“Global Recycled Plastics Market to reach a market value of USD 106.6 Billion by 2031 growing at a CAGR of 9.2%”
The Global Recycled Plastics Market size is expected to reach $106.6 billion by 2031, rising at a market growth of 9.2% CAGR during the forecast period. In the year 2023, the market attained a volume of 39,075.7 kilo tonnes, experiencing a growth of 22.2% (2020-2023).
Recycling polyvinyl chloride (PVC) reduces the demand for virgin PVC resin, conserving natural resources such as crude oil and natural gas. Therefore, the Recycling polyvinyl chloride (PVC) acquired $7,671.6 million revenue in 2023. Also, the US market would utilize 1,996.4 kilo tonnes of Recycled Plastics by 2031. Producing recycled PVC requires less energy than recycling virgin PVC, reducing energy consumption and lowering greenhouse gas emissions.
The design of products based on DfR principles aims to increase the quality of recycled plastics and the efficiency of the recycling process by utilizing compatible materials that are easy to separate and recycle. Designing products for easy disassembly and separation of components allows for more efficient material recovery and recycling, increasing the yield and quality of recycled plastics. Therefore, the market is expanding significantly due to the integrating design for recycling (DfR) principles. Additionally, Additives and modifiers can enhance the mechanical properties of recycled plastics, such as strength, stiffness, and impact resistance, making them suitable for a wider range of applications. They can also improve the thermal stability of recycled plastics, allowing them to withstand higher temperatures during processing and use, expanding their potential applications. Thus, because of the recycled plastic additives and modifiers, the market is anticipated to increase significantly.
However, Supply chain complexity and fragmentation can lead to higher costs due to inefficiencies in logistics, transportation, and inventory management, making recycled plastics less competitive compared to virgin plastics. Therefore, fragmented supply chains are more vulnerable to disruptions, like natural disasters, geopolitical tensions, and economic downturns, which can disrupt the flow of recycled plastics and hinder market growth.
By product, the market is categorized into polyethylene, polyethylene terephthalate, polypropylene, polyvinyl chloride, polystyrene, and others. The polyethylene terephthalate segment procured a promising growth rate in the market in 2023. In terms of volume, the polyethylene terephthalate segment would utilize 9,014.4 kilo tonnes of recycled plastics by 2031. PET is one of the most used plastics globally, especially in packaging applications. Its widespread use in bottles, containers, and packaging has led to significant PET waste, creating opportunities for recycling, and developing recycled plastics.
Based on source, the market is classified into plastic bottles, plastic films, polymer foam, and others. The polymer foam segment garnered a significant revenue share in the market in 2023. In terms of volume, the polymer foam segment would utilize 8,044.3 kilo tonnes of recycled plastics by 2031. Polymer foams are used in various applications across various industries, including packaging, construction, automotive, furniture, and consumer goods. Common types of polymer foams include expanded polystyrene (EPS), expanded polyethylene (EPE), and polyurethane (PU) foam.
On the basis of application, the market is divided into building & construction, packaging, electrical & electronics, textiles, automotive, and others. In 2023, the packaging segment acquired 36.1% market share in the market. In terms of volume, the packaging segment would utilize 24,251.3 kilo tonnes of recycled plastics by 2031. Recycled plastics, including rPE, rPP, and rPET, are used to produce flexible packaging materials, such as pouches, bags, and sachets, for various products, including snacks, beverages, and personal care items.
Free Valuable Insights: Global Recycled Plastics Market size to reach USD 106.6 Billion by 2031
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region led the market by generating a 47.2% revenue share. In terms of volume, the Asia Pacific region would utilize 38,370.5 kilo tonnes of recycled plastics by 2031. The Asia Pacific region is experiencing rapid economic growth and urbanization, increasing plastic consumption and waste generation. Managing and decreasing plastic waste in Asia Pacific's densely populated urban areas fuels the demand for recycled plastics.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 53.2 Billion |
| Market size forecast in 2031 | USD 106.6 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 9.2% from 2024 to 2031 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 405 |
| Number of Tables | 830 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Source, Product, Application, Region |
| Country scope |
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| Companies Included | Remondis SE & Co. KG (Rethmann Se & Co. Kg), Stericycle, Inc., Veolia Environnement S.A., Shell plc, Clean Harbors, Inc., Covestro AG, Cabka Group GmbH, Indorama Ventures Public Company Limited (Indorama Resources Ltd.), Plastipak Holdings, Inc., Biffa plc (Energy Capital Partners Management, LP) |
By Product (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Source (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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