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Recycled Plastics Market Size, Share & Industry Analysis, By Type (Polyethylene Terephthalate (PET), High-density Polyethylene (HDPE), Polypropylene (PP), Low-density Polyethylene (LDPE), and Others), By Source (Plastic Bottles, Plastic Films, Polymer Foam, and Others), By Application (Non-Food Packaging, Food Packaging, Construction, Automotive, and Others), and Regional Forecast, 2024-2032

Last Updated: July 01, 2024 | Format: PDF | Report ID: FBI102568



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The global recycled plastics market size was valued at USD 51.10 billion in 2023 and is projected to grow from USD 55.46 billion in 2024 to USD 107.13 billion by 2032, exhibiting a CAGR of 8.6% during the forecast period. Asia Pacific dominated the recycled plastic market with a market share of 60.55% in 2023.

Recycled plastic is waste plastic or scrap materials which are processed into useful products. Since most of the plastic materials adopted globally are non-biodegradable, thus recycling such materials is the solution to decrease the burden of polymers present in the environment. The rising initiatives by the governments in China, Europe, Brazil, and India, along with growing restrictions on the usage of single-use polymers, are anticipated to boost recycling promotions. Furthermore, the shift of consumer goods and packaging industries toward recyclable and sustainable materials is expected to augment the market growth during the forecast timeframe. Moreover, the development and advancement of products, including films, packaging bottles, cutlery, and containers, using post-consumer recycled (PCR) polymers is poised to offer exponential market growth during the forecast period.

However, plastic recycling became a severe issue during the COVID-19 pandemic due to the waste polymer collection difficulties throughout the pandemic. In addition, the disruption in the supply chain and shutdown of recycling plants due to complete lockdowns along with movement restrictions further resulted in the recycling and processing of plastics.

Recycled Plastics Market Trends

Rising Product Adoption in the Packaging Industry to Aid the Market Growth

The demand for recycled material as a packaging material is increasing in various industries, including consumer goods and food & beverage, as it is considered safe for consumption in food & beverages. These recycled polymers have the ability to replace traditional plastics, which act as an obstruction between environmental variables and food. This factor is slated to lead to the market growth during the forecast period. In the overall market, recycled PET is considered a highly favorable material in beverage and water packaging bottles. Moreover, growing government and strict regulatory guidelines for the recycling of plastics and growing hygiene initiatives by the government in food packaging are anticipated to further drive product adoption in the packaging industry.  

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Recycled Plastics Market Growth Factors

Growing Consciousness Toward Saving Energy to Propel the Market Growth

The production of recycled plastics eliminates the various processing steps that are essential in conventional plastics production, thereby saving energy. The production of virgin plastics involves labor input and processes such as extraction, refining of raw materials, storage, and transportation, which are expensive in terms of energy and cost. Recycling post-industrial and post-consumer plastic waste as an alternative to using new raw materials allows manufacturers to produce similar products with significantly lower energy consumption. Lower energy consumption means lower carbon dioxide emissions and a lower environmental impact.

In addition, the beneficial properties of plastics have increased their use in every industry, resulting in an increased volume of plastic production. This has led to an enormous amount of plastic waste and caused serious environmental problems. Marine pollution, land dumping, and the risk of groundwater contamination disrupt biodiversity and human health. However, packaging made from recycled plastics requires significantly less energy and has less impact on the environment, making it an efficient choice for packaging applications. Furthermore, companies' initiatives and measures to minimize the harmful environmental impact of conventional plastics are leading to an increasing use of recycled plastics.


Growing Preference for Virgin Plastics Over their Recycled Substitutes May Restrict the Market Growth 

Nowadays, the demand for virgin plastics is growing rapidly, ranging from food packaging to manufacturing automotive components. The growth can be attributed to their distinct quality benefit over recycled alternatives. The products made from recycled plastics have lower mechanical properties, thermal, chemical, impact resistance, strength, and safety compared to virgin plastics. Although several governments across nations have developed mandates to upsurge the use of post-consumer recycled plastics (PCR) in packaging products, manufacturers are skeptical about using them owing to the risk of contamination.

In addition, the pandemic extended the bans on single-use plastic usage, as face masks, shields, and sanitizers became essential for protection and safety from the virus. The pandemic also caused a decline in crude oil prices, thereby reducing the cost of virgin plastics in comparison to recycled plastics and creating a high demand for virgin plastics globally. Hence, such factors are restraining the product demand globally.

Recycled Plastics Market Segmentation Analysis

By Type Analysis

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Polyethylene Terephthalate (PET) Segment Dominated Due to its Unique Characteristics

In terms of type, the market is categorized into low-density polyethylene (LDPE), polyethylene terephthalate (PET), high-density polyethylene (HDPE), polypropylene (PP), and others.

The polyethylene terephthalate (PET) segment registered the largest recycled plastics market share in 2023 due to its large-scale adoption for bottling and food packaging applications. Its high demand can be witnessed in the food & beverage products packaging as it is lightweight, non-toxic, easily recyclable, and has durable characteristics. In addition, the governments’ supportive regulations globally have made beverage and bottled water producers shift from virgin PET to recycled PET for the production of packaging bottles. Furthermore, recycled PET finds application in the manufacturing of furniture, carpets, and fibers, which is anticipated to boost the segment growth.

The growing demand from the automotive and packaging industries is fueling the adoption of polypropylene (PP). Various producers adopt recycled polypropylene for packaging their products as it is more sustainable and durable than its traditional counterparts. In addition, many automotive manufacturers are adopting recycled PP and replacing it with virgin PP parts as it reduces their overall carbon footprint. Hence, PP segment is expected to grow significantly during the forecast period.

High-density polyethylene (HDPE) is considered the most comfortable plastic to recycle and hence, the segment is anticipated to grow moderately during review period. In addition, HDPE is completely non-biodegradable; hence it becomes important to recycle and reuse such type of plastic to decrease its impact on the environment. The applications of recycled HDPE can be mainly seen in the manufacturing of toys, ropes, bins, and pipes.

On the other hand, low-density polyethylene (LDPE) is regarded as a safe and clean plastic, but its manufacturing necessitates sizable quantities of petroleum products, thereby making it important to develop a more recycled and sustainable alternative. Recycled LDPE is majorly utilized in wall panels, floorings, and construction. It also finds its applications in the production of garbage cans, furniture, and packaging bubbles. Increasing adoption of LDPE will drive the segment growth significantly during the forecast period.

By Source Analysis

Plastic Bottles Segment Is Dominating the Market Owing to Increasing Carbon Footprint

Based on source, the market is segregated into plastic bottles, plastic films, polymer foam, and others.

Plastic bottles segment accounted for the dominating share in the global market in 2023. Recycled plastic is increasingly utilized in the production of plastic bottles due to both environmental and economic factors. As sustainability becomes a major concern, companies are embracing recycled polymer as a means to reduce their carbon footprint and mitigate the environmental impact of single-use plastics. Additionally, governments and regulatory bodies are implementing policies to encourage or mandate the use of recycled materials in packaging, further driving the product adoption in bottle manufacturing.

Recycled plastic finds extensive application in plastic film and polymer foam production, primarily spurred by environmental concerns and regulatory imperatives. As the world grapples with the consequences of plastic pollution, industries are increasingly turning to recycled plastic as a sustainable alternative to virgin materials. Moreover, the economic benefits of the product, such as reduced raw material costs and waste management expenses, further boost market to adopt sustainable practices. By embracing recycled polymer in film and foam manufacturing, companies not only contribute to waste reduction and resource conservation but also align themselves with evolving market expectations for environmentally responsible products. Hence, the plastic films and polymer foam segments will register a significant growth during forecast period.

By Application Analysis

Non-Food Packaging Segment Led Owing to Increasing Product Demand for Bottles and Packaging Products

With respect to application, the market is segregated into food packaging, construction, automotive, non-food packaging, and others.

The non-food packaging segment dominated the recycled plastics market share in 2023 owing to the increasing demand for recycled PET for the production of bottles and packaging products, including wraps & films. Moreover, the growing recycling of bottles by big companies, including Coca-Cola coupled with rising recycling activities of packaging products, is expected to further augment product adoption.

On the other hand, recycled polymer also finds its major application in food packaging. The growing safety and hygiene in eating habits of people has led to an increasing demand for packaged products. As a result, many food product producers seek packaging materials that are sustainable and cheap while maintaining safety and hygiene. This is expected to significantly increase product consumption in food packaging.

The rising adoption of recycled plastics in the manufacturing of several construction-related products, including wall panels, flooring, pipes & fittings, wallpaper films, and other building materials, is poised to fuel product adoption in the building & construction industry.

The rapidly growing automotive industry, along with the rising adoption of recycled plastics in the automotive industry as a replacement to costlier conventional polymers for the manufacturing of body parts is expected to create growth opportunities for the market.


Asia Pacific Recycled Plastics Market Size, 2023 (USD Billion)

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By region, the market is divided into the Asia Pacific, Latin America, North America, Europe, and the Middle East & Africa.

The market in the Asia Pacific stood at USD 30.94 billion in 2023 and is expected to dominate the market during the forecast period due to India and China being the prominent recycled plastic-consuming nations. A large number of bottled water manufacturers are present in the region, which leads to large-scale consumption of plastic bottles. In addition, the packaging industry is swiftly growing, which further accentuates the market in the region. Moreover, China is the dominating country in the region due to the high consumption and production of packaging products.

On the contrary, in Europe, the demand for products from the automotive and construction industries is expanding at a substantial rate. The market growth is expected to be driven by regulations put forward by the European Union in 2021 to effectively decrease the deployment of single-use plastics in the region.

In North America, the U.S. registered the largest market share in 2023 due to the rise in demand from the automotive and packaging industries. North America market growth is anticipated to be subpar as compared to Europe and the Asia Pacific due to the slowdown of the construction industry in the region, but the growth in food packaging is anticipated to surge lucrative opportunities for stakeholders in the region.

In the Middle East & Africa, the key factors influencing the growth of the market are the growing demand for construction and food packaging applications. In this region, food packaging shall be the primary application for recycled plastic. The rise in demand for lightweight yet sustainable food packaging shall augment the use of this polymer over traditional ones in the region.

Latin America is projected to witness considerable growth in the market during the forecast period. The growing number of packaging product manufacturers, coupled with increased consumption of plastics due to the ban placed on single-use plastic products, have surged the recycled plastics market growth in the region.

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List of Key Companies in Recycled Plastics Market

Coca-Cola Deploys Product Innovations to Expand Globally

The major producers are present throughout the globe. One of the major companies, The Coca-Cola Company Incorporated, is expanding throughout the globe by using strategies such as joint ventures, product innovation, and expansion. The company has made a World without Waste strategy to convert 100% of its packaging into recyclable products by 2025 and use about 50% of recycled material in the company’s packaging products by 2030. In addition, the Coca-Cola Company, Diageo, Nestlé, and Unilever have formed the ‘African Plastics Recycling Alliance’ to change the plastic recycling market across sub-Saharan Africa.



  • October 2023 – Coca-Cola India revealed the introduction of Coca-Cola in smaller pack sizes, such as 250 ml and 750 ml bottles, made entirely from recycled plastic (rPET). These new bottles, crafted by Coca-Cola's bottling partners Moon Beverages Ltd. and SLMG Beverages Ltd., utilize 100% food-grade rPET, with the exception of caps and labels. Additionally, the bottles feature a "Recycle Me Again" prompt and a "100% recycled PET bottle" label, designed to enhance consumer consciousness regarding recycling.

  • October 2022 –Veolia introduced ‘PlastiLoop,’ a new brand of recycled plastics and services, at the K 2022 fair in Dusseldorf, Germany. This new product is made possible by Veolia’s extensive network of experts and its 37 plastic recycling plants globally. This new product offers a large variety of ready-to-use recycled resins such as PET, PP, HDPE, PS, ABS, LDPE, and PC to its customers.

  • April 2022 –Faurecia, a company of the Group FORVIA, and Veolia signed a Cooperation and Research Agreement to jointly develop innovative compounds for automotive interior modules, aiming to achieve an average of 30% recycled content by 2026. Through this partnership, the two companies will accelerate the deployment of sustainable solutions implemented in instrument panels, door panels, and center consoles in Europe.

  • December 2021 –Veolia and L'Oréal joined forces to reduce the carbon footprint of cosmetic packaging in a circular economy approach. Veolia will thus supply high-quality recycled plastic for L'Oréal's packaging worldwide. The recycled plastic will be obtained after processing the plastic material present in waste derived from consumer packaging, especially plastic bottles.

  • May 2021 –Plastipak Holdings invested in a new recycling plant at its manufacturing facility in Toledo, Spain. This plant will produce food-grade recycled PET (rPET) pellets from PET flake for application in preforms, bottles, and containers. This plant will produce 20 kilotons of food-grade pellets annually.


An Infographic Representation of Recycled Plastic Market

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The research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, types, applications, and products. In addition, it provides quantitative data in terms of volume and value, market analysis, research methodology for market data, and insights into market trends. It highlights vital industry developments and the competitive landscape. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market in recent years. 

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Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 8.6% from 2024 to 2032


Value (USD Billion), Volume (Kiloton)


By Type

  • Polyethylene Terephthalate (PET)

  • High-Density Polyethylene (HDPE)

  • Polypropylene (PP)

  • Low-Density Polyethylene (LDPE)

  • Others

By Source

  • Plastic Bottles

  • Plastic Films

  • Polymer Foam

  • Others

By Application

  • Non-Food Packaging

  • Food Packaging

  • Construction

  • Automotive

  • Others

By Geography

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

    • U.S. (By Type)

    • Canada (By Type)

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

    • China (By Type)

    • India (By Type)

    • Japan (By Type)

    • South Korea (By Type)

    • Southeast Asia (By Type)

    • Rest of the Asia Pacific (By Type)

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

    • Brazil (By Type)

    • Mexico (By Type)

    • Rest of Latin America (By Type)

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

    • GCC (By Type)

    • Turkey (By Type)

    • Egypt (By Type)

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

Frequently Asked Questions

Fortune Business Insights says that the global market was valued at USD 51.10 billion in 2023 and is projected to reach USD 107.13 billion by 2032.

In 2023, the Asia Pacific market value stood at USD 30.94 billion.

Registering a significant CAGR of 8.6%, the market is expected to exhibit considerable growth over the forecast period (2024-2032).

By type, the polyethylene terephthalate (PET) segment led in 2023.

The increasing demand from the packaging industry is the key factor driving the global market growth.

China dominates the market.

Plastipak Holdings, Suez Group, and Veolia are the leading players in this market.

The rising demand for recyclable plastics from the automotive industry and government policies restricting single-use plastics consumption are the key factors driving product adoption.

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