The report “Recycled Plastics Market by Source (Bottles, Fibers, Films, Foams), Process, Plastic Type (PET, PE, PP, PVC, PS), Type, End-Use (Packaging, Textiles, Building & Construction, Automotive, Electrical & Electronics), and Region – Global Forecast to 2030″, is projected to grow from USD 69.4 billion in 2023 to USD 120.0 billion by 2030, at a CAGR of 8.1% from 2023 to 2030. The growing demand for usage of recovered plastics to control the rising plastic pollution levels has spurred the consumption of recycled plastics. Since recycled plastics conserve more of expended energy than virgin plastics, these are employed in most of the major end-use industries including packaging, textiles, building & construction, automotive, and electrical & electronics.
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• 316 Market data Tables
• 51 Figures
• 271 Pages and in-depth TOC on “Recycled Plastics Market – Global Forecast to 2030”
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)
Recent Developments :
• In April 2023, Indorama Ventures and Evertis, a pioneer in sustainable PET barrier films, announced their collaboration to use flake from recycled PET trays to produce PET film suitable for food packaging trays. The partnership supports Evertis’ 2025 target of 50% post-consumer recycled content in their products.
• In February 2023, Loop Industries, SUEZ, and SK geo centric confirmed the Grand Est region of France as the manufacturing site to produce virgin-quality PET plastic made from 100% recycled content. The three partners aim to start construction work in early 2025 with plant commissioning slated for 2027.
• In November 2022, Plastipak Holdings, Inc. announced the opening of a recycling plant in Toledo, Spain. The new recycling facility converts PET flake into food-grade recycled PET (rPET) pellets suitable for direct use in new preforms, bottles and containers.
By plastic type, the polyethylene terephthalate (PET) segment is the largest segment of the recycled plastics market during 2023 to 2030.
The polyethylene terephthalate (PET) segment, by plastic type, is projected to account for the largest share of recycled plastics market owing to its widespread applications. PET can be recovered and recycled repeatedly and remelted to produce new PET products. It is usually recycled into fashion products such as polar fleece clothes, backpacks, and carpets, along with food & beverage, building & construction, Packaging applications.
Europe is the second largest region in the recycled plastics market.
The major factors contributing to the growth of the recycled plastics in Europe include the EU restrictions on single-use plastics since 2019, aims to reduce plastic pollution with a target for recycling 50% of plastic packaging by 2025, increased venture capital funding, and initiatives undertaken by government bodies to encourage the adoption of recycled plastics across Europe.
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