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The rigid recycled plastics market size is forecast to increase by USD 22.12 billion, at a CAGR of 6.88% between 2023 and 2028. Market expansion is contingent upon numerous factors, notably eco-conscious attributes, rising demand from sectors such as packaging, and substantial infrastructure investments in emerging economies. Recycled plastics' environmentally friendly profile aligns with sustainability goals, driving adoption across diverse industries. Particularly, the packaging sector seeks sustainable solutions, amplifying demand for recycled materials packaging solutions as a viable alternative to virgin materials. Concurrently, infrastructure investments in emerging markets bolster manufacturing capabilities and supply chain efficiencies, further fueling market growth. These converging dynamics underscore the pivotal role in fostering sustainable development and addressing environmental concerns worldwide.
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The rigid recycled plastics market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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. 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 footwear, 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 rigid recycled plastics market during the forecast period.
One of the major factors driving the growth of the market is the high demand for recycled plastic packaging products in the food and beverage, personal care, household care, and healthcare industries. Furthermore, these are flexible including 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 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 in the automotive, textile, and construction industries is driving the growth of the regional market. The automotive industry uses them due to their properties, such as high tensile strength and stiffness, creep resistance, and wear resistance. They help reduce a vehicle's overall mass and enhance its fuel efficiency. Hence, the increasing automotive production will drive the demand in the region. They 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 rigid recycled plastics market growth during the forecast period.
The market is witnessing growth in demand driven by increasing concerns over plastic consumption and environmental sustainability. With a focus on energy savings and growing awareness about eco-friendly practices, industries like electrical & electronics and food & beverage are turning to recycled polymer materials. These materials, including polyethylene terephthalate (PET), high-density polyethylene (HDPE), and polypropylene (PP), offer a sustainable alternative to virgin plastics. As the market embraces post-consumer recycled (PCR) plastics, the emphasis on downcycling and the utilization of new plastics for light weight components underscores the shift towards a circular economy. Additionally, the market is witnessing a significant rise driven by a growing demand for sustainable solutions in various industries.
From the electrical & electronics industry to the food & beverage industry, there's a notable shift towards utilizing recycled plastics in manufacturing lightweight components and affordable consumer electronic products. With the rise in online purchase and the need for personal care products equipment products like gloves and face mask, the market is projected to reach 6 million tons in the coming years, particularly with the adoption of low-density polyethylene (LDPE). 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.
The high investment in infrastructure in emerging countries is notably driving 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 rigid recycled plastics market during the forecast period.
The increasing demand for recycled plastics in the automotive industry is a key trend influencing rigid 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 during the forecast period.
The increasing demand for biodegradable plastics may impede rigid recycled plastics 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 market 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 rigid recycled plastics market forecasting 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 rigid recycled plastics market is witnessing substantial growth due to favourable initiatives and a flexible regulatory environment aimed at promoting sustainability. With a focus on reducing plastic wastes and conserving aquatic biodiversity, industries ranging from automotive parts to food packaging are increasingly adopting recycled plastics. These materials find applications in various sectors, including consumer goods, construction materials, and medical devices, offering impact-resistant packaging and fatigue-resistant solutions. Furthermore, technological advancements are driving the production of recycled materials for packaged food & beverages, personal hygiene products, and protective packaging. As demand grows, recycled plastics are becoming integral to creating environmentally friendly alternatives for a wide array of products, from shopping bags to electronic trimmers. In Crete, the environmental impact of acids, bases, chemical solvents, and carbonated drinks on items such as carpet, rugs, and clothing underscores ongoing concerns about sustainable consumption and waste management practices.
Additionally, the market is experiencing significant growth driven by increasing environmental concerns and the need for sustainable solutions across various industries. With a focus on reducing environmental impact, manufacturers are turning to recycled plastics for applications such as benches, garbage bins, and packaging material. These materials offer fatigue resistance and impact resistance, making them suitable for products like cutting boards, packaged food & beverages, and personal protective equipment. Additionally, the demand for recycled plastics is rising in sectors like pharmaceuticals and non-food packaging, where they contribute to minimizing waste and conserving resources. As technological advancements continue to improve the quality and availability of recycled materials, the market for rigid recycled plastics is poised for further expansion.
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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, market research report, Market forecasting, market growth and trends, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
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Customization purview |
If our rigid recycled plastics market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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
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