(MENAFN- GlobeNewsWire - Nasdaq) Tokyo, Nov. 09, 2021 (GLOBE NEWSWIRE) -- The global recycled plastic market size was reached at US$ 48.2 billion in 2020. The rising awareness regarding the deteriorating environment health and rising government initiative to curb the use of plastics in order to reduce landfills and plastic waste accumulation is significantly driving the growth of the global recycled plastic market across the globe.
Further, the rapid growth of the e-commerce platforms across the globe has boosted the use of recycled plastic for use in the packaging of products. The construction industry uses recycled plastic to produce fence, windows, insulation, and various other products. Therefore, rapidly growing building and construction industry in the developing markets is expected to contribute significantly towards the growth of the global recycled plastic market in the upcoming years. Recycled plastic has wider variety of usage across various industries. It is used to manufacture footwear, bottles, medical devices, cartons, and many more products. The rising application of recycled plastic across various end-use industries is driving the global recycled plastic market.
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Crucial factors accountable for market growth are:
- Increasing government initiatives to adopt the use of recycled plastic
- Rising investments on plastic recycling
- Rising demand from the various industries
- Rapidly growing e-commerce industry
- Rapidly growing construction industry
- Increasing demand from the automotive industry
Report Scope of the Recycled Plastic Market
| Report Coverage | Details |
| Market Size in 2020 | USD 48.2 billion |
| Growth rate from 2021 to 2030 | CAGR of 4.8% |
| Base Year | 2021 |
| Largest Market | Asia Pacific |
| Companies Mentioned | REMONDIS SE & Co. KG, Shell International B.V., Biffa, Waste Connections, CLEAN HARBORS, INC., Covestro AG, Republic Services, Inc., WM Intellectual Property Holdings, L.L.C., Stericycle, Veolia |
Regional Snapshots
Asia Pacific is the largest and the fastest growing market for the recycled plastic. Asia Pacific is characterized by huge population, availability of cheap labor, industry-friendly government policies, rising disposable income of the consumers, and rising urbanization and industrialization. All these factors makes this region a lucrative market for the various industry players. The growth of various industries in this region is a significant factor propelling the growth of the recycled plastic market. Industries such as automotive, footwear, construction, and packaging are extensively using recycled plastic for various applications that is expected to drive the growth of the market in this region. Further, rising government initiative and policies to attract FDIs and foster industrial development in this region is a key factor that boosted the usage of recycled plastic in Asia Pacific.
The Europe is the second largest market. The growing demand for the electric vehicles in Europe and North America is expected to boost the growth of the automotive industry, which in turn would foster the growth of the global recycled plastic market.
Market Dynamics
Drivers - The recycled plastic market is driven by the rising government initiatives to reduce the plastic wastes. Further, rising investment by various players from different industries in using recycled plastic to manufacture their products is driving the global recycled plastic market.
Restraints - Irregular supply of the raw material is a major issue faced by the industry. The recycled plastic manufacturing depends on the proper collection of the plastic wastes. Only around 15% of plastic wastes are being used in the recycled plastic industry and rest are still unutilized.
Opportunities - Rising initiatives by brands like Coca Cola, Reebok, Adidas, and various others to invest in the production of recycled plastic to use it in the production of their products. This may provide lucrative growth opportunities to the market players.
Challenges - China has banned the imports of scrap. China is the largest user of scrap. This is a major challenge faced by the recycled plastic industry. Such bans on the import of scrap may hinder the market growth.
Report Highlights
- Based on the source, plastic bottle segment dominated the market in 2020. This is due to the excess volume of wastes generated from the plastic bottles. These plastic bottles are extensively used in the production of recycled plastic to be used in various industries.
- Based on the product, polypropylene is estimated to be the most opportunistic segment during the forecast period. Polypropylene is widely used across various industries for packaging, labelling, automotive components, medical devices, and various other products. The rapidly growing e-commerce and construction industry is expected to boost the growth of the segment during the forecast period.
- Based on the application, packaging segment dominated the market in 2020. This is attributed to the extensive usage of recycled plastic in the packaging of consumer goods, food and beverages, electronic, and various other products. Moreover, the huge volume of sales in the e-commerce industry is boosting the consumption of recycled plastic for the packaging of goods.The rising popularity of purchasing electronics such as laptops, Mobile phones, and tablets through e-commerce has exponentially fostered the demand for the recycled plastic as a packaging material across the globe.
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Recent Developments
The various developmental strategies like new product launches with latest and innovative features fosters market growth and offers lucrative growth opportunities to the market players.
Segments Covered in the Report
By Source
- Plastic Bottles
- Plastic Films
- Polymer Foam
- Others
By Product
- Polyethylene
- Polyethylene Terephthalate
- Polypropylene
- Polyvinyl Chloride
- Polystyrene
- Others
By Application
- Packaging
- Building & Construction
- Textiles
- Electronics
- Automotive
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
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