Articles | In-Depth Analysis | Sustainability

Post-consumer Recycled Plastics Market worth $92.6 billion by 2028 – At a CAGR of 8.3%

Published: November 22, 2023
Author: TEXTILE VALUE CHAIN

As per the recently published report by MarketsandMarkets™, the Post-consumer Recycled Plastics Market by Source (Bottles, Non-bottle Rigid), Polymer Type, Processing Type (Mechanical, Chemical, Biological), End-use (Packaging, Building & Construction, Automotive, Electronics), and Region – Global Forecast to 2028″, is projected to grow from USD 62.1  billion in 2023 to USD 92.6 billion by 2028, at a CAGR of 8.3% from 2023 to 2028.

The demand for post-consumer recycled plastics is propelled by multiple factors: heightened environmental awareness and the pursuit of reduced plastic waste, reinforced by stringent regulations for plastic pollution reduction; corporations’ sustainability objectives leading to increased recycled content incorporation; growing consumer preference for eco-friendly goods, prompting manufacturers to integrate recycled plastics; and advancements in recycling technologies enhancing the quality and accessibility of recycled plastics, rendering them more appealing to various industries.

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  • 390 Market data Tables
  • 54 Figures
  • 330 Pages and in-depth TOC on “Post-consumer Recycled Plastics Market – Global Forecast to 2028”

This report also provides a comprehensive analysis of the companies listed below:

The leading players in the post-consumer recycled plastics market are Veolia Environnement SA (France), Suez SA (France), Waste Management, Inc. (US), Republic Services, Inc. (US), Waste Connections, Inc. (Canada), Biffa plc (UK), Clean Harbors, Inc. (US), Stericycle, Inc. (US), Remondis SE & Co. KG (Germany), DS Smith plc (UK), Plastipak Holdings Inc. (US), KW Plastics (US), MBA Polymers, Inc. (US), Jayplas (UK), Envision Plastics Industries LLC (US) and others.

Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the post-consumer recycled plastics market.

Recent Developments in Post-consumer Recycled Plastics Market Industry

  1. In October 2022, Veolia launched its new PlastiLoop offer at this year’s K 2022, the world’s foremost trade fair for plastics and rubber, held in Düsseldorf, Germany.
  2. In March 2022, Thales and Veolia joined forces to create the first eco-designed SIM card from recycled plastic.
  3. In February 2023, Suez, Loop Industries, and SK Geo Centric jointly announced the selection of Saint-Avold in the Grand Est region of France as the site for manufacturing virgin-quality PET plastic made from 100% recycled content.
  4. In August 2022, Republic Services announced a partnership with Nikola Corp. to develop and purchase 2,500 electric waste and recycling collection trucks, representing the industry’s first large-scale commitment to fleet electrification.
  5. In September 2021, Waste Connections completed the acquisition of E.L. Harvey & Sons Inc., Massachusetts’ largest family-owned solid waste services company with a 110-year history and around USD 110 million in annualized revenue.

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By Source, Bottles to be the fastest-growing source during the forecast period.

Bottles stand as a primary source of recycled plastics due to their widespread consumption, prominent presence in plastic waste streams, and suitability for recovery. The extensive use of bottled beverages and household products results in a substantial accumulation of discarded plastic bottles, rendering them easily accessible for recycling. Furthermore, bottles’ standardized forms and compositions simplify recycling procedures, allowing for efficient collection, sorting, and reprocessing into post-consumer recycled plastics, thus contributing significantly to environmental sustainability and resource conservation.

The High-density Polyethylene (HDPE) polymer type is expected to experience significant growth at a rapid rate during the forecast period.

HDPE (High-Density Polyethylene) is a highly recycled polymer type due to its favorable attributes for recycling, widespread applications, and robust recycling infrastructure. HDPE’s resilient nature enables efficient mechanical recycling processes involving sorting, cleaning, and reprocessing into new products with minimal quality degradation. Its versatility in packaging, containers, and various products generates a significant supply of post-consumer HDPE waste, and its strong demand makes recycling economically viable.

The chemical recycling process is expected to experience significant growth during the forecast period.

Chemical processing is favored in the post-consumer recycled plastics market for its ability to transform challenging and contaminated plastic waste into usable materials. Unlike mechanical recycling, chemical processes like depolymerization or pyrolysis can break down complex plastics, including mixed or contaminated streams, into their molecular components. This enables the production of high-quality recycled plastics, suitable for various applications, without the limitations posed by sorting and compatibility issues.

By End-use Application, Packaging accounts for the fastest-growing application during the forecast period.

Recycled plastics find their predominant application in packaging due to the packaging industry’s pivotal role in addressing sustainability challenges. The packaging sector’s high demand for materials aligns with the increasing emphasis on reducing plastic waste and enhancing environmental responsibility. By incorporating recycled plastics, packaging manufacturers can meet consumer expectations for eco-friendly products and contribute to circular economy initiatives. The versatility of recycled plastics allows them to replace virgin plastics in various packaging forms such as bottles, containers, and films, offering a viable solution to reduce the environmental impact of packaging waste while fostering a more sustainable industry landscape.

Asia-Pacific is the largest market during the forecast period.

The Asia-Pacific region emerges as the largest market for post-consumer recycled plastics due to its rapid urbanization and vast population. The region’s substantial urban growth leads to increased plastic consumption, resulting in significant plastic waste generation. As urban centers expand, so does the need for sustainable waste management solutions, making post-consumer recycled plastics essential for addressing environmental concerns. Additionally, the sizable population drives demand for consumer goods and packaging, making recycled plastics an attractive choice to meet eco-conscious consumer preferences and regulatory requirements. These factors combined to position the Asia-Pacific market as a key player in the adoption and integration of post-consumer recycled plastics to create more environmentally responsible and resource-efficient societies.

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