scope of the Report

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 Recycled Plastics Market Report – Key Takeaways:

• Polyethylene Terephthalate Leads the Recycled Plastics Market

In 2023, the polyethylene terephthalate (PET) segment emerged as the largest contributor to the Recycled Plastics market. PET’s dominance is driven by its extensive use in packaging applications, including bottles, containers, and packaging films, due to its excellent strength-to-weight ratio, recyclability, and clarity. The increasing consumer preference for sustainable packaging and the beverage industry’s reliance on PET for bottling have significantly boosted demand. Moreover, advancements in recycling technologies have enhanced the quality and efficiency of PET recycling processes, further supporting the segment’s market leadership. As environmental concerns continue to rise, the PET segment is poised to maintain its substantial share in the recycled plastics market.

• Dominance of Plastic Bottles in Recycled Plastics Market

The plastic bottle segment accounted for the highest revenue share in the Recycled Plastics market in 2023, underscoring its critical role in the industry. This segment’s success is largely due to the widespread use of plastic bottles across various industries, particularly in the beverage, personal care, and household products sectors. The high recyclability of PET bottles, combined with growing consumer awareness and regulatory mandates for sustainable packaging, has led to an increased collection and recycling of plastic bottles. Additionally, the economic and environmental benefits of using recycled plastic bottles over virgin plastics have driven higher adoption rates, making this segment a key revenue generator in the market.

• Packaging Holds the Largest Market Share

In 2023, the packaging segment dominated the Recycled Plastics market, achieving the highest revenue share. The packaging industry’s demand for recycled plastics has surged due to increased consumer awareness and stricter regulations regarding plastic waste management. Companies are increasingly incorporating recycled materials into their packaging solutions to meet sustainability goals and appeal to eco-conscious consumers. The versatility, durability, and cost-effectiveness of recycled plastics make them an ideal choice for packaging applications across various industries, including food and beverage, healthcare, and consumer goods. As the push for sustainable packaging intensifies, the packaging segment is expected to remain a major driver of growth in the recycled plastics market.

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 Key Opportunity Analysis:

Rising Demand for Recycled Plastics in Healthcare Packaging:

The healthcare sector presents a significant growth opportunity for the Recycled Plastics market, particularly in packaging applications. With the increasing focus on sustainability and regulatory compliance, healthcare companies are turning to recycled plastics to package pharmaceuticals, medical devices, and other healthcare products. Recycled plastics offer the durability, safety, and cost-efficiency needed for healthcare packaging while helping companies reduce their environmental footprint. As healthcare regulations continue to evolve, particularly concerning environmental impact, the demand for recycled plastics in this sector is expected to grow, providing a lucrative opportunity for market participants to expand their offerings.

Expansion of Recycled Plastics in the Automotive Industry:

The automotive industry is increasingly adopting recycled plastics for various applications, including interior components, bumpers, and under-the-hood parts. This trend is driven by the industry’s push for lightweight materials that enhance fuel efficiency and reduce emissions. Recycled plastics not only meet these criteria but also align with the industry’s sustainability goals, making them an attractive option for automakers. Additionally, with the growing emphasis on circular economy principles, automakers are seeking to integrate more recycled content into their vehicles, further driving demand. This presents a significant opportunity for recycled plastics manufacturers to collaborate with automotive companies and expand their market presence.

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The report also covers the following areas:

• Recycled Plastics Market Size and Forecast
• Recycled Plastics Market Trends
• Recycled Plastics Market Analysis by Product Type

Recycled Plastics Market 2024-2030: Key Highlights

• CAGR of the market during the forecast period 2024-2030
• Value Chain Analysis of key stakeholders
• Detailed analysis of market drivers and opportunities during the forecast period
• Recycled Plastics Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Recycled Plastics Market

Covid and Ukrainian Crisis Impact:

• The COVID-19 pandemic presented a complex set of challenges and opportunities for the recycled plastics market. Initially, the pandemic caused significant disruptions to recycling operations, as lockdowns and social distancing protocols led to reduced collection and processing of recyclable materials. Temporary shutdowns of recycling facilities exacerbated the situation, creating a shortage in the supply of recycled plastics and increasing dependence on virgin materials. However, as the pandemic progressed, it also served as a catalyst for heightened environmental awareness. The demand for eco-friendly products surged as consumers and industries alike began prioritizing sustainability. This shift in focus, coupled with post-pandemic recovery efforts, renewed emphasis on recycling and circular economy practices, driving growth in the recycled plastics market during the latter stages of the pandemic and into the recovery phase.
• The Russia-Ukraine conflict has had profound repercussions on the global recycled plastics market, primarily through the disruption of supply chains. The conflict led to significant challenges in the availability and cost of raw materials critical to recycling processes. Escalating energy prices and logistical difficulties further drove up production costs for recycled plastics. Additionally, the war fueled economic uncertainty and inflation, which slowed investments in sustainability initiatives and recycling infrastructure. Despite these hurdles, the geopolitical crisis highlighted the importance of resource security and the need for self-sufficiency. In response, several regions have accelerated their recycling and waste management efforts to reduce supply chain vulnerabilities and enhance the resilience of the recycled plastics market against future geopolitical disruptions.

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 List of Key Market Players in the Recycled Plastics Market:

The Global Recycled Plastics Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

• Veolia
• Suez
• KW Plastics
• Schoenberg & Co.
• Jayplas
• B&B Plastics
• Green Line Polymers
• Clear Path Recycling
• Custom Polymers
• Plastipak Holdings
• Joes Plastics Inc.
• Ultra Poly Corporation
• UNM International Limited.

Related Reports:

Plastic Recycling Market :  Polyethylene terephthalate dominated the plastic recycling market in 2023. PET plastics are accepted by most plants as these plastics are easy to recycle, making them a suitable choice in the market.

Polyester Recycling Materials Market : Globally, an increase in demand for low cost recycled items compared to virgin products is predicted to uplift the polyester recycling materials market growth in the forecast period.

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