Global Recycled Plastics market is expected to foresee significant growth owing to increasing government and public-private plastic recycling related initiatives
- Himanshu Patni
- November 23, 2021
- CONSUMER GOODS, NEWS
- Recycled Plastics market, Recycled Plastics market growth, Recycled Plastics market share, Recycled Plastics market size, Recycled Plastics market trends
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The global Recycled Plastics Market was stood around $40 billion in 2020 and is expected to demonstrate the growth of ~6% during the forecast period (2021-2027). Increasing use of plastic has become a serious problem for the environment and human health owing to which governments and public-private entities are focusing on reduce, reuse, and recycle plastics. For instance, P&G announced new global commitment “Ambition 2030” to reduce the plastic. The commitment includes several global goals for packaging, including 100% recyclable or reusable packaging by 2030
Increasing demand of on the way product and ready to eat food has increased the consumption of plastic in consumers daily life. Further, due to its low cost and easy to carry properties, companies are using single use plastic for packaging purpose. For instance, around the world, one million plastic drinking bottles are purchased every minute, while 5 trillion single-use plastic bags are used worldwide every year. In total, half of all plastic produced is designed to be used only once — and then thrown away. However, increasing penetration of single use plastic in daily life is creating several environmental and human health related problems. Plastic contains hormonally active substances and day to day contact with plastic can lead to serious health problems like thyroid disorder, diabetes, breast cancer, prostate cancer, asthma, and obesity, among others. Owing to which, government and public-private entity are increasingly focusing on reducing the consumption of single use plastic. For instance, UK Minister for Pacific and the Environment, Zac Goldsmith, has revealed that the UK is willing to discuss a new global treaty to tackle plastics pollution, which has been supported by more than two-thirds of UN member states.
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Since, recycling of plastic requires a fully efficient supply chain which had been broken down in the light of COVID-19, thus affecting the market performance. Further, to curtail the spread of disease, government across the globe, had taken several stringent measures like lockdown which has resulted in the factory shutdown or operating with reduced number of manpower thus resulted in the low recycling rates.
- Based on type, the market is categorized into polyethylene terephthalate, high-density polyethylene, polyvinyl chloride, low-density polyethylene, polypropylene, polystyrene, and others. Among these, polyethylene terephthalate recycled plastic market has accounted for the dominating share in the market and is expected to grow at a substantial CAGR during the forecast period. This is mainly attributed to the high consumption of polyethylene terephthalate in the manufacturing of plastic bottles and jars. This is further, supported by high polyethylene terephthalate recycling rate. For instance, as per US Environment Protection Agency, recycling rate of PET bottles and jars was 29.1% in 2018, which is far higher than 8.7% overall plastic recycling rates.
- Based on industry, the market is categorized into packaging, consumer goods, construction, textile, transport, electrical, and others. Among these, packaging sector accounted for prominent share in the market and is expected to showcase bolstering growth during the forecast period. This is due to the large and growing demand from packaging industry as plastic packaging helps the industry in maintaining the product cost. Further, they are light in weight therefore transportation of products becomes easy. Thus, helping the packaging industry in reducing the capital expenditure.
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For a better understanding of the market adoption of Recycled Plastics, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of world. Asia Pacific accounted for substantial share in the recycled plastic market. The regional countries are among the world largest producer of plastic waste like China and India. Therefore, in order to reduce the plastic waste, these countries has taken various initiative to reduce, reuse and recycle plastic. This helps the region to attain considerable market share. Some of the major players operating in the market include Veolia, Suez, KW Plastics, Jayplas, B. Schoenberg & Co., Royal Dutch Shell Plc, Waste Connections, Covestro AG, Clear Path Recycling, and Custom Polymers.
Global Recycled Plastics Market Segmentation
Market Insight, by Type
- Polyethylene Terephthalate
- High-Density Polyethylene
- Polyvinyl Chloride
- Low-Density Polyethylene
Market Insight, by Source
- Rigid Plastics & Foams
Market Insight, by Industry
- Consumer Goods
Market Insight, by Region
- North America Recycled Plastics Market
- United States
- Rest of North America
- Europe Recycled Plastics Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Recycled Plastics Market
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- KW Plastics
- B. Schoenberg & Co.
- Royal Dutch Shell plc
- Waste Connections
- Covestro AG
- Clear Path Recycling
- Custom Polymers