The global recycled plastics market size was valued at USD 34,853.1 million in 2021 and is poised to grow at a CAGR of 6.3% during the forecast period 2022 to 2028. The market is driven by an increase in the usage of lightweight plastic components and awareness of plastic's negative environmental consequences. Furthermore, persistent government backing and rising penetration of recycled plastic items are creating profitable chances for the worldwide plastic recycling industry. Plastic material demand has been constantly growing across a variety of industries, including food and beverage, automotive, packaging, and healthcare. The growth of these businesses can be attributed to population growth, increased disposable incomes, and ongoing product innovation. In this context, the increased cost of manufacturing virgin resins has compelled the usage of recycled plastic goods, boosting the global recycled plastics market.

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PET Segment are Dominate the Recycled Plastics Market

Based on materials, the global plastic recycling market is segmented into Polyethylene, Terephthalate (PET), High-Density Polyethylene (HDPE), Low-Density, and Polyethylene (LDPE), Polyvinyl Chloride (PVC), Polypropylene (PP) and others. the PET segment dominated the market in 2020 and retained the greatest share. Textile is one of the most important end-use sectors for recycled plastics, since recovered PET, the most frequently recycled resin on the planet, is used the most in fiber applications. In the last five years, there has been a considerable increase in the number of large clothing firms, corporations, and environmental groups that have begun to use plastics in their textiles to prevent plastic pollution.

North America Leads Recycled Plastics Market

North America held the largest share in the global recycled plastics market and the market is expected to burgeon a prominent growth rate over the forecast years. North America has started producing PET bottles from recycled plastic, which are recycled, with the business hoping to boost the recycling rate of plastic bottles to 60% by the end of 2018. The Dow Chemical Company has succeeded in extracting energy from recycled plastic. This approach minimizes natural gas usage and is a sustainable and ecologically beneficial energy harvesting technology.

The Asia-Pacific is also anticipated to grow to recycle plastic market in 2021 due to the large volume of plastic waste generated in the region and the increasing number of plastic recycling initiatives in the region.

The global recycled plastics market segmentation:

 1) By Material Type: Polyethylene, Terephthalate (PET), High-Density Polyethylene (HDPE), Low-Density, Polyethylene (LDPE), Polyvinyl Chloride (PVC), Polypropylene (PP).

 2) By Source: Plastic Bottles, Rigid Plastics & Foam, Plastic Films, Synthetic Fibers, Others.

 3) By Application: Packaging, Building & Construction, Textiles, Automotive, Electrical & Electronics, Others.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players

Global Recycled Plastics market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In June 2021, Indorama Ventures Public Ltd. acquired CarbonLite Holdings’ facility in Texas as part of the company’s commitment to increasing PET recycling capacity. In July 2021, Jayplas teamed up with the Co-op Supermarket Chain to run Europe's most comprehensive in-store recycling program for plastic bags and product packaging.

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Key player’s profiles in the Recycled Plastics market report are REMONDIS SE & Co. KG, Biffa, Stericycle, Republic Services, Inc., WM Intellectual Property Holdings, L.L.C., Veolia, Shell International B.V., Waste Connections, CLEAN HARBORS, INC., Covestro AG.

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