The proliferation of plastic has led to the predicament of irresponsible waste management. Despite annual plastic usage exceeding 300 million tons, recycling efforts have remained stagnant at around 10%. Low crude oil prices, resulting in lower virgin polymer costs, have diminished the appeal of recycled plastics. The recycling market has seen relatively lackluster performance over the past five years.
Market Growth Predictions
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According to Report Ocean Research, the global recycled plastics market is poised to grow at a CAGR of 6.8% during the forecast period, reaching a valuation of $66.73 billion by 2025. The European Union and China are expected to drive market growth through regulatory changes, with the US following suit later. Among applications, bottling is projected to maintain its dominance, while films are expected to experience higher growth rates.
Research Methodology
The analysis of the recycled plastics market combines secondary sources with in-house methodology, enriched by primary insights. Real-time market assessment forms an integral part of the sizing and forecasting methodology. Industry experts and primary participants have contributed to compiling relevant aspects with realistic estimations.
Key Market Insights
Changing Market Dynamics: Initially, recycled plastics found use in low-value applications, primarily utilizing contaminated recycled pellets of mixed plastics. However, increased investments in waste collection, sorting, and recycling technologies have led to near-virgin purity recycled plastics, allowing them to compete with virgin polymers.
Global Trends: The US leads the recycled plastics market, boasting the highest per capita plastic consumption and waste collection. Conversely, China has undergone significant regulatory changes, including bans on contaminated plastic imports and redirection of resources towards domestic waste management or abandonment. The European Union has introduced circular economy legislation, setting minimum recycled content limits for plastic packaging to boost demand for recyclers.
Applications: The bottles segment has historically dominated the market, with a significant portion being polyethylene terephthalate (PET). Beverage giants like Coca-Cola and PepsiCo have actively promoted recycling by establishing collection and sorting channels and creating demand for recycled PET. Films, the second-largest segment, are mainly used in secondary packaging applications that do not come into direct contact with consumables.
Comprehensive Market Study
The study of the global recycled plastics market provides insights into market size, industry trends, and factors influencing both short-term and long-term market dynamics. The study encompasses the competitive landscape, major players, branding strategies, and differentiating factors. This comprehensive view aids business decision-makers in devising better plans and informed strategies. Additionally, venture capitalists and investment professionals can gain a deeper understanding of companies within the market.
Competitive Landscape
The competitive landscape is fragmented, with numerous players competing in various segments. The true competition for recyclers lies not among themselves but with virgin polymer producers. Costly waste collection, sorting, and cleaning pose significant challenges by limiting feedstock availability for plastic recyclers. Increased competitiveness against virgin plastic is expected to attract more players, fostering technological advancements and overall market growth. Prominent players in the global recycled plastics market include Suez S.A., MBA Polymers, Inc., KW Plastics Recycling, B. Schoenberg & Co., Inc., Waste Management, Inc., Merlin Plastics Supply, Inc., B&B Plastics, and Green Line Polymers, among others.
Report Scope
- Types
- Polyethylene Terephthalate (PET)
- High-density Polyethylene (HDPE)
- Low-density Polyethylene (LDPE)
- Polypropylene (PP)
- Polystyrene (PS)
- Polyvinyl Chloride (PVC)
- Others (Polyamide, Linear Low-density Polyethylene, Silicone Rubber, etc.)
- Applications
- Bottles
- Films
- Fibers
- Foams
- Others (Fillers, Construction, etc.)
- Regions
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- Latin America
Industry Outlook
The industry outlook for the recycled plastics market encompasses market trends, drivers, restraints, and opportunities, providing a comprehensive understanding of the market landscape. These insights empower business decision-makers to formulate effective business plans and strategies for future growth.
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