Global recycled plastics market size & share was valued at USD 46.08 billion in 2021 and is expected to reach USD 68.81 Billion by 2030, growing at a CAGR of 4.7% during the forecast period.
"Recycled Plastics Market Share, Size, Trends, Industry Analysis Report, By Type (Polyethylene (PE), Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), Polypropylene (PP), Polystyrene (PS), Others); By Source; By End-Use; By Region; Segment Forecast, 2022 - 2030" published by Polaris Market Research in its research repository.
According to the recent research study, the global recycled plastics market size & share was valued at USD 46.08 billion in 2021 and is expected to reach USD 68.81 Billion by 2030, growing at a CAGR of 4.7% during the forecast period.
What is Recycled Plastics? How Big is Recycled Plastics Market Size & Share?
Plastic recycling is the process of gathering scrap or waste plastics and reprocessing the material into new and useful plastic products. Plastic recycling is performed to reduce dependence on landfill and save the environment from plastic pollution and greenhouse gas emissions. The traditional recycling method involved melting plastics and processing them into new products through injection molding.
There are numerous benefits of recycled plastic. It reduces the release of carbon dioxide and harmful gases into the environment. It prevents global warming. It also creates additional revenue for the government and private companies. Growing plastic use in the production of small components, which are used in various sectors, including building & construction, automotive, and electrical & electronics, is anticipated to augment the recycled plastics market size.
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Growth Driving Factors
Increasing environmental concerns, strong guidelines about packaging waste, and the introduction of new recycling techniques are driving the recycled plastics market growth. Growing technological developments and favorable government initiatives to reduce their carbon footprint are the key factors supporting the industry expansion. For instance, in January 2020, Nestlé invested significantly to support the shift from virgin plastics to food-grade plastic. Also, a surge in R&D investments has been fueling the market demand.
Moreover, the growing consumption of plastics in industries including construction, automotive, medical devices, and electrical & electronics is projected to boost the recycled plastics industry growth. Rising demand for affordable consumer electronic products, such as laptops, recycled plastics in electrical & electronics, and packaging applications is further expected to accelerate the recycled plastics market demand.
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Recent Developments
Segmental Analysis
Based on type, the polyethylene terephthalate (PET) segment recorded the highest share in 2021 due to its increased use in food packaging and bottles. Properties such as transparency, durability, lightweight, and recyclability, non-toxicity are fueling PET's demand for use in the packaging of food and beverage goods. Also, Bottled water and beverage manufacturers prefer recycled PET for manufacturing packaging bottles due to the guidelines imposed by governments across the globe.
In terms of end-use, the packaging segment held a significant market share in 2021 due to its increasing usage in packaging solutions for food and beverages, consumer goods, and electronic devices. Factors like growing environmental concerns coupled with a surge in consumer awareness about recycling and packaging waste disposal further accelerate the segment growth of the recycled plastics market. In addition, rising initiatives by key market players to develop recycled packaging solutions in order to minimize the environmental impact are projected to flourish the segmental expansion.
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Recycled Plastics Market: Report Scope
Report Attribute |
Details |
Revenue forecast in 2030 |
USD 68.81 Billion |
Market size value in 2021 |
USD 46.08 Billion |
Expected CAGR Growth |
4.7% from 2022 - 2030 |
Base Year |
2021 |
Forecast Year |
2022 - 2030 |
Top Market Players |
Alpek S.A.B. de C.V., Biffa plc, Custom Polymers, Envision Plastics Industries, Far Eastern New Century, Green Line Polymers, Indorama Ventures, Jayplas, KW Plastics, Plastipak Holdings, Republic Services, Stericycle, Suez, Ultra Poly Corporation, and Veolia Polymers. |
Segments Covered |
By Type, By Source, By End-Use, By Region |
Customization Options |
Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
Based on geography, in 2021, the recycled plastics market in Asia Pacific witnessed the largest revenue share owing to rising economic growth, growing industrialization, and urbanization. The industry is booming in the region due to the increased use of plastics in the manufacturing sector, growth in automotive penetration as well as greater use of plastics in construction and development activities. Growing investments in infrastructure development also boost the market expansion in the Asia Pacific. Moreover, rising environmental concerns and initiatives to use sustainable solutions have fueled regional market growth.
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Recycled Plastics Market Report Highlights
Polaris Market Research has segmented the recycled plastics market report based on type, source, end-use, and region:
By Type Outlook
By Source Outlook
By End-Use Outlook
By Region Outlook
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Feb 15, 2023