Recycled Plastics Market | Key players operating in the market include Veolia, Suez, Jayplas, Alpek, Biffa

The global Recycled Plastics Market size is estimated to grow from USD 27.9 billion in 2021 to USD 43.5 billion by 2026, at a CAGR of 9.3% during the forecast period. The market is witnessing growth due to the increasing awareness on the harmful effects of plastic disposal on the environment and the growing consciousness to save energy. The increasing consumption of recycled plastics in end-use industries such as packaging, automotive, and electrical & electronics industry is also contributing to the growth of the recycled plastics market.

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Recycled plastics manufacturers are the most important players in the value chain as they produce and provide various types of recycled plastics based on their required properties for the specific end-use industry applications. The end-use industries such as packaging, textile, building & construction, automotive, electrical & electronics, and others. This provides additional value to the chain.

Bottles are expected to be the fastest-growing source for recycled plastics during the forecast period. Bottles are easy to collect and sort, and as a result, many nations who are foraying into the recycling business will depend on bottles as the primary source material for recycled plastics. Bottles usually made of PET resin are used for the storage of mineral water, carbonated beverage, juice, alcoholic beverage, and cooking oil, whereas bottles made of HDPE resin are used for the storage of milk, cleaning products, and toiletries, among others.

PP-based recycled plastics is estimated to be the fastest-growing segment of the recycled plastics market, by type during the forecast period. PP is hard and sturdy, can withstand high temperatures, and is found in car parts, thermal vests, yogurt containers, and even disposable diapers. Recycled PP usually ends up being black or grey, making it unsuitable for packaging use. For this reason,it is usually included in plastic lumbers, park benches, auto parts, speed bumps, and other industrial applications.

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Packaging is expected to be the fastest-growing end-use industry segment for recycled plastics during the forecast period. Recycled plastics are used in many applications in the packaging industry. Many companies such as Coca-Cola, Unilever, Walmart, Target Corp., Procter & Gamble Co., Ecover, Evian, etc., have pledged to work toward using 100% reusable, recyclable, or compostable packaging by 2025 or earlier.

North America is projected to be the fastest-growing market, in terms of both value and volume, during the forecast period. The US is projected to be the fastest-growing recycled plastics market in North America, accounting for a major chunk of the market in the region. The high growth rate in North America can be attributed to the growth of its domestic recycling industry, as a consequence of the ban on "foreign plastic garbage" by China to safeguard its environment. Apart from domestic recycling, the US, being one of the major exporter of plastics waste to China, could also use new dumping pits in Southeast Asia. However, due to the higher logistics cost, a feasible solution is to improve its recycling industry.

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Indorama Ventures Public Ltd. (Thailand), Veolia (France), Suez (France), Jayplas (UK), Alpek (Mexico), Biffa (UK), Republic Services (US), Stericycle (US), Far Eastern New Century Corporation (Taiwan), KW Plastics (US), among others are the leading recycled plastics manufacturers, globally.

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