London, Nov. 11, 2022 (GLOBE NEWSWIRE) -- Monstrous volumes of single-use plastics ending up in landfills, and oceans has been primarily driving the need for uplifting the rate of plastic recycling worldwide. Fairfield Market Research in its newly released report suggests that the global recycled plastics market will experience a strong growth outlook in the long run and the rapidly growing burden of plastic waste on the global ecosystem will continue to be the key driving force. Registering the revenue worth US$19.5 Bn in 2019, recycled plastics market is expected to reach the valuation of around US$30.2 Bn toward the end of 2026. The report anticipates robust growth of more than 8% for global recycled plastics market between 2022 and 2026. With globally leading brands like PepsiCo, Coca-Cola, Nestlé, and Unilever emphasizing integration of recycled plastics into packaging to meet sustainable packaging goals, the market is likely to see a sharp growth trail, says the report.
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Key Research Insights
- PET, and HDPE recorded a collective market share of over 3/4th of total valuation in 2019
- Non-food packaging application accounted for over 39% of total market revenue in 2019
- Asia Pacific generated more than half the overall demand in 2019
Insights into Segmental Analysis
Growing incorporation of recycled polyethylene terephthalate (PET) in packaging of a host of consumer goods will keep the demand for recycled PET afloat at an estimated CAGR of 7.4% during the period of forecast. The market will most likely witness a hike in demand from thermoformed trays, containers, sheets, and PET bottles, suggest report findings. Mainly sourced from the post-industrial and post-consumer waste streams, PET, and high density polyethylene (HDPE) are expected to remain a dominant choice in recycled plastics market. Both the segments accounted for over 75% revenue share in the market in 2019. Surging uptake from packaging industry, and long-term cost benefit are likely to offer a collective impetus. Moreover, advent of recycling technologies, and improving efficiency and availability of collection and sorting systems will elevate the prospects of recycled engineered plastics like nylon, polystyrene, and ABS. On the other hand, while packaging industry is accountable for generating massive plastic waste volumes, food packaging will be the fastest growing application segment according to the report. Non-food packaging applications like cleaning chemicals, pharmaceuticals, personal care products, and automotive fluids are also projected to contribute toward market growth.
Key Report Highlights
- Cost-competitive nature of recycled plastics when compared with virgin plastics remains the key factor boosting market potential
- Demand for recycled plastics across Europe is majorly driven by the favourable government policies, and growing emphasis on resource sustainability
- North America’s recycled plastics market will benefit from the growing industry association, strict sustainability targets set by brand owners, and rising consumers awareness about sustainable packaging solutions
Insights into Regional Analysis
The EU’s Plastics Tax 2021 has been a substantial contributor toward the growth of recycled plastics market across Europe. Moreover, the report highlights significant contribution of the various initiatives by the EU in Europe’s strong market positioning, which promote green strategies, and circular economy. The report further suggests that Asia Pacific accounted for more than 50% of the worldwide demand for recycled plastics in 2019. While this demand growth has been attributable to growing support from governments of China, India, and many across southeast Asia, the region is also likely to remain the key consumer of virgin plastics. Boosting the domestic plastics recycling industry, governments across the Asian subcontinent have been eyeing improved rates of recycling, and collection. The economic incentives announced with an objective to achieve this will further propel the performance of Asia Pacific’s recycled plastics market. On the other hand, China’s ban on imports of plastic waste has created an impediment for the US that has been the biggest exporter of plastic waste to China for recycling. The US is thus likely to witness augmenting investments in collection and recycling capabilities to ensure supply security.
Key Players in Global Recycled Plastics Market
Indorama Ventures Public Company Limited, Borealis AG, ALPLA Group, LyondellBasell Industries N.V., KW Plastics
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2021 | |
| Forecast Year | 2022 - 2026 | |
| Market Size in 2019 | US$19.5 Bn | |
| Estimated Market Size in 2026 | US$30.2 Bn | |
| CAGR | 8.1% | |
| Key Players | Indorama Ventures Public Company Limited, Borealis AG, ALPLA Group, LyondellBasell Industries N.V., KW Plastics | |
Market Segmentation
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.)
Geographical Coverage
- North America
- Europe
- 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 Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Product-wise Analysis
- Application-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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