Redding, California - September 3, 2024
Recycled Plastics Market to be Worth $101.3 Billion by 2031
Recycled Plastics Market Size, Share, Forecast, & Trends Analysis by Type (Polyvinyl Chloride, High-density Polyethylene, Polyethylene Terephthalate), Process (Mechanical, Chemical), Application (Packaging Materials, Construction & Building Materials), and Geography - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled Recycled Plastics Market—Global Opportunity Analysis and Industry Forecast (2024-2031). According to this latest publication from Meticulous Research®, the recycled plastics market is projected to reach $101.3 billion by 2031, at a CAGR of 8.7% from 2024 to 2031.
The growth of the recycled plastics market is driven by the increasing use in packaging, automotive, and electronic industries and growing consumer awareness regarding environmental conservation and sustainability. However, the rising preference for virgin plastics over recycled substitutes poses a challenge to the growth of the recycled plastics market. Furthermore, the increasing policies & regulations for recycling & reducing plastic waste are expected to generate growth opportunities for the players operating in this market. However, the collection of raw materials is a major challenge impacting the market’s growth. Additionally, the surging use of chemical processes for plastic recycling is the latest trend in the recycled plastics market.
The recycled plastics market is segmented by type (Polyethylene Terephthalate (PET), High-density Polyethylene (HDPE), Polyvinyl Chloride (PVC), Low-density Polyethylene (LDPE), Polypropylene (PP), Polystyrene (PS), and other types), process (mechanical, chemical, and other processes), and application (packaging materials, construction & building materials, automotive & transportation, electrical & electronic devices, agriculture & gardening, healthcare, consumer products, pharmaceutical, and other applications. The study also evaluates industry competitors and analyzes the recycled plastics market at the country and regional levels.
By type, the Polyvinyl Chloride (PVC) segment is expected to account for the largest share of over 28.0% of the recycled plastics market in 2024. The segment's large market share is attributed to the growing adoption of PVC plastic for its dielectric property and high vapor-barrier capacity and the increasing use of PVC plastic in various applications due to its high ductility in resisting abrasion and wear & tear.
By process, the mechanical segment is expected to account for the largest share of over 44.0% of the recycled plastics market in 2024. The segment's large market share is driven by the increasing initiatives to reduce gas emissions such as carbon dioxide and methane, plastic recycling using the mechanical process, the increasing use of mechanical processes due to their lower cost, simple methodology, and less energy consumption, and the increasing use of the mechanical process in plastic recycling to reduce plastic waste in landfills.
By application, the packaging materials segment is expected to account for the largest share of over 39.0% of the recycled plastics market in 2024. The segment's large market share is attributed to the growing preference for recycled plastics for packaging applications to reduce waste, conserve resources, and lower carbon footprint, the increasing use of recycled plastic over virgin plastic due to low production cost, and the rising adoption of recycled plastics for packaging to enhance brand’s reputation for sustainability.
By geography, the recycled plastics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. APAC is expected to account for the largest share of over 61.0% of the recycled plastics market in 2024. APAC’s large market share can be attributed to several factors, such as the growing adoption of recycled plastics across various industries, including consumer goods, automotive, packaging, and construction; the development of advanced recycling technologies such as chemical recycling and sorting systems in the region; and the increasing government initiatives aimed at enhancing environmental sustainability and reducing plastic waste through the use of recycled plastics.
Key Players
The key players operating in the recycled plastics market are Loop Industries, Inc. (U.S.), Stericycle, Inc. (U.S.), Covestro AG (Germany), KW Plastics (U.S.), Custom Polymers, Inc. (U.S.), Plastipak Holdings, Inc. (U.S.), ReVital Polymers (Canada), MBA Polymers Inc. (U.S.), Alpek Polyester USA, LLC (U.S.), Biffa Ltd (U.K.), Ultra-Poly Corporation (U.S.), B. Schoenberg & Co., Inc. (U.S.), RJM International Inc. (U.S.), Fresh Pak (U.S.), and B & B Plastics Inc. (U.S.).
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Key Questions Answered in the Report:
- What are the high-growth market segments based on type, process, and application?
- What is the historical market size for recycled plastics?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the recycled plastics market?
- Who are the major players in the recycled plastics market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the recycled plastics market?
- What are the different strategies adopted by major market players?
- What are the trends and high-growth countries?
- Who are the local emerging players in the recycled plastics market? How do they compete with other market players?
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