Recycled Plastic Market to Grow With 8.5% CAGR Through 2030, says P&S Intelligence
NEW YORK, April 4, 2022 /PRNewswire/ — According to the market research report published by P&S Intelligence, the recycled plastic market value is set to increase to $124,314.1 million by 2030 from an estimated $59,777.3 million in 2021, at an 8.5% CAGR. In recent years, a number of companies have started to collect plastic waste and recycle them into reusable resins and fibers. They include MBA Polymers Inc., Vikoz Enterprises Inc., Phoenix Technologies International LLC, Terracycle US Inc., DS Smith Plc, KW Plastics, PETCO, Custom Polymers Inc., and Waste Connections Inc.
In the coming years, the value of recycled packaging plastic sales is set to grow at a healthy rate because much of the packaging is currently designed for single use. With the rising demand for packaged consumer goods, the plastic packaging sector is growing, as is the amount of waste plastic. Additionally, governments in several countries have implemented rules that seek to curb the volume of plastic waste that can’t be recycled.
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Key Findings of Recycled Plastic Market Report
- The growing awareness on the sustainable disposal of such materials is leading to an increase in recycling activities. As per the UNEP, each year, 300 million tonnes of plastic waste is produced and 11 million tonnes ends up in oceans, affecting almost 800 coastal and marine species.
- Thus, during the fifth session of the United Nations Environment Assembly, 176 countries pledged to end plastic pollution, which would create lucrative opportunities for recycled plastic market players in the coming years.
- Similarly, major users of plastics, such as The Coca-Cola Company and Pepsi Co., have pledged to become sustainable, by using 100% recyclable packaging and improving the methods of sorting the waste for the purpose in the near future.
- Such initiatives are necessary because the food and beverage sector is the largest producer of plastic waste. As per Plastics Europe, in EU27+3 in 2020, polypropylene, low-density polyethylene, and high-density polyethylene, all of which are used in food packaging, accounted for 19.7%, 17.4%, and 12.9% of the plastics consumption.
- This is also why polyethylene accounts for the highest share in the recycled plastic market in terms of the value of the reprocessed resins.
- Due to the high-volume recycling capabilities, APAC is the largest processor of plastic waste. Moreover, this has become necessary due to the growing volume of plastic waste in countries such as China and India.
In the coming years, the highest market CAGR will be witnessed in Europe, which is taking concrete pledges to reduce its plastic waste. As per Plastics Europe, of the around 29.5 million tonnes of plastic waste collected in EU+27 in 2020, 34.6% was sent for recycling. Moreover, China, once the major importer of such waste from Europe and North America, banned the inflow of certain kinds of plastic waste in 2017 under its National Sword Policy, which has made it imperative for the waste to be reprocessed at the source itself.
Browse detailed report on Global Recycled Plastic Market Size, Recent Developments, and Growth Forecast Report
Therefore, the recycled plastic market players in Europe and all other regions and countries are expanding their reprocessing capacities and acquiring sourcing, sorting, and recycling firms. For instance, Mura Technology constructed a recycling plant that uses chemicals for the process in May 2021 in Teesside, England. Similarly, MOL Group agreed to acquire recycled plastic compounder Aurora in April 2019.
Recycled Plastic Market Size Breakdown by Segments
- Packaging Materials
- Wires and Cables
- Molded Products
- Polyethylene Terephthalate (PET)
- Polyethylene (PE)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Household and Personal Care
- Food and Beverage
- North America
- Latin America
- Middle East and Africa
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About P&S Intelligence
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SOURCE P&S Intelligence
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