The global recycled plastics market is estimated to be valued at US$ 69.4 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Recycled plastics are the materials produced from recyclable waste plastics. These plastics help in reducing the volume of plastic waste ending up in landfills or oceans. They are economical, have improved material properties, and reduce carbon footprint.
Market key trends:
One of the key trends in the recycled plastics market is the implementation of stringent regulations around the world to ban single-use plastic products and promote the use of recycled plastics. Many countries and regions have either implemented or announced ban on specific single-use plastic items such as straws, cutlery, and Styrofoam containers. For instance, the European Union has banned ten single-use plastic items starting July 2021. Such bans have increased the demand for recycled plastics from packaging and other applications as an alternate to virgin plastics.
SWOT Analysis:
Strength: Recycled plastics are more cost-effective than producing plastics from raw materials. They also help reduce waste and conserve natural resources.
Weakness: The quality of recycled plastics is generally lower than new plastics. They may also contain contaminated materials that limit their applications.
Opportunity: Growing concerns over plastic waste and stringent regulations are driving higher demand for recycled plastics. Their market is expected to grow significantly in the coming years.
Threats: Collection infrastructure for post-consumer plastic waste needs improvement in many regions. Preference for virgin plastics over recycled ones also poses a threat.
Key Takeaways:
The global Recycled Plastics Market Size is expected to witness high growth, exhibiting a CAGR of 8.1% over the forecast period, due to increasing awareness about sustainability and waste reduction. Production of recycled plastics generates less greenhouse gas emissions compared to virgin plastics.
Regional analysis: Asia Pacific dominated the market in 2023, accounting for over 30% of global supply. China is the largest producer and consumer of recycled plastics. Europe is another major regional market driven by stringent regulations limiting virgin plastic usage.
Key players: Key players operating in the recycled plastics market are Alpek (Mexico), Biffa (UK), Cabka (Germany), Far Eastern New Century Corporation (Taiwan), Indorama Ventures (Thailand), Jayplas (UK), Loop Industries, Inc. (Canada), MBA Polymers Inc. (US), Plastipak Holdings, Inc. (US), Republic Services (US), Stericycle (US). They are focused on expanding collection and recycling infrastructure.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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