According to the new market research report “Recycled Plastics Market by Source (Bottles, Films, Fibers, Foams), Type (PET, PE, PP, PVC, PS), End-Use Industry (Packaging, Building & Construction, Textiles, Automotive, Electrical & Electronics) and Region – Global Forecast to 2022″, The global recycled plastics market is estimated at USD 36.93 Billion in 2017 and is projected to reach USD 50.36 Billion by 2022, at a CAGR of 6.4% between 2017 and 2022.
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The market is witnessing growth due to the growing awareness regarding the environmental benefits provided by recycled plastics over virgin plastics. Moreover, the energy consumed in recycling plastics is less than that of virgin plastics, which is further driving the demand for recycled plastics in many applications.
Bottles was estimated to be the largest segment of the recycled plastics market, by source in 2017. Plastic bottles, especially PET bottles, are the most commonly-recycled post-consumer plastics due to a well-established collection network for these bottles.
Polyethylene Terephthalate (PET) was estimated to be the largest segment of the recycled plastics market, by type in 2017. PET plastics are 100% recyclable, easy to recycle, and have a lower cost, which makes them an attractive plastic material to recycle.
Packaging was the largest segment of the recycled plastics market, by end-use industry in 2017. The segment’s largest share can be attributed to the use of recycled plastics in many applications in the packaging industry such as bottles, bags, foam protective packaging, and cartons, among others.
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Recycled plastics are formed by reprocessing waste plastics to reduce global plastic waste that pollutes the environment. Recycled plastics can be produced from various sources such as plastic bottles, foams, films, fibers, etc. On the basis of resin type, recycled plastics are classified into Polyethylene Terephthalate (PET), Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), and others. These plastics can be used in many applications in industries such as packaging, building & construction, textiles, automotive, electrical & electronics, etc. Increasing problems related to disposal of plastics and growing awareness to curb the subsequent environmental problems are the major factors driving the plastics recycling industry, and, as a result, contributing to the demand for recycled plastics globally. The growth of the recycled plastics market is also driven by the increasing number of initiatives regarding recycling in many developed countries. The global recycled plastics market is estimated at USD 36.93 Billion in 2017 and is projected to reach USD 50.36 Billion by 2022, at a CAGR of 6.4% between 2017 and 2022.
Key companies in the recycling plastics business were majorly involved in expansions to strengthen their positions in the market. It was the most preferred strategy adopted by the market players from 2013 to 2017. The recycled plastics market has been witnessing growth, and the increase in the number of expansions indicates that manufacturers are expanding their production facilities to establish a strong foothold in the recycled plastics market and cater to the growing demand for recycled plastics, globally.
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Veolia is one of the top players in the global recycled plastics market and caters to this market through its waste management unit, which deals with the collection, treatment, and recycling of municipal and industrial waste. Strong focus on energy-efficiency and cost-effectiveness has earned the company a strong customer base. For instance, in 2016, Veolia UK acquired the Euro Closed Loop Recycling plant in Dagenham (UK) to further expand its recycling business and produce around 10,000 tons of high quality food grade HDPE pellets each year from the said production plant.
Suez is another major recycling company for plastics. In 2017, Suez signed an agreement with LyondellBasell to produce high-quality circular polymers. Under the terms of the agreement, the companies are 50-50 stakeholders of QCP3, a high-standard plastics recovering company producing PP and HDPE resins from the recovered plastics. The aim of this joint venture is to further increase their recycling capability and thereby increase their presence in the recycled plastics market.
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