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The rigid recycled plastics market size is estimated to grow at a CAGR of 6.88% between 2023 and 2028. The market size is forecast to increase by USD 22.12 billion. The growth of the market depends on several factors, such as the environment-friendly nature of recycled plastics, the increasing demand for recycled plastics from packaging industry, and the high investment in infrastructure in emerging countries. Our report examines historic data from 2018-2022, besides analyzing the current market scenario.
The report includes a comprehensive outlook on the Rigid Recycled Plastics Market, offering forecasts for the industry segmented by Type, which comprises PET, HDPE, PP, LDPE, and others. Additionally, it categorizes End-Users into packaging, construction, automotive, electrical and electronic components, and others, and covers Geography regions, including APAC, Europe, North America, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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Recycled plastics are synthetic plastics that are manufactured from scrap or waste plastic. Plastic waste is reprocessed into useful products without changing their physical and chemical properties. Plastics are recycled as they are non-biodegradable in nature.
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.
In addition, 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.
Moreover, the 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.
However, 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.
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.
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The PET segment was valued at 25.30 billion in 2018 and will continue to grow until 2022. 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.
One of the major factors driving the growth of the global recycled plastics market is the high demand for recycled plastic packaging products in the food and beverage, personal care, household care, and healthcare industries. Furthermore, the recycled plastics that are flexible include LDPE, PP, and PVC. LDPE is the only plastic that is available in plastic sheeting films. Recycled plastics with a high tensile strength, which are also softer and more conformable, are flexible. Consequently, they are preferred in the packaging industry and container manufacturing. Thus, the rising demand for plastic packaging in different industries, such as food and beverages, will drive the demand for recycled plastics and, in turn, will boost the growth of the market in the packaging segment during the forecast period.
APAC is estimated to contribute 49% 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.
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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 in this region during the forecast period.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Altium Packaging, B and B Plastics Inc., Berry Global Inc., Covestro AG, Custom Polymers, 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, and Waste Connections Inc.
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2022.
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Rigid Recycled Plastics Market Scope |
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Report Coverage |
Details |
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Page number |
184 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.88% |
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Market growth 2024-2028 |
USD 22.12 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.68 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 49% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Altium Packaging, B and B Plastics Inc., Berry Global 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, and Waste Connections Inc. |
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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 forecast period |
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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 End-user
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
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