CHICAGO, April 28, 2023 /PRNewswire/ -- The report "Recycled Plastics Market by Source (Bottles, Fibers, Films, Foams), Process, Plastic Type (PET, PE, PP, PVC, PS), Type, End-Use (Packaging, Textiles, Building & Construction, Automotive, Electrical & Electronics), and Region - Global Forecast to 2030", is projected to grow from USD 69.4 billion in 2023 to USD 120.0 billion by 2030, at a CAGR of 8.1% from 2023 to 2030. The growing demand for usage of recovered plastics to control the rising plastic pollution levels has spurred the consumption of recycled plastics. Since recycled plastics conserve more of expended energy than virgin plastics, these are employed in most of the major end-use industries including packaging, textiles, building & construction, automotive, and electrical & electronics.
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By source, the fibers segment accounted for the second-fastest growing segment of recycled plastics market in 2022.
The fibers segment, by source, accounted for the second-highest CAGR of recycled plastics market in 2022. Used fibrous materials and clothing scraps are recycled into new raw materials and are used in many industries, such as automotive, furniture, mattress, coarse yarn, home furnishings, and paper. Specifically, fibers growth in textile sector along with the increasing usage of fibers in it has a significant impact of the recycled plastics market.
By plastic type, the polyethylene terephthalate (PET) segment is the largest segment of the recycled plastics market during 2023 to 2030.
The polyethylene terephthalate (PET) segment, by plastic type, is projected to account for the largest share of recycled plastics market owing to its widespread applications. PET can be recovered and recycled repeatedly and remelted to produce new PET products. It is usually recycled into fashion products such as polar fleece clothes, backpacks, and carpets, along with food & beverage, building & construction, Packaging applications.
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Europe is the second largest region in the recycled plastics market.
The major factors contributing to the growth of the recycled plastics in Europe include the EU restrictions on single-use plastics since 2019, aims to reduce plastic pollution with a target for recycling 50% of plastic packaging by 2025, increased venture capital funding, and initiatives undertaken by government bodies to encourage the adoption of recycled plastics across Europe.
The major players operating in the recycled plastics market include 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), and Veolia (France), and others.
Browse Adjacent Market: Resins and Polymers Market Research & Consulting
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Recycled PET Market - Global Forecast to 2026
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