Recycled Plastics Market worth $120.0 billion by 2030 | Key players Alpek, Biffa, Cabka, Far Eastern New Century Corp, Indorama Ventures

According to recent market research the "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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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.

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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The recycled plastics market 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 growth of the market is driven by the increasing restrictions on single-use polymers and the initiatives taken by governments in China, Europe, US, and Mexico, among other countries.

Companies such as Veolia (France), Indorama Ventures (Thailand), Far Eastern New Century Corporation (Taiwan), Alepk (Mexico), and Berry Global Inc. (US) fall under the winners' category. These are leading players in the recycled plastics market, globally. These players have adopted the strategies of partnership, collaboration, investment, acquisition, contract, and expansion to increase their market shares.

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Veolia

Veolia is among the leading global providers of environmental management services with operations in water management, waste management, and energy services. The company manages its recycled plastics business through the waste segment and deals with the collection, treatment, and recycling of municipal and industrial waste. It processes HDPE, LDPE, PET, PP, PS, PVC, PC, and PA, among other plastic materials. The company has a strong global presence with operations in more than 40 countries across Europe, Asia Pacific, South America, Africa, and North America.

Indorama Ventures

Indorama Ventures is one of the largest sustainable chemical companies across the world. Its products and services are provided to several industries that serve common consumer needs in hygiene, improved lifestyles, and safety. The company entered the recycling business in 2011, and transforms post-consumer PET bottles into flakes, rPET resins, and recycled polyester yarns. Indorama Ventures comprises over 270 recycling facilities and more than 140 manufacturing units. It has presence in more than 30 countries in major regions, such as Asia Pacific, Europe, the Americas, and Africa, which provides the company a competitive edge over its competitors.

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