According to the latest report by Reports and Data, the global market size for recycled plastics market was USD 27.96 billion in 2021, and it is expected to register a revenue compound annual growth rate (CAGR) of 9.4% over the forecast period. The increasing use of recycled plastics in various industries such as packaging, automotive, and others is a key driver driving revenue growth in the recycled plastics market. Plastics are a good choice for automobile manufacturers because they are lightweight and economical, offer greater design freedom than metals, and are corrosion-resistant, long-lasting, and flexible. Polypropylene, which is a highly robust polymer derived from propylene, is the most common plastic used in automobiles due to its strength and chemical resistance, driving global revenue growth. PET, on the other hand, is quickly becoming a material of choice for sports brands in the textile business because of its strength, impermeability, and flexibility.
Market revenue growth is also being driven by rising demand for High Density Polyethylene (HDPE) and Low-Density Polyethylene (LDPE) with and without additives, Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), and polyethylene terephthalate used in packaging products. Rising consumer demand for 100% recyclable bottles, which can be reused for containers and bottles after being recycled, is also boosting market revenue growth. Reusing plastic instead of making it from scratch each time reduces the need for fossil fuels such as coal, natural gas, petroleum, and others, which is further fueling market revenue growth.
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The global recycled plastics market is divided into bottles, films, fibers, foams, and others, according to the source. In 2021, the bottles category accounted for a sizable revenue share. The Asia Pacific market had the highest revenue share in 2021, and rising demand for non-residential construction projects such as hospitals, schools, and universities is driving the region's market revenue growth. Nestlé announced an investment of up to CHF 2 billion in January 2020 to lead the transition to food-grade recycled plastics from virgin plastics and contribute to the development of novel sustainable packaging solutions.
Companies profiled in the market report include REMONDIS SE Co. KG, Biffa, Stericycle, Inc., Republic Services, Inc., WM Intellectual Property Holdings, L.L.C., Veolia, Waste Connections, CLEAN HARBORS.INC., Covestro AG., and B B Plastics Inc. The global recycled plastics industry is segmented into source, type, end-use, and region for the purpose of this report.
Recycled Plastics Market: Drive Factors
The recycled plastics market is being driven by several key factors. One of the main drivers is the increasing use of recycled plastics in various industries such as packaging, automotive, and textiles, due to their lightweight and economical nature. Plastics offer greater design freedom than metals and are corrosion-resistant, long-lasting, and flexible.
Polypropylene, a robust polymer derived from propylene, is the most common plastic used in automobiles due to its strength and chemical resistance. PET is also becoming a popular choice for sports brands in the textile industry due to its strength, impermeability, and flexibility.
Additionally, rising demand for High Density Polyethylene (HDPE) and Low-Density Polyethylene (LDPE) with and without additives, Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), and polyethylene terephthalate used in packaging products is driving market revenue growth. The growing consumer demand for 100% recyclable bottles, which can be reused for containers and bottles after being recycled, is also boosting market revenue growth.
Another important factor driving market growth is the environmental benefits of recycling plastics. Reusing plastic instead of making it from scratch each time reduces the need for fossil fuels such as coal, natural gas, and petroleum, which in turn reduces greenhouse gas emissions generated during the manufacture of virgin materials.
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