Increasing Regulatory Push for Circular Economy Fostering Recycled Plastic Growth at 6.8%
The global recycled plastics market is projected to reach a value of $66.73 billion by 2025, owing to the increasing push from governments and increasing investments by private corporates. The overall recycled plastics market is highly fragmented, with numerous players operating within each segment across geographies. Most of the streamlined high-quality players have been focused on industrial post-use plastic, while consumer post-use recycled plastic goes largely for low-value applications with impurities.
North America leads the market with the highest per capita consumption, allowing ample opportunities for post-use plastic for recycling coupled with a supportive consumer base enabling collection. Europe is the second largest market for recycled plastic with high recycling rates from collected waste. The circular economy legislation passed by the European parliament is expected to further boost the recycling rates within member countries, enabling Europe to retain the market share, albeit high growth coming from Asian markets, especially from China.
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Polyethylene terephthalate (PET) leads the market within various polymers with relatively better technological developments, collection infrastructure, and explored commercial benefits. The bottles from recycled PET lead the application segment for recycled plastics, while bottles with recycled polyolefins have a significant market contribution. Among applications, films is the second largest consumer segment, with recycled polyethylene films largely going for external non-contact packaging applications.
The players in the European Union are expected to be benefitted the most by the push from regulatory changes, providing much-needed push for recycled plastic demand and leveling the playing field with virgin plastic. Recyclers in the US are expected to take que from it and extend the market captured. Chinese players witnessed disruption in the supply chain upon implementation of the contaminated import ban, although the supply chain is expected to re-align itself with abundant domestic market supply of after-use plastic.
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The study conducted by Infoholic Research provides drivers, restraints, and opportunities with current and emerging market trends. Further, it covers an in-depth analysis of each application along with forecasting and trends analysis in the global recycled plastics market. Major companies covered in the study 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.
– Ankur Kalra
Chemicals Research – Manager