According to the recent report by IMARC Group, the global recycled plastics market size exhibited moderate growth during 2015-2020 and is expected to reach US$ 56.5 Billion by 2026.
Plastic recycling is the process of recovering waste plastic and reprocessing it into functional and useful products. It involves a series of steps like collecting, sorting, washing, shredding, classifying and extruding plastic products. This helps in reducing the amount of waste at landfill sites, resulting in low greenhouse gas emissions. This resource-efficient method has gained immense traction across the globe due to the rising awareness regarding the harmful and toxic effects of plastic waste for both the environment and human health. As a result, the demand for recycled plastics has increased.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Recycled Plastics Market Trends:
Rising environmental concerns have led to a gradual shift towards recycled plastics. For instance, high demand for recycled plastics has been witnessed in the construction, automotive, and food packaging industries. This can be accredited to rapid industrialization, growing population, and inflating income levels, which have boosted growth in these sectors. Besides this, several companies are focusing on reducing their carbon footprint, which is leading them to shift from virgin plastics to recycled plastics.
The packaging industry is also adopting sustainable and green packaging solutions. By 2025, Unilever Group aims to make all its plastic packaging fully recyclable, reusable, and compostable.
Furthermore, various governments are supporting plastic recycling, which has led to more research and development activities to improve the management and processing of plastic waste. For instance, the adoption of Artificial Intelligence (AI) for sorting plastic waste is one of the latest innovations being used to make the process easy.
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- On the basis of the type, the market has been divided into high density polyethylene (HDPE), polyethylene terephthalate (PET), polypropylene (PP), low density polyethylene (LDPE) and others. Among these, polyethylene terephthalate (PET) is the most popular type of recycled plastic.
- Based on the raw material, plastic bottles account for the majority of the total market share. Other materials include fibers, plastic films, rigid plastic and foam, and others.
- On the basis of the application, the market has been classified into construction, non-food contact packaging, automotive, food contact packaging, and others. Currently, recycled plastics are mostly used for non-food contact packaging.
- Region-wise, North America represents the leading market. Other regions include Latin America, Europe, Asia Pacific, and Middle East and Africa.
- The competitive landscape of the market has been analyzed in the report, with some of the key players being Avangard Innovative, Veolia, Suez Recycling & Recovery Holdings, KW Plastics, B. Schoenberg & Co., Inc., Delta Plastics, CarbonLITE Industries, and UltrePET LLC.
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