Recycled Plastics Market worth $43.5 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 18, 2022 /PRNewswire/ -- According to the report "Recycled Plastics Market by Type (PET, PE, PP, PVC, PS), Source (Bottles, Films, Fibers, Foams), End-Use Industry (Packaging, Textile, Building & Construction, Automotive, Electrical & Electronics) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the market size is expected to grow from USD 27.9 billion in 2021 to USD 43.5 billion by 2026, at a CAGR of 9.3% during the forecast period. 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.
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Bottles is expected to be the largest and fastest-growing source in the recycled plastics market during the forecast period.
Bottles are the largest and the fastest-growing source of recycled plastics. Post-consumer PET bottles are the most commonly used plastics for plastic recycling on account of their huge availability and technical feasibility to produce PET granules. Moreover, PET bottles have a better collection and sorting network. The majority of bottles are made of PET resin, which is the most commonly recycled resin and has the highest recycling rate in the recycled plastics market. Therefore, waste bottles are expected to remain the biggest source for producing recycled plastics as many countries are foraying into the recycling business and will depend on bottles as their material source.
Polyethylene Terephthalate: The largest type in the recycled plastics market
Polyethylene Terephthalate (PET) was estimated to be the largest segment of the recycled plastics market, by type in 2029. PET plastics are 100% recyclable, easy to recycle, and have a lower cost, which makes them an attractive plastic material to recycle. PET is the largest recycled resin worldwide and will continue to be the most demanded recycled resin. PET can be recovered and recycled repeatedly and remolded to produce new PET products. It can also be chemically broken into its constituent raw materials, which can then be purified and converted into new PET resins. It can be used in many products such as new containers, carpets, textiles, protective packaging, industrial strapping, automotive parts, and construction materials. PET has the highest recycling rate globally and is only limited by the amount of used PET material collected.
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APAC is expected to hold the largest market share in the global recycled plastics market during the forecast period.
APAC is the largest and market of recycled plastics, with China being the major emerging market. One of the major developments in the recycled plastics market was the ban on waste imports by China. This affected the dynamics of the recycled plastics market, whereby many developed countries were left to find new dumping pits for their growing piles of waste. Developed countries in North America and Europe had to deal with the ever-increasing volume of unprocessed wastes. Although the choice of destinations for exporting these wastes has been other emerging countries such as India, Pakistan, or Southeast Asia, the logistics cost is much higher than that for China. Therefore, the logical solution was to improve their own patchy recycling systems, prompting them to reuse more recycled materials themselves.
Indorama Ventures Public Ltd. (Thailand), Veolia (France), Suez (France), Jayplas (UK), Alpek (Mexico), Biffa (UK), Republic Services (US), Stericycle (US), Far Eastern New Century Corporation (Taiwan), KW Plastics (US), among others are the leading recycled plastics manufacturers, globally.
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