Global Recycled Plastics Market – Forecast to 2030: Leading Companies Alpek, Veolia, and Loop Industries Drive Innovation

Global Recycled Plastics Market

Dublin, Oct. 11, 2023 (GLOBE NEWSWIRE) — The “Global Recycled Plastics Market by Source (Bottles, Fibers, Films, Foams), Process, Plastic Type (PET, PE, PP, PVC, PS), Type, End-Use (Packaging, Textiles, Building & Construction, Automotive, Electrical & Electronics), and Region – Forecast to 2030” report has been added to ResearchAndMarkets.com’s providing.

The recycled plastics market is experiencing a surge, presenting distinctive prospects for traders and innovators. This dynamic sector spans industries like packaging, textiles, development, and automotive, providing a fertile floor for innovation and funding. With demand for plastics exhibiting no indicators of waning, this market guarantees a vivid future.

The Rise of Post-Consumer Recyclate

One of probably the most promising segments within the recycled plastics panorama is post-consumer recyclate. Expected to be the fastest-growing phase in the course of the forecast interval, this presents a big alternative for businesses. This complete market analysis report delves into this dynamic sector, offering invaluable insights to leverage this progress.

Packaging Industry Dominates

In 2022, the packaging phase claimed the most important share of the recycled plastics market. The rising use of recycled plastics in packaging a variety of merchandise fueled this progress. Key recycled resins in packaging embrace PET and HDPE. Major gamers like Boots, M&S, Coca-Cola, and Innocent Drinks have embraced recycled merchandise for his or her packaging wants.

North America’s Remarkable Growth

North America is poised to register the second-highest Compound Annual Growth Rate (CAGR) within the recycled plastics market from 2023 to 2030. The area has placed important emphasis on decreasing plastic waste and selling recycled plastic utilization.

Market Projection

The recycled plastics market is on a formidable progress trajectory. It’s projected to increase from USD 69.4 billion in 2023 to USD 120.0 billion by 2030, boasting a CAGR of 8.1% from 2023 to 2030. This progress will embody varied end-use industries, together with packaging, textiles, development, automotive, electrical & electronics, and extra.

Story continues

Leaders within the Recycled Plastics Market

Noteworthy gamers dominating the recycled plastics market embrace Alpek (Mexico), Biffa (UK), Cabka (Germany), Far Eastern New Century Corporation (Taiwan), Indorama Ventures (Thailand), Jayplas (UK), Loop Industries, Inc. (Canada), MBA Polymers Inc. (US), Plastipak Holdings, Inc. (US), Republic Services (US), Stericycle (US), Veolia (France), and others.

Case Study Insights

The report contains compelling case research that present real-world examples of sustainable practices and modern options inside the recycled plastics business. These case research supply beneficial insights and classes for businesses aiming to contribute positively to the setting whereas capitalizing on the rising recycled plastics market.

Market Dynamics

Drivers

1. Negative Environmental Impact of Plastics Disposal: Growing issues concerning the environmental influence of plastic disposal are driving the adoption of recycled plastics.

2. Growing Awareness Regarding Energy Savings and Government Initiatives: Increasing consciousness of power conservation and authorities initiatives are encouraging the usage of recycled plastics.

3. Increasing Use in Packaging, Automotive, and Electrical & Electronics Industries: Recycled plastics are discovering purposes in various industries, together with packaging, automotive, and electronics.

4. Growth in Chemical Recycling Process: Advances in chemical recycling processes are increasing the probabilities for recycled plastics.

Restraints

1. Strong Competition from Virgin Plastic: Competition from virgin plastic stays a problem for recycled plastics.

2. Adverse Impact of Downcycling: Downcycling, which might degrade the standard of recycled plastics, poses a limitation.

Opportunities

1. Favorable Initiatives to Promote Use of Recycled Plastics in Developed Countries: Many developed international locations are implementing initiatives to advertise recycled plastics use.

2. Increasing Use in Textile Industry in Developing Countries of Asia-Pacific: The textile business in Asia-Pacific is more and more adopting recycled plastics.

3. Development of New Recycling Technologies: Ongoing analysis into modern recycling applied sciences presents alternatives for progress.

Challenges

1. Ban on Imports of Waste or Scrap Plastics in China: Regulations in China limiting imports of waste plastics influence the worldwide recycling business.

2. Difficulty in Collection of Raw Materials: Collecting adequate uncooked supplies for recycling will be difficult.

3. Low Recycling Rate for Most Plastics Apart from PET and HDPE: Achieving excessive recycling charges for plastics aside from PET and HDPE stays a problem.

4. Non-Acceptance of Pigmented Plastics by Most Recycling Facilities: Recycling services typically reject pigmented plastics.

About Recycled Plastics

Recycled plastics are a sustainable answer to cut back plastic waste and its environmental influence. These plastics are produced by reprocessing waste plastics, equivalent to bottles, foams, and movies, into varied merchandise, together with clothes, carpets, bottles, plastic lumber, pipes, ground tiles, compost bins, and egg cartons. These recycled plastic merchandise play a significant function in end-use industries equivalent to packaging, textiles, building & development, automotive, and electrical & electronics.

Unlock the Potential of Recycled Plastics

This complete market analysis report equips market leaders and newcomers with income insights into the recycled plastics market and its segments. It additionally provides an understanding of the aggressive panorama, methods for enchancment, and very important info on market drivers, restraints, challenges, and alternatives.

Market Dynamics

Drivers

• Negative Environmental Impact of Plastics Disposal

• Growing Awareness Regarding Energy Savings and Government Initiatives

• Increasing Use in Packaging, Automotive, and Electrical & Electronics Industries

• Growth within the Chemical Recycling Process

Restraints

Opportunities

• Favorable Initiatives to Promote Use of Recycled Plastics in Developed Countries

• Increasing Use in Textile Industry in Developing Countries of Asia-Pacific

• Development of New Recycling Technologies

Challenges

• Ban on Imports of Waste or Scrap Plastics in China

• Difficulty in Collection of Raw Materials

• Low Recycling Rate for Most Plastics Apart from PET and HDPE

• Non-Acceptance of Pigmented Plastics by Most Recycling Facilities

Companies Mentioned

• Alpek

• B&B Plastics

• Berry Circular Polymers

• Biffa

• Cabka

• Cleanaway

• Covanta Holding Corporation

• Custom Polymers

• Envision Plastics

• Far Eastern New Century Corporation

• Fresh Pak Corporation

• Imerys

• Indorama Ventures Public Ltd

• Jayplas

• Kk Asia Pte Ltd

• Kw Plastics

• Loop Industries, Inc.

• Mba Polymers

• Pet Processors LLC

• Phoenix Technologies

• Plastipak Holdings

• Purecycle

• Remondis Se & Co. Kg

• Replas

• Republic Services

• Stericycle, Inc.

• Suez

• Ultra-Poly Corporation

• Veolia

• Waste Connections, Inc.

Key Attributes:

For extra details about this report go to https://www.researchandmarkets.com/r/wj005c

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