The global Recycled Plastic market worth USD 43.5 billion by 2026, growing at a CAGR of 9.3%
Key companies are contributing a major role in boosting the needful usage of recycled plastic bottles in lieu of virgin plastic bottles. Small size organizations have also been inspired by this and a few have committed to use 100% recycled plastic bottles by 2020. Nevertheless, this could be one of a major driving factor the market.
North America has initiated to manufacture PET bottles from recycled plastic and these bottles are 100% recycled plastic with the organization aiming to raise the recycle rate of plastic bottles to 60% by end of 2018. The process reduces the consumption of natural gas and is an environmentally-friendly and renewable for harvesting energy.
Polyethylene Terephthalate holds an impressive share in the recycled plastic market by resin type and is anticipated to grow at an effective rate over the forecast period. This particular segment should grasp 180 BPS from 2019-2025, making it an immensely attractive opportunity in the recycled plastic market.
The low generation of microwave, thermal insulation, tape cassettes, electrical appliances, and battery cases i.e. waste containing resins including polystyrene, poly vinyl chloride, and polyamides are likely to decelerate the growth in the recycled plastic market. A minimum amount of generated waste will cause a supply crunch of raw material that is the primary input feed material to manufacture recycled plastic and all of its ancillary products. However, the recycling of plastic is at a crucial stage in emerging economies where the majority of the plastic scrap is sent to other developing nations. PVC bottles in particular contain high doses of chlorine and other contaminates that act as an obstacle to recycling of these products.
The latest trend grasping momentum in the recycled plastic market size is the increasing usage of recycle plastic in end-use industries. The concerns regarding contamination of plastic waste and disposal are driving the consumption of recycled plastics by various end-use industries.
Initiatives in direction of recycling plastic bottles includes recent eco-friendly scheme which allow drivers pay for their parking with plastic bottles instead of currency. CitiPark car park collects all these plastic bottles to be recycled into other useful items like furniture, toys and clothes. This has become possible with chemical recycling mechanisms which permit compability of mixed plastic wastes to alleviate the need of sorting.
Geographically, dominating regions are Asia Pacific, Europe, North America, Latin America, and Middle East and Africa. China is anticipated to contribute nearly 50% of the global market alone at the end of 2025. Asia Pacific in importing recycled plastic scrap, with India also accounting for a notable share in the regional market.
The global recycled plastic market is segmented into several classifications including end-user application, and geographic regions. Based on the end-user application the market is categorized by non-food contact packaging, food contact packaging, construction, and automotive. Whereas, geographically the market is widely range to America, APAC, and EMEA.
Leading players of the global recycled plastic industry include Avangard Innotive, Carbon ITE Industries, UltrePET, Custom Polymers B. Schoenberg and more others.
Recycled Plastic Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2026||USD 43.5 billion|
|Growth Rate||CAGR of 9.3 % during 2021-2026|
|Segment Covered||by End-use, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||MBA Polymers Inc., Vikoz Enterprises Inc., Phoenix Technologies International LLC, Terracycle US Inc., DS Smith Plc, KW Plastics, PETCO, Custom Polymers Inc., and Waste Connections Inc.|
Key segments of the global Recycled Plastic market
by End-use 2018-2026 (USD Million)
• Building & Construction
• Electrical & Electronics
Regional Overview, 2018-2026 (USD Million)
• North America
o Rest of Europe
o Southeast Asia
o Rest of Asia-Pacific
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
• Central & South America
o Rest of South America
Frequently Asked Questions (FAQ) :
With time, plastic recycling has become a significant part of recycling but it is a cumbersome declaration of plastic recycling as a success story especially from environmental perspective. Owing to the fact that less than 10% of plastic generation from the U.S. is recycled, as well the vigorously growing global challenge of ocean plastic and the long suffering environmental concerns of plastic shopping bags. With the statistics, the known fact is approximately 91 percent of plastic that is produced isn't recycled till now, and nearly 8 million metric tons end up in the water bodies every year. The recycling rate for plastic bottles in the U.S. is near about 30 %. Whereas in the United Kingdom, it's close to 20 to 45%.
Ireland being the leading plastic waste producer in the European Union has topped the top five list of plastic waste offenders, producing 61 kilogrammes per person, per year. Ireland is followed by Luxembourg and Estonia which respectively produces 40 kilogrammes and 46 kilogrannes of waste. At fourth position comes Germany producing 37 kilogrammes and at last Portugal ranked fifth with 36 kilogrammes waste production per person each year.
2016, China collected 95% of Ireland’s plastic waste, being the world’s largest recyclable materials importer has declared to put a stop on importing of plastics from European countries in 2017. Therefore, Ireland’s government is conducting awareness campaign across social media, print and radio to improve individual’s understanding of the acceptable recyclable products. The programme will comprise 650 workshops across the country.
When it comes to recycling plastic waste efficiently, Norway is ahead of the game. As a matter of, the Scandinavian nation has overtook the rest of the world by imparting efficient scheme that insanely recycles 97% of the all plastic bottles. With the help of an organization named Infinitum, Norway is able to recycle the plastic in most efficient and environmental friendly way that it could reuse the material at least 50 times. The outcomes are so satisfying and worthy that other countries have followed the suit.
As we all know, creating new plastic is way cheaper than recycling old plastic. So companies may restrict themselves considering the lack of monetary benefits, therefore, Norway has created a model which is based on a loan scheme. The scheme includes small additional fee to the consumer who buys a plastic bottle. The charges are reimbursed in number of ways. Users have option to take it to a ‘reverse vending machine’ which give back the money after barcode scanning of the deposited bottle or return it to gas stations and small shops for store or cash credit. The company predicts that 150,000 bottles will not be returned but if gets returned it would store energy that could power 5,600 households.
Transnational consumer goods giants like Unilever has declared its commitment, “where it will help transform global plastic packaging material flows by: ensuring all of its plastic packaging is reusable, recyclable or compostable by 2025; surging its use of recycled plastic content in its packaging to at least 25% by 2025 (against a 2015 baseline); publishing the full “palette” of plastics materials used in its packaging by 2020 to help create a plastics protocol for the industry; and helping tackle the industry-wide sachet waste issue, by investing in proving, and then sharing with industry, a technical solution to recycle multi-layered sachets – CreaSolv.”