Global Recycled Plastic Market by Product (PE, PVC, PET), by Application (Building & Construction, Packaging), by Source (Plastic Bottles, Polymer Foam) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2019, the global recycled plastic market was valued at USD 45.1 million. It is projected to grow at a compound annual rate (CAGR), of 5.0% between 2020 and 2027. The market is expected to grow due to an increase in plastic consumption in light-weight components. These lightweight components are used in many industries, including construction, automotive, electrical, electronics and other. Due to the increase in online purchases of personal protective equipment and electrical & electronic products, as well as personal care products and personal hygiene products such gloves and masks, there has been an increase in demand for packaging products. This is driving demand for recycled plastics that can be used in different packaging applications.

According to The Verge the eCommerce websites have seen a significant increase in demand for low-cost consumer electronics such as laptop, modems and mobiles. The rise in adoption of consumer electronics has prompted the demand for recycled plastics in electrical and electronics packaging.

The rising construction industry in emerging countries like Brazil, China and India will drive demand for components such as insulation, fixtures and structural lumber. These countries have relaxed FDI regulations and redeveloped their industrial and public infrastructures, which has led to a high demand for building and construction products.

Product Insights

The market leader in polyethylene products was more than 25% of global revenue in 2019. This is due to rising demand for packaging material in various industries, including food & drink, consumer goods, and other products. It is also used in laundry detergent packaging and milk cartons, cutting boards, garbage bins, and other industries.

Because of its outstanding chemical and mechanical properties, polypropylene is widely used in manufacturing automotive components, packaging and labeling, medical devices and other laboratory equipment. It is resistant to many chemical solvents, bases, and acids and has exceptional mechanical strength.

Additionally, polypropylene components are resistant to fatigue, which is a benefit in the building and construction industry. These include plastic hinges, piping system, consumer-grade everyday-use products, mats, carpets & rug manufacturing, as well as other applications. Over the forecast period, the demand for recycled plasticpropylene will increase due to the growth in the automotive, packaging, and building & construction industries.

Source Insights

Plastic bottles accounted for 70% of global revenue share. The main source of recycled products is plastic bottles. Plastic bottles are used for many purposes in many industries, including the packaging of oils, pharmaceuticals and carbonated beverages. Placon, Maynard & Harris Plastics, Placon, CABKA Group, Placon, and SKS Bottle & Packaging, Inc. are just a few of the major manufacturers of recycled plastic bottles.

The main source of polymer foam is packaging foam and sheets. This material is used extensively in impact-resistant packaging. The most popular type of polymer foam used in packaging is expanded polystyrene. Automotive and electronic manufacturers, including Hitachi, Ltd., Panasonic Corp., and SONY Electronics Inc., Ltd., are moving towards the adoption of recycled polystyrene foam instead of virgin polymer foam.

Application Insights

The market leader in packaging applications was 37% of global revenue in 2019, accounting for over 37%. This is due to high demand for packaged foods & drinks, electrical & electronic, and textiles. This segment is driven by the high demand for recycled plastics. The main products are personal hygiene products such as shavers, electronic trimmers, automotive components, and clothing made from recycled plastics.

Asia Pacific is known for its growing packaging industry and technological advances in the sector. The high demand for consumer goods, building & construction products, electrical & electronic, as well as electronics and other goods from Asia, particularly China, India, Southeast Asia, has driven the growth of the region's packaging industry. A flexible regulatory environment will also help to overcome the constraints often found in Western markets.

Asia Pacific will see tremendous market growth due to rising electronics spending in countries like China, India, Japan. The region will see significant industry growth due to the presence of many electronic product manufacturers such as ASE Electronics Malaysia and Foxconn Technology Group.

Regional Insights

Asia Pacific dominated the market, accounting for more than 46% of global revenue in 2019. The Asia Pacific construction market is expected to experience significant growth due to an increasing number of nonresidential construction projects such as schools and hospitals. This will drive the demand for roofing tiles, insulation and fences, floor tiles and carpets and thereby boost the market growth.

Europe is second in terms revenue. This market is driven by the adoption a circular economy that reduces the carbon footprint of traditional plastic production. Plastic recycling is increasing in the region.

Plastic recycling has seen positive growth in Europe thanks to landfill bans. Dumping becomes more costly than plastic recycling because of the high landfill taxes in certain European countries. This encourages plastic waste to be collected and recycled.

North America's market is driven by the expansion of major end-use industries like electrical & electronic, construction, packaging. The market is expected to grow due to rising demand for processed foods and a growing construction industry in Canada, Mexico, and the U.S.

Market Share Insights & Key Companies

With the presence of many small and medium-sized businesses, the market is fragmented. The technology used to recycle plastic waste is what differentiates market participants. Major players are involved with the expansion of their research and development, plastic recycling facilities, infrastructure development, and looking for opportunities to vertically integrate throughout the value chain. They are able to develop new products and technologies, meet increasing demand, and improve their operations planning by reducing their recycling costs. The following are some of the most prominent players in the recycling plastic market:

• 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

Up Market Research published a new report titled “Recycled Plastic Market research report which is segmented by Product (PE, PVC, PET), by Application (Building & Construction, Packaging), by Source (Plastic Bottles, Polymer Foam), By Players/Companies Republic Services Inc, Waste Connections, REMONDIS SE & Co KG, Veolia, WM Intellectual Property Holdings LLC, CLEAN HARBORS INC, Stericycle, Biffa, Shell International BV, Covestro AG”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Recycled Plastic Market Report Segments:

The market is segmented by Product (PE, PVC, PET), by Application (Building & Construction, Packaging), by Source (Plastic Bottles, Polymer Foam).

Recycled Plastic Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Recycled Plastic Market

Overview of the regional outlook of the Recycled Plastic Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Recycled Plastic Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Recycled Plastic Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. PE

                2. PVC

                3. PET

                1. Building & Construction

                2. Packaging

                1. Plastic Bottles

                2. Polymer Foam

9. Market scenario by region, sub-region, and country.
10. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
11. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
12. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Recycled Plastic Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
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Reasons to Purchase the Recycled Plastic Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.