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Recycled Plastic Market to Hit USD 88.96 Billion by 2030 with a CAGR of 8.3% during the Forecast Period

June 28, 2023 | Chemicals & Materials

The recycled plastic market size is projected to grow from USD 50.78 billion in 2023 to USD 88.96 billion by 2030. As per a report by Fortune Business Insights™ titled, “Recycled Plastic Market Size, Share & COVID-19 Impact Analysis, By Type (Polyethylene Terephthalate, High-density Polyethylene, Polypropylene, Low-density Polyethylene, and Others), By Application (Non-Food Packaging, Food Packaging, Construction, Automotive, and Others), and Regional Forecast, 2023-2030.” The market stood at USD 46.89 billion in 2022. It is set to exhibit a CAGR of 8.3% during 2023-2030.


COVID-19 Pandemic Impacted the Usage and Production of Recycled Plastic


Plastic recycling has impacted the recycled plastic market growth due to the obstacles faced in the collection of waste polymer products owing to the lockdown conditions. The retail shops and supermarkets have started using single-use materials for packaging vegetables and fruits to maintain hygiene.


Growing Adoption in the Packaging Industry to Propel the Adoption of Recycled Plastic


The need and demand for recycled materials are advancing in various industries, such as consumer goods and food & beverage. The consumption of recyclable polymer is growing due to the high demand for food-safe packaging material. These plastics witnessed the increased demand in the packaging of products such as shampoos, soaps, surfactants, and other personal care products owing to their non-reactive nature.


Plastipak Holdings Expanded their Business to Back their Position in the Market


Plastipak Holdings completed an investment to grow its PET recycling capacity at its manufacturing site in Bascharage, Luxembourg. The new expansion is set to increase the capacity by 136%.


Key Market Players to Enhance Products of their Offerings


The prominent producers are present globally. The Coca-Cola Company Inc. is growing globally using strategies such as product innovation, joint venture, and expansion. Also, Nestle, Coca-Cola Company, Diageo, and Unilever formed the ‘African Plastics Recycling Alliance’ to change the plastic recycling market globally. This will augment he recycled plastic market share globally.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/recycled-plastic-market-102568


Notable Industry Development:



  • April 2022: Faurecia and Veolia signed a Cooperation and Research Agreement to jointly develop innovative compounds for automotive interior modules, aiming to achieve an average of 30% of recycled content by 2026.


List of the Companies Profiled in the Report:



  • KW Plastics (U.S.)

  • Veolia (France)

  • Custom Polymers (U.S.)

  • Plastipak Holdings (U.S.)

  • The Coca-Cola Company Incorporated (U.S.)

  • Suez (France)

  • B. Schoenberg & Co. U.S.)

  • Fresh Pak Corporation (U.S.)

  • B&B Plastics (U.S.)

  • Green Line Polymers (U.S.)

  • Ultra Poly Corporation (U.S.)

  • Clear Path Recycling (U.S.)

  • Jayplas (U.K.)

  • MBA Polymers (U.S.)

  • RJM International Inc. (U.S.)

  • CarbonLite Industries LLC (U.S.)

  • Envision Plastics Industries LLC (U.S.)

  • ReVital Polymers (Canada)


Further Report Findings:



  • Asia Pacific to maintain its largest share during the forecast period. The packaging industry is rapidly growing, further highlighting the region's market. China is the leading country in the region due to the high consumption of packaging products and high production.

  • Europe's demand for products from the automotive and construction industry is growing at a subsequent rate.

  • North America, the U.S. is credited for the larger market share owing to the increase in demand from the automotive and packaging industries.


Table of Segmentation:


















































 ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 8.3% from 2023 to 2030



Unit



Value (USD Billion); Volume (Million Ton)



By Type




  • Polyethylene Terephthalate (PET)

  • High-Density Polyethylene (HDPE)

  • Polypropylene (PP)

  • Low-Density Polyethylene (LDPE)

  • Others



By Application




  • Non-Food Packaging

  • Food Packaging

  • Construction

  • Automotive

  • Others



By Geography




  • North America (By Segment, By Type, By Application, By Country)





    • U.S. (By Type)

    • Canada (By Type)





  • Europe (By Segment, By Type, By Application, By Country)





    • Germany (By Type)

    • U.K. (By Type)

    • France (By Type)

    • Italy (By Type)

    • Spain (By Type)

    • Poland (By Type)

    • Rest of Europe (By Type)





  • Asia Pacific (By Segment, By Type, By Application, By Country)





    • China (By Type)

    • India (By Type)

    • Japan (By Type)

    • South Korea (By Type)

    • Southeast Asia (By Type)

    • Rest of Asia Pacific (By Type)





  • Latin America (By Segment, By Type, By Application, By Country)





    • Brazil (By Type)

    • Mexico (By Type)

    • Rest of Latin America (By Type)





  • Middle East & Africa (By Segment, By Type, By Application, By Country)





    • GCC (By Type)

    • Turkey (By Type)

    • Egypt (By Type)

    • Rest of the Middle East & Africa (By Type)




Recycled Plastic Market
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  • 2019-2021
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