Recycled Plastics Market size is expected to be worth around USD 114.8 billion by 2033,
from USD 52.7 billion in 2023, growing at a CAGR of 8.1% during the forecast period from
2023 to 2033.
This market encompasses the entire recycling process, including the collection, sorting,
cleaning, and reprocessing of discarded plastics into raw materials that can be used in
manufacturing. Recycled plastics are derived from various sources, such as post-consumer
waste (like plastic bottles, packaging materials, and other discarded consumer products) and
post-industrial waste (such as scraps and offcuts from manufacturing processes).
The market for recycled plastics is driven by increasing environmental awareness, regulatory
policies promoting sustainability, and the rising demand for eco-friendly materials in various
industries.
The growth of online sales for personal care and Personal Protective Equipment (PPE) products
further boosts the demand for recycled plastics, as companies seek to package their products in
sustainable materials.
Download a sample report in MINUTES@
https://market.us/report/recycled-plastics-market/request-sample/
Key Market Segment
Plastic Type
● Polyethylene
● Polyethylene Terephthalate
● Polypropylene
● Polyvinyl Chloride
● Polystyrene
● Other Products
Source
● Plastic Bottles
● Plastic Films
● Polymer Foam
● Other Sources
Application
● Building & Construction
● Packaging of Products
● Electrical & Electronics
● Textiles
● Automotive
● Other Applications
Plastic Type
Polyethylene Terephthalate dominates the recycled plastics market with a 29.3% share in 2023,
driven by its demand in packaging across food, beverage, and consumer goods industries,
while Polypropylene is crucial for its chemical and mechanical properties in sectors like medical
devices, automotive, and construction.
Source Channel
Plastic bottles, accounting for 65% of global recycled plastics revenue in 2023, are the primary
source of recycled materials, extensively used in packaging oils, pharmaceuticals, and
beverages.
Application Analysis
In 2023, the packaging industry led the recycled plastics market, contributing over 42.1% of
global revenue, driven by rising demand for packaged food, beverages, electronics, and textiles,
particularly in the Asia Pacific region.
Key Market Players
● Veolia
● Plastipak Holdings, Inc.
● SUEZ SA
● Ultra Poly Corporation
● Fresh Pak Corporation
● B&B Plastics Recycling Inc.
● Alpek S.A.B. de C.V.
● Indorama Ventures
● Far Eastern New Century Corporation
● Envision Plastics Industries
● Custom Polymers, Inc.
● Berry Global Inc.
● Other Key Players
Driver
The increasing adoption of recycled plastic in the packaging industry, particularly for food and
beverage products, is driven by the material's effectiveness in ensuring product safety and
environmental sustainability.
Restraint
The preference for virgin plastics over recycled alternatives, due to quality concerns and cost
advantages, restricts the market growth despite regulatory pressures.
Opportunity
Favorable initiatives and regulations in developed countries, such as tax incentives and public
funding for recycling projects, promote the use of recycled plastics, creating growth
opportunities.
Challenge
The major challenge for the recycled plastics market is the difficulty in collecting sufficient plastic
waste, as only 14% of used plastic packaging is currently recycled, necessitating new collection
methods to capture the remaining 86%.