Enjoy complimentary customisation on priority with our Enterprise License!
The recycled plastics market is estimated to grow at a CAGR of 4.75% between 2022 and 2027. The size of the market is forecasted to increase by USD 18.37 million tons. The growth of the market depends on several factors, including the environment-friendly nature of recycled plastics, the increasing demand for recycled plastics from the packaging industry, and high investment in infrastructure in emerging countries.
This report extensively covers market segmentation by type (PET, HDPE, PP, IDPE, and others), industry application (packaging, construction, automotive, electrical and electronic components, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, Download Report Sample
The high investment in infrastructure in emerging countries is notably driving the market growth, although factors such as the increasing demand for biodegradable plastics may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Recycled Plastics Market Driver
The high investment in infrastructure in emerging countries is notably driving the recycled plastics market growth. The global construction industry is growing at a rapid rate, especially in emerging countries. Governments of emerging countries in South America and MEA are investing significantly in residential homes, owing to the migration of people to urban areas.
Recycled plastics are widely used in the construction industry. The construction industry accounted for a significant market share in the global recycled plastics market in 2022 due to the high infrastructure development in developing economies such as China and India and the high consumption of recycled plastics in the construction sector. Therefore, the increasing demand for infrastructure projects in emerging countries is expected to drive the growth of the global recycled plastics market during the forecast period.
Significant Recycled Plastics Market Trend
The increasing demand for recycled plastics in the automotive industry is a key trend influencing the recycled plastics market growth. Plastics and composites are lightweight materials used in automotive applications. Some of these applications include structural, powertrain, exterior and interior, and electronic and electrical components.
Automakers are focusing on producing lightweight, fuel-efficient, and eco-friendly vehicles to comply with stringent environmental regulations. The use of recycled plastics reduces vehicle weight, fuel consumption, and greenhouse gas emissions.Therefore, increasing vehicle production across the world will increase the demand for recycled plastics during the forecast period.
Major Recycled Plastics Market Challenge
The increasing demand for biodegradable plastics may impede the recycled plastics the market growth. The preference for biodegradable materials is increasing among manufacturers, with the growing consumer demand for eco-friendly packaging. In addition, government regulations regarding the use of plastic products are encouraging manufacturers to focus on biodegradable plastics.
The emergence of renewable resources, such as biomass and bio-based raw materials, is driving the growth of the global biodegradable plastics market. Plastics are made using bio-based materials such as starch and derivatives of vegetable crops. Therefore, plastic manufacturers are reducing their reliance on petroleum-based plastics. They are using biodegradable and thermoplastic eco-friendly materials. Therefore, the increasing demand for biodegradable plastics across the world will impede the growth of the global recycled plastics market during the forecast period.
Key Recycled Plastics Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Recycled Plastics Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
HAHN Kunststoffe GmbH - The company offers recycled plastic such as polyethylene terephthalate. It also offers products made from recycled plastics under the brand name hanit.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the PET segment will be significant during the forecast period. PET is a plastic resin created from the combination of two monomers, namely modified ethylene glycol and purified terephthalic acid. PET that has been recycled is affordable, lightweight, resealable, shatterproof, and recyclable. It possesses high tensile strength, thermostability, and transparency.
Get a glance at the market contribution of various segments Request a PDF Sample
The PET segment was valued at 34.78 million tons in 2017 and continued to grow until 2021. Recycled PET plastics are used in the production of beverage bottles, containers, furniture, and fiber. Recycled is one of the most widely used plastics for various applications, including T-shirt fabric, athletic shoes, luggage, upholstery, sweaters, industrial strapping, automotive components, and plastic containers. It is preferred in packaging applications due to its high stability, high transparency, barrier properties, high-pressure resistance, and low weight. Therefore, the increasing number of applications of PET in various industries will drive the growth of the global recycled plastics market during the forecast period.
For more insights on the market share of various regions Request PDF Sample now!
APAC is estimated to contribute 56% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The use of recycled plastics in the automotive, textile, and construction industries is driving the growth of the regional market. The automotive industry uses recycled plastics due to their properties such as high tensile strength and stiffness, creep resistance, and wear resistance. Recycled plastics help reduce a vehicle's overall mass and enhance its fuel efficiency. Hence, the increasing automotive production will drive the demand for recycled plastics in the region. Recycled plastics are also used in the production of roofing tiles, concrete, indoor insulation, structural lumber, PVC windows, bricks, and fences. Therefore, the expansion of the construction industry in APAC will drive the growth of the recycled plastics market. China, India, Japan, Pakistan, South Korea, and Bangladesh dominate textile manufacturing in APAC.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. In 2020, the outbreak of COVID-19 adversely affected the growth of the recycled plastics market in the region. However, the increase in the demand for packaging products from the healthcare sector positively impacted the market's growth. In addition, the market has been recovering since the resumption of operations in the construction and automotive industries. These factors will drive the growth of the regional recycled plastics market during the forecast period.
The report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The reports categorize the global recycled plastics market as a part of the global commodity chemicals market, which covers companies that primarily produce industrial and basic chemicals, including, but not limited to, plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Technavio calculates the global commodity chemicals market size based on combined revenue generated by manufacturers of industrial and basic chemicals. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
|
Recycled Plastics Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
181 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 4.75% |
|
Market growth 2023-2027 |
18.37 million tons |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
4.36 |
|
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
|
Performing market contribution |
APAC at 56% |
|
Key countries |
US, China, Japan, India, and Germany |
|
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Altium Packaging, B and B Plastics Inc., Covestro AG, Custom Polymers, HAHN Kunststoffe GmbH, Imerys S.A., Indorama Ventures Public Co. Ltd., J and A Young (Leicester) Ltd., Kuusakoski Oy, KW Plastics, MBA Polymers Inc., NaturaPCR, PET Processors LLC, REMONDIS SE and Co. KG, Republic Services Inc., Revolution Co., Ultra Poly Crop., Veolia Environnement SA, Waste Connections Inc., and Berry Global Inc. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Industry Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
