May 16, 2023   SOURCE: BusinessWire

Global Recycled Plastics Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 - ResearchAndMarkets.com

The "Global Recycled Plastics Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product Type, Source, End-User, and Region" report has been added to ResearchAndMarkets.com's offering.

The Global Recycled Plastics Market is expected to record a positive CAGR of ~9% during the forecast period (2022-2028) and expected to reach a revenue of ~US$ 75 Bn by 2028, owing to the growing acceptance of recycled plastics in the textile industry and the shift of the packaging industry from virgin plastics to recyclable materials.

Increasing demand for recycled plastic products from the packaging industry is expected to boost the growth of the recycled plastic market worldwide. Eco-friendly packaging products are becoming more popular as most of the key players in the market are opting for sustainable packaging designs. The most common type of plastic used in the packaging of food products is PET, which is known for showing the highest recycling rate, followed by HDPE, PP, and others.

According to Plastics for Change, an organization for informal waste collectors, 36% of all the plastic produced in a year goes into various sorts of packaging, from food and drinks to medicines and drugs.

In coordination with the UK Plastics Pact, various leading brands, retailers, governments, and NGOs have joined forces to make all plastic packaging contain a minimum of 30% recycled plastic by 2025. For instance, in 2022, the U.S.-based multinational food and beverage company Mondelez has planned to move its Cadbury Dairy Milk sharing bars into 30% recycled plastic packaging.

Growing usage of recycled plastics in the textile industry is one of the factors driving the growth of the market in developing countries. Recycles PET (rPET) is the most widely recycled resin in fiber applications. The clothes made of recycled plastics not only provide high quality and texture but also, help in contributing to a sustainable environment.

For instance, the designer brand Gucci is one of the first luxury fashion brands to use ECONYL, nylon yarn, 100% regenerated from recycled fishing nets. In 2015, the company shifted from virgin plastic to recycled plastic products in its textiles.

The preference for virgin plastics over recycled alternatives acts as a restraint in the growth of the market. Virgin plastics have a significant advantage in terms of quality due to which these are highly preferred in applications requiring specific compositions of chemicals and additives, which is expected to hamper the market growth.

Competitive Landscape

The Global Recycled Plastics Market is highly competitive with ~500 players, including globally diversified players, regional players, and many country-niche players. Most of the country-niche players are the manufacturers of PET recycled plastics products used in various end-user industries.

Country-Niche players constitute 60% of the total competitors, while regional players hold the second largest share. Some of the major players in the market include B. Schoenberg & Co., Covestro AG, B&B Plastics, Green Line Polymers, KW Plastics, Republic Services, Ultra Poly Corporation, Veolia, Shell International B.V., Custom Polymers, Plastipak Holdings, among others.

Conclusion

The Global Recycled Plastics Market witnessed a dip in growth for the year 2020, owing to the COVID-19 pandemic. There was a complete ban on imports and export that disrupted the supply chain and hampered the market globally.

However, the market condition is expected to get better in 2022, thereby restoring growth over the forecast period. The market is primarily driven by the increasing usage of recycled plastics in textiles, buildings & construction, packaging, automotive, and other industries.

Though the market is highly competitive with ~500 participants, country-niche players control the dominant share in the market and regional players also hold a significant share.

Key Topics Covered in the Report

  • Snapshot of Global Recycled Plastics Market
  • Industry Value Chain and Ecosystem Analysis
  • Market size and Segmentation of the Global Recycled Plastics Market
  • Historic Growth of Overall Global Recycled Plastics Market and Segments
  • Competition Scenario of the Market and Key Developments of Competitors
  • Porter's 5 Forces Analysis of Global Recycled Plastics Industry
  • Overview, Product Offerings, Strengths, & Weaknesses of Key Competitors
  • Covid-19 Impact on the Overall Global Recycled Plastics Market
  • Future Market Forecast and Growth Rates of the Total Global Recycled Plastics Market and Segments
  • Market Size of Application/End User Segments with Historical CAGR and Future Forecasts
  • Analysis of Global Recycled Plastics Market
  • Major Production/Supply and Consumption/Demand Hubs within Each Region
  • Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
  • Overview of Notable Emerging Competitor Companies within Each Region

Companies Mentioned in the Report

  • B. Schoenberg & Co
  • Covetsro AG
  • B&B Plastics
  • Green Line Polymers
  • KW Plastics
  • Republic Services
  • Ultra Poly Corporation
  • Veolia
  • Shell International B.V
  • Custom Polymers
  • Plastipak Holdings
  • Zymergen
  • PureCycle Technologies
  • UBQ Materials
  • Plastic Energy
  • Loop Industries
  • Banyan Nation
  • The Shakti Plastic Industries
  • IntegriCo Composites

Scope of the Report

Period Captured in the Report

  • Historical Period: 2017-2021
  • Forecast Period: 2022-2028F

By Product Type

  • Polyethylene (PE)
  • Polyethylene Terephthalate (PET)
  • Polypropylene (PP)
  • Polyvinyl Chloride (PVC)
  • Polystyrene (PS)
  • Others

By Source

  • Plastic Bottles
  • Plastic Films
  • Polymer Foam
  • Others

By End-User

  • Building & Construction
  • Packaging
  • Electrical & Electronics
  • Textiles
  • Automotive
  • Others

By Region

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., France, Italy, and Rest of Europe)
  • Asia Pacific (China, Japan, India, Australia, and Rest of Asia Pacific)
  • Latin America Middle East and Africa (LAMEA)

For more information about this report visit https://www.researchandmarkets.com/r/ufap5p

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