The report “Recycled Plastics Market by Type (PET, PE, PP, PVC, PS), Source (Bottles, Films, Fibers, Foams), End-Use Industry (Packaging, Textile, Building & Construction, Automotive, Electrical & Electronics) and Region – Global Forecast to 2026″, size is expected to grow from USD 27.9 billion in 2021 to USD 43.5 billion by 2026, at a CAGR of 9.3% during the forecast period. The market is witnessing growth due to the growing awareness regarding the environmental benefits provided by recycled plastics over virgin plastics. Moreover, the energy consumed in recycling plastics is less than that of virgin plastics, which is further driving the demand for recycled plastics in many applications.
• 254 Market data Tables
• 41 Figures
• 252 Pages and in-depth TOC on “Recycled Plastics Market – Global Forecast to 2026”
Some of the prominent key players are:
- Indorama Ventures Public Ltd. (Thailand)
- Veolia (France)
- Suez (France)
- Jayplas (UK)
- Alpek (Mexico)
- Biffa (UK)
- Republic Services (US)
- Stericycle (US)
- Far Eastern New Century Corporation (Taiwan)
- KW Plastics (US)
Opportunit: Increasing use in the textile industry in the developing countries of Asia Pacific
Textile is one of the major end-use industries of recycled plastics, as recycled PET, which is the most widely recycled resin globally, finds the highest usage in fiber applications. In the past five years, there has been a significant growth in major clothing companies, businesses, and environmental organizations that have started using plastics in their fabrics in an effort to reduce plastic pollution. The clothes made of recycled plastics do not differ from normally made clothes in terms of quality and texture. Therefore, the products made from recycled plastic bottles indirectly help in contributing to a sustainable economy. As a result, the use of these plastics in textiles is increasing significantly.
Bottles is expected to be the largest and fastest-growing source in the recycled plastics market during the forecast period.
Bottles are the largest and the fastest-growing source of recycled plastics. Post-consumer PET bottles are the most commonly used plastics for plastic recycling on account of their huge availability and technical feasibility to produce PET granules. Moreover, PET bottles have a better collection and sorting network. The majority of bottles are made of PET resin, which is the most commonly recycled resin and has the highest recycling rate in the recycled plastics market. Therefore, waste bottles are expected to remain the biggest source for producing recycled plastics as many countries are foraying into the recycling business and will depend on bottles as their material source.
APAC is expected to hold the largest market share in the global recycled plastics market during the forecast period.
APAC is the largest and market of recycled plastics, with China being the major emerging market. One of the major developments in the recycled plastics market was the ban on waste imports by China. This affected the dynamics of the recycled plastics market, whereby many developed countries were left to find new dumping pits for their growing piles of waste. Developed countries in North America and Europe had to deal with the ever-increasing volume of unprocessed wastes. Although the choice of destinations for exporting these wastes has been other emerging countries such as India, Pakistan, or Southeast Asia, the logistics cost is much higher than that for China. Therefore, the logical solution was to improve their own patchy recycling systems, prompting them to reuse more recycled materials themselves.