Global Recycled Plastics Market By Product, By Source, By Application, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Recycled Plastics Market Overview:

The Recycled Plastics Market size is expected to be worth around USD 75.57 billion by 2032 from USD 46.08 billion in 2021, growing at a CAGR of 4.6% during the forecast period 2022 to 2032

The market is expected to grow due to an increase in plastic consumption for lightweight components. These components are used in many industries, including electrical & electronic and building & construction. Due to the increase in online sales of personal care products and Personal Protective Equipment products. This market report gives an overview of the Recycled Plastics market growth, value, size, and other key factors.

Global Recycled Plastics Market Scope:

Product Analysis

The market can be divided by-products into Polyethylene, Polyethylene Terephthalate, Polypropylene, Polyvinyl chloride, Polystyrene, and others. The market’s largest segment was Polyethylene, which accounted for 31.3% of global revenue in 2021. This is due to the rising demand for packaging material in various industries, including food & drink, consumer goods, and industrial. It is also used in laundry detergent packaging sector and milk carton packaging products.

Polypropylene is frequently used in the production of laboratory apparatus, medical gadgets, packaging, and labels due to its exceptional chemical and mechanical qualities. It possesses remarkable mechanical strength and is very resistant to numerous chemical solvents, bases, and acids. It is one of the most widely used plastic formulations worldwide. In the building and construction sector, where they can be used to create plastic hinges, piping systems, and high-quality products for everyday use, PP components are also fatigue-resistant, which is advantageous. In addition, they can be utilized to make plastic hinges, carpets, rugs, and mats. Due to the expansion of the automotive, packaging of products, and building & construction industries, there will be a rise in the demand for recycled PP throughout the projection forecast period.

Source Channel

The global market can be further divided into plastic bottles and plastic films. Plastic bottles accounted for 73% of the total global market revenue in 2021. The main source of recycled products is plastic bottles. Plastic bottles can be used in many industries including the packaging of oils, pharmaceuticals, and carbonated beverages. Polymer foam sheets and packaging foam are used extensively in impact-resistant packaging solutions.

Expanded Polystyrene is the most widely used polymer foam within the packaging industry. Many manufacturers of automotive and electronic products, including Hitachi, Panasonic Corporation, and Honda Motor Company Ltd., are moving to adopt recycled plastic foam instead of virgin polymer foam.

Application Analysis

The packaging industry dominated the market in 2021 and accounted for more than 35.6% of worldwide revenue. This large share can be attributed to the growing demand for packaged food and beverage, the electronics industry, and textiles. Personal hygiene items like electric trimmers and shavers and automotive components are the primary application fields propelling growth in this market. The packaging industry in the Asia Pacific is expanding and using cutting-edge technology. The industry is expanding because of the increased demand for products and consumer goods from the Asia Pacific, including electrical & electronic equipment, building & construction materials, and other raw material.

The limitations frequently found in Western markets can be overcome with the aid of a flexible regulatory environment. The Asia Pacific will experience rapid growth in electronics spending.

Кеу Маrkеt Ѕеgmеntѕ:

Product

• 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

Market Dynamics:

According to The Verge, the demand for affordable consumer electronics products such as laptops and modems is increasing. The eCommerce websites have seen a significant increase in sales. The market is expected to grow due to the increasing use of consumer electronics. The increasing consumption of plastics in the construction, automotive companies, medical, and electrical & electronic industries will drive the global plastics market. Automotive Original Equipment Manufacturers (OEMs), in an effort to reduce vehicle weight and improve fuel efficiency, have adopted plastic to replace metals like steel and aluminum for the fabrication of automotive components.

Over the forecast period, it is also expected that the growing construction industry in emerging countries like Brazil, China, and India will drive product demand for components such as insulation, fixtures, and structural lumber. FDI norms and requirements for the redevelopment of public infrastructure are responsible for high product consumption in the construction sector. The COVID-19 pandemic in 2020 had a severe impact on the manufacturing industry, which also affected the demand for plastics.

Regional Analysis:

In 2021, Asia Pacific accounted for 46.3 percent of worldwide sales, making it the largest market. The Asia Pacific construction industry will experience significant expansion as a result of the rising demand for non-residential projects like schools and hospitals. This will enhance demand for flooring materials, carpets, and other building supplies as well as for fences, insulation, and roofing tiles. In terms of revenue, Asia Pacific comes in second. The market is being driven by a circular economy. It lessens the environmental impact of making conventional plastic.

In Europe, plastic recycling rates have grown favorably as a result of landfill bans. Due to high landfill costs in several European nations, dumping can occasionally be more expensive than recycling plastic production. This promotes the recycling of plastic. On a revenue basis, North America comes in third. The growth of major end-use industries such as construction and electrical & electronics manufacturers is driving the market. Considerable growth of the market is expected to be boosted by the rising demand for packaged and processed foods, as well as the rapidly growing construction industry in Canada, Mexico, and the U.S.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

With the presence of several small- and medium-sized players, like Veolia, Stericycle, Republic Services, Inc., and Stericycle, the market is fragmented. The technology used to recycle plastic waste is what makes the market competitive developments. Major factors are involved with infrastructural developments and expansions of their plastic recycling market and R&D plants. They also seek opportunities to vertically integrate throughout the value chain. These initiatives allow them to meet the growing demand for recycled plastics worldwide, improve their operations planning, create innovative products and technologies, reduce their recycling costs, increase their customer base, and ensure their competitive effectiveness.

Major players included in this market report are Stericycle, Remondis SE & Co. KG, Biffa, B. Schoenberg & Corporation, and others market players.

Key Market Players:

Here are the key companies listed below from the Recycled Plastic Market,

• Stericycle
• REMONDIS SE & Co. KG
• Biffa
• WM Intellectual Property Holdings, LLC
• Republic Services, Inc.
• Veolia
• Waste Connections
• Shell International BV
• Clean Harbors, Inc
• B. Schoenberg & Corporation
• Other Key Players

These are the prominent players in this industry.