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Recycled Plastic Market to Grow Rapidly; Rising Demand for Recycled Plastics to Boost Market Growth

November 29, 2021 | Chemicals & Materials

The global recycled plastic market size is expected to exhibit remarkable growth by reaching USD 76.23 billion by 2028. Fortune Business Insights™, in its report, 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, 2021-2028.", observes that the market size stood at USD 41.13 billion in 2020 and USD 44.03 billion in 2021. It is projected to exhibit a CAGR of 8.2% during 2021 and 2028. The rising demand for this type of plastics is expected to boost the market growth. 


Merlin Plastics Receive Funds for the Production of Food-Grade Plastics


In May 2021, Merlin Plastics received approval from CleanBC Plastics Action Fund for the production of food-grade plastics. This strategy shall boost the capacity of plastic processing. It is expected to enable the company to upgrade its manufacturing equipment and boost the production of high-quality recycled plastic products. The adoption of plastic in food packaging may enable the company to improve adoption and support the environment. These factors can boost the company's market position. 


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


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


Robust Demand for Recycled Plastic in Packaging Industry to Fuel Market Growth


The rapid adoption of recycled plastic in the packaging sector is expected to boost their sales. Its lower costs are expected to increase adoption from small sectors. Increasing demand for renewable materials is expected to boost its adoption. Recycled materials eliminate dependence on fossil fuels and are extremely cost-effective, which, in turn, can attract consumer demand. Further, the demand for safe packaging materials is expected to boost recycled plastic from the food & beverage industry.


It is utilized to manufacture consumer goods such as bottles, tiffins, and others. In addition, the product is used to package sports goods, toys, fashion items, and others because of its environmental safety. These factors are likely to drive the recycled plastic market growth. 


Companies Incorporate Advanced Packaging to Boost their Market Position


Prominent companies operating in the market incorporate advanced packaging to improve their market position. For example, Coca-Cola utilized 100% rPET packaging for all small soft drink bottles in Norway and Netherlands, in May 2020, to support its "World Without Waste" strategy. Further, the company implemented rPET packaging in large bottles in 2021, which in turn, may attract consumer's attention and boost their brand position. Further, the incorporation of research and development may enable companies to tackle limitations and boost their brand image. 


Industry Developments



  • May 2021: Plastik Holdings invested in a new manufacturing plant situated in Toledo, Spain. The manufacturing plant shall begin its activities in 2022 to produce food-grade rPET using PET flake. 


List of Key Players Profiled in the Market



  • 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



  • The market in Asia Pacific stood at USD 24.35 billion in 2020 and is projected to gain the largest portion of the global recycled plastic market share. The presence of several bottled water manufacturers is expected to boost the product's demand. These factors are likely to fuel market progress. 

  • Moreover, the rising demand for this type of plastics is attributable to the rapid development of the packaging industry in the region. In addition, the rising demand for recycled plastic from the food & beverage industry is likely to influence growth. 

  • According to the type analysis, polyethylene terephthalate is the leading segment because of the rising demand for the packaging sector because of its easy recyclability, durability, lighter weight, and non-toxic nature. These factors are likely to boost the market growth. 


Table of Segmentation













































Recycled Plastic Market Scope



Study Period



2017-2028



Base Year



2020



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD Billion); Volume (Million Ton)



Segmentation



By Type, By Application, and By Geography



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 Type

    • By Application

    • By Country







      • U.S. (By Type)

      • Canada (By Type)





  • Europe

    • 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 Application)

    • 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 Application)

    • By Type

    • By Application

    • By Country







      • Brazil (By Type)

      • Mexico (By Type)

      • Rest of Latin America (By Type)





  • Middle East & Africa (By Application)

    • By Type

    • By Application

    • By Country







      • Saudi Arabia (By Type)

      • Turkey (By Type)

      • Egypt (By Type)

      • Rest Of Middle East & Africa(By Type)




Recycled Plastic Market
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