Recycled Plastics Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Recycled Plastics Market Report is Segmented by Type (Polyethylene, Polyvinyl Chloride, Polyethylene Terephthalate, Polypropylene, Polystyrene, and Other Types), Source (Foams, Films, Bottles, Fibers, and Other Sources), End User (Building and Construction, Packaging, Electrical and Electronics, Automotive, and Other End Users), and Geography (North America, Europe, Asia-Pacific, South America, and the Middle East and Africa). The Report Offers Market Size and Forecasts for the Recycled Plastics Market in Value (USD) for all the Above Segments.

Recycled Plastics Market Size

Recycled Plastics Market Summary
Study Period 2020 - 2029
Market Size (2024) USD 61.13 Billion
Market Size (2029) USD 82.85 Billion
CAGR (2024 - 2029) 6.27 %
Fastest Growing Market North America
Largest Market Asia Pacific
Market Concentration Low

Major Players

Recycled Plastics Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Recycled Plastics Market with other markets in Professional and Commercial Services Industry

Commercial Services

Consumer and B2C Services

Professional Services

Recycled Plastics Market Analysis

The Recycled Plastics Market size is estimated at USD 61.13 billion in 2024, and is expected to reach USD 82.85 billion by 2029, growing at a CAGR of 6.27% during the forecast period (2024-2029).

Recycled plastics are the result of repurposing waste plastic into valuable items. The process involves sorting, cleaning, extruding, reprocessing, and identifying the plastic. With the prevalent global issue of non-biodegradable plastics, recycling stands out as a crucial solution to combat the environmental accumulation of polymers.

Technological advancements in recycling are pivotal in driving the recycled plastics market. Innovations like chemical recycling and improved sorting methods have significantly boosted the efficiency and quality of recycled plastics. Moreover, as consumers increasingly prioritize sustainability, manufacturers across industries, from automotive to consumer goods, are adopting recycled materials. This shift is evident in the production of various items, including car parts, packaging, and household goods. With these advancements and the growing demand for sustainable solutions, the market is poised for substantial growth in the coming years.

Recycled Plastics Market Trends

Increasing Adoption of Recycled Plastic in Packaging Industries

Key players in the automotive, electrical and electronics, and packaging sectors are increasingly turning to recycled plastics, driving the demand for these materials. These sectors collectively consume close to 6 million tons of plastic packaging each year. The food and beverage industry is at the forefront of the push for food-safe packaging, propelling the use of recyclable polymers. These polymers, when employed as packaging barriers, not only ensure food safety but also present a sustainable option to traditional plastics, thereby expanding their market reach.

Recycled polyethylene terephthalate (PET) stands out as the preferred choice for crafting water and beverage bottles. Beyond edibles, recycled polymers are finding applications in packaging for toys, fashion accessories, and sports equipment, enhancing the durability of these items. Their inert characteristics are also driving the demand for packaging personal care products like shampoos, soaps, and surfactants. With their increasing adoption in consumer goods packaging, the market for recycled polymers is poised for further growth.

Recycled Plastics Market: Global RTP Market Size by Packaging Type, In %, 2023

Rise in Recycled Plastics Market in Asia Pacific

During the review period, Asia-Pacific led the recycled plastics market, propelled by urbanization, industrialization, and economic growth. The region's industrial sector saw a notable uptick in plastic usage, supported by a growing automotive sector and an expanding role in construction. Significant investments in infrastructure, coupled with a surge in residential and commercial constructions, further bolstered this trend.

Additionally, stringent government regulations, rising environmental concerns, and a global push for sustainability have spurred innovative solutions in recycled plastic adoption. For instance, the Indian government introduced the 'India Plastics Pact,' a collaboration between WWF India and the Confederation of Indian Industry, and it was supported by UK Research and Innovation (UKRI) and WRAP. This pact aims for ambitious targets, including transitioning to 100% reusable or recyclable plastic packaging and effectively recycling 50% of plastic packaging during the forecast period.

Recycled Plastics Market, by Market Share, 2023

Recycled Plastics Industry Overview

The recycled plastics market is fragmented, with the presence of several local and global players. Major players in the market are focusing on their growth strategies, such as investing in R&D centers, expansion of plastic recycling operations, and infrastructure development to strengthen their presence. Some of the major players include Biffa, Stericycle, Republic Services, Veolia, and Indorama Ventures.

Recycled Plastics Market Leaders

  1. Biffa

  2. Stericycle

  3. Republic Services

  4. Veolia

  5. Indorama Ventures

*Disclaimer: Major Players sorted in no particular order

Recycled Plastics Market Concentration
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Recycled Plastics Market News

  • March 2024: PepsiCo, in collaboration with its partners in the flexible food packaging supply chain, unveiled a line of premium snack packaging boasting a significant 50% recycled plastic content. This innovative packaging, meeting rigorous food-contact standards, debuted with PepsiCo's Sunbites brand, initially hitting the shelves in the United Kingdom and Ireland.
  • February 2023: SK Geo-Centric, Loop Industries, and SUEZ announced their selection of the Grand Est region in France to manufacture virgin-quality PET plastic exclusively from 100% recycled materials. The trio plans to commence construction in early 2025, targeting a plant commissioning by 2027.

Recycled Plastics Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumption and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS AND INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Awareness Regarding Sustainable Plastic Waste Management

      2. 4.2.2 Implementation of Restrictions on Landfills

    3. 4.3 Market Restraints

      1. 4.3.1 Preference for Virgin Plastics Over Their Recycled Alternatives

      2. 4.3.2 Ineffective Plastic Waste Segregation and Disposal

    4. 4.4 Market Opportunities

      1. 4.4.1 Regulations Imposed by Authorities Promote the Adoption of Recycled Plastics

      2. 4.4.2 Advancements in Plastic Recycling Technologies

    5. 4.5 Value Chain Analysis

    6. 4.6 Industry Attractiveness: Porter's Five Forces Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitutes

      5. 4.6.5 Intensity of Competitive Rivalry

    7. 4.7 Insights into Technological Advancements in the Industry

    8. 4.8 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Polyethylene

      2. 5.1.2 Polyvinyl Chloride

      3. 5.1.3 Polyethylene Terephthalate

      4. 5.1.4 Polypropylene

      5. 5.1.5 Polystyrene

      6. 5.1.6 Other Types

    2. 5.2 By Source

      1. 5.2.1 Foams

      2. 5.2.2 Films

      3. 5.2.3 Bottles

      4. 5.2.4 Fibers

      5. 5.2.5 Other Sources

    3. 5.3 By End User

      1. 5.3.1 Building and Construction

      2. 5.3.2 Packaging

      3. 5.3.3 Electrical and Electronics

      4. 5.3.4 Automotive

      5. 5.3.5 Other End Users

    4. 5.4 By Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Rest of North America

      2. 5.4.2 Europe

        1. 5.4.2.1 United Kingdom

        2. 5.4.2.2 Germany

        3. 5.4.2.3 France

        4. 5.4.2.4 Russia

        5. 5.4.2.5 Italy

        6. 5.4.2.6 Spain

        7. 5.4.2.7 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 India

        2. 5.4.3.2 China

        3. 5.4.3.3 Japan

        4. 5.4.3.4 Australia

        5. 5.4.3.5 Rest of Asia-Pacific

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle East and Africa

        1. 5.4.5.1 United Arab Emirates

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Biffa

      2. 6.2.2 Stericycle

      3. 6.2.3 Republic Services

      4. 6.2.4 Veolia

      5. 6.2.5 Indorama Ventures

      6. 6.2.6 Loop Industries

      7. 6.2.7 Plastipak Holdings

      8. 6.2.8 KW Plastics

      9. 6.2.9 B&B Plastics

      10. 6.2.10 Green Line Polymers*

    3. *List Not Exhaustive
  7. 7. MARKET FUTURE TRENDS

  8. 8. DISCLAIMER AND ABOUT US

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Recycled Plastics Industry Segmentation

Plastic recycling involves the recovery and reprocessing of scrap or waste plastics into valuable products. This not only reduces landfill dependence but also helps in resource conservation, combating both plastic pollution and greenhouse gas emissions. The market for recycled plastics is categorized by type, source, end user, and geography. Types include polyethylene, polyvinyl chloride, polyethylene terephthalate, polypropylene, polystyrene, and other types. Sources encompass foams, films, bottles, fibers, and other sources. End users span building and construction, packaging, electrical & electronics, automotive, and other end users. Geographically, the market is divided into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. The report offers market size and forecasts for the recycled plastics market in value (USD) for all the above segments.

By Type
Polyethylene
Polyvinyl Chloride
Polyethylene Terephthalate
Polypropylene
Polystyrene
Other Types
By Source
Foams
Films
Bottles
Fibers
Other Sources
By End User
Building and Construction
Packaging
Electrical and Electronics
Automotive
Other End Users
By Geography
North America
United States
Canada
Rest of North America
Europe
United Kingdom
Germany
France
Russia
Italy
Spain
Rest of Europe
Asia-Pacific
India
China
Japan
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
United Arab Emirates
South Africa
Rest of Middle East and Africa
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Recycled Plastics Market Research FAQs

The Recycled Plastics Market size is expected to reach USD 61.13 billion in 2024 and grow at a CAGR of 6.27% to reach USD 82.85 billion by 2029.

In 2024, the Recycled Plastics Market size is expected to reach USD 61.13 billion.

Biffa, Stericycle, Republic Services, Veolia and Indorama Ventures are the major companies operating in the Recycled Plastics Market.

North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Recycled Plastics Market.

In 2023, the Recycled Plastics Market size was estimated at USD 57.30 billion. The report covers the Recycled Plastics Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Recycled Plastics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Recycled Plastics Industry Report

Statistics for the 2024 Recycled Plastics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Recycled Plastics analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Recycled Plastics Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)