LONDON, United Kingdom, Feb. 09, 2022 (GLOBE NEWSWIRE) -- The urgent need to manage discarded plastics has created a huge opportunity for the global recycled plastics market. Overflowing landfills, polluted oceans, and overworked incinerators have given the market an impetus to design a solution towards the alternate use of single-use plastic. About 10-12 million tonnes of plastic makes its way into oceans annually, destroying as many as 1 million sea creatures. As the problem gets compounded with depleting ocean wealth, analysts anticipate that the market could witness a decent growth rate. According to Fairfield Market Research, the global recycled plastics market will register a CAGR of 8.1% between 2022 and 2026. The global recycled plastics market is expected to be worth US$30.2 Bn in 2026 from US$19.5 Bn in 2019.
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Polyethylene Terephthalate Emerges as Most Recycled Type of Plastic
According to the report, the demand for recycled polyethylene terephthalate (rPET) is expected to remain high as it promises to save about 80% energy and 70% CO2 emissions. The growing concern amongst consumers about the use of single-use plastics has pushed packaging companies to seriously focus on the use of recycled plastics. As a result, the growing number of consumer packaging companies are expected to invest in rPET in the coming years. Demand for bottles, trays, containers, and pouches is expected to drive the high adoption of rPET during the forecast period.
As of 2018, PET and HDPE collectively accounted for 3/4th of the entire recycled plastic demand. rPET is expected to surge at a CAGR of 7.4% between 2022 and 2026 as FMCG companies such as PepsiCo, Coca-Cola, and Nestlé show a keen interest in rPET.
Automotive Companies to be Key Consumers in Global Recycled Plastics Market
The non-food packaging requirements are expected to be significant contributors to the global recycled plastics market. Automotive giants such as Renault Group, Volvo, and Ford are expected to use recycled plastics in vehicle production in the coming years. Players are thus focussing on developing technologies to effectively separate and recycle plastic from end-of-life vehicles (ELV). The report also indicates that the construction sector will remain a key contributor to the global recycled plastics market in the coming years as the perception of carpeting, flooring, and roofing undergoes an overhaul.
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Europe Sets Precedent With Tax Policies
As of 2021, the EU will levy a new tax on non-recyclable plastic packaging waste of US$1/kg. This is expected to create a collection of US$7.2 bn-US$9.7 bn per year till 2027. The tax policy is essentially intended to dissuade consumers from single-use plastic and instead focus on the use of recycled plastics. Such initiatives at regional levels are expected to boost the market in the coming years. North America too is expected to improve its collection and recycling capabilities to reduce the pollution problems. Meanwhile, Asia Pacific, which remains the largest consumer of virgin plastic could be a huge potential for recycled plastics if collection and recycling systems are used effectively towards a common goal of better waste management.
Some of the leading players defining the competitive landscape of the global recycled plastics market are KW Plastics, LyondellBasell Industries N.V., Indorama Ventures Public Company Limited, ALPLA Group, and Borealis AG. The demand for recycled plastics is expected to rise in the coming years from multiple industries. Companies are expected to scale up production to meet this demand. For instance, Synova intends to ramp up its recycled polypropylene capacity. Since 2021, the company has been producing 40,000 tons of recycled polypropylene annually. This move will allow the company to meet the growing demand for recycled plastics from carmakers and automotive OEMs.
REPORT SCOPE & SEGMENTATION:
| REPORT FEATURES | DETAILS |
| Product Coverage | • PET • HDPE • PP • LDPE • Misc. (PVC, PS, PUR, etc.) |
| Application Coverage | • Food Packaging • Non-food Packaging • Construction • Automotive • Textile • Misc. (Electronics, Agriculture, etc.) |
| Geographic Coverage | • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Leading Companies | • Indorama Ventures Public Company Limited • Covestro AG • Borealis AG • LyondellBasell Industries N.V. • Phoenix Technologies International, LLC • UltrePET, LLC. • Extrupet Group (Pty) Ltd • KW Plastics • Envision Plastics • ALPLA Group |
| Report Highlights | Market Estimates and Forecast, Market Dynamics, Industry Trends, Competition Landscape, Product-, Application-, Region-, Country-wise Trends & Analysis, COVID-19 Impact Analysis (Demand and Supply Chain), Key Trends |
Table of Content
1. Executive Summary
1.1. Global Recycled Plastics Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. Covid-19 Impact Analysis
2.6. Economic Overview
3. Production Output and Trade Statistics
4. Price Trends Analysis and Future Projects, 2018-2026
4.1. Price Trends Analysis and Future Projects, 2018-2026
4.2. Global Average Price Analysis, by Product vs Application, US$ per Kg
5. Global Recycled Plastics Market Outlook, 2018-2026
5.1. Global Recycled Plastics Market Outlook, by Product, Volume (Kilo Tons) and Value (US$ Mn), 2018-2026
5.2. Global Recycled Plastics Market Outlook, by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018-2026
5.3. Global Recycled Plastics Market Outlook, by Region, Volume (Kilo Tons) and Value (US$ Mn), 2018-2026
6. North America Recycled Plastics Market Outlook, 2018-2026
6.1. North America Recycled Plastics Market Outlook, by Product, Volume (Kilo Tons) and Value (US$ Mn), 2018-2026
6.2. North America Recycled Plastics Market Outlook, by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018-2026
6.3. North America Recycled Plastics Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2018-2026
7. Europe Recycled Plastics Market Outlook, 2018-2026
7.1. Europe Recycled Plastics Market Outlook, by Product, Volume (Kilo Tons) and Value (US$ Mn), 2018-2026
7.2. Europe Recycled Plastics Market Outlook, by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018-2026
7.3. Europe Recycled Plastics Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2018-2026
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