Recycled Plastic Market Expected to Grow at a CAGR of 8.5% through 2030, According to P&S Intelligence
NEW YORK, April 4, 2022 /PRNewswire/ — According to the market research report published by P&S Intelligence, the recycled plastic market the value is set to increase up to $124,314.1 million by 2030 based on an estimate $59,777.3 million in 2021, at a CAGR of 8.5%. In recent years, a number of companies have started collecting plastic waste and recycling it into reusable resins and fibers. They include MBA Polymers Inc., Vikoz Enterprises Inc., Phoenix Technologies International LLC, Terracycle US Inc., DS Smith Plc, KW Plastics, PETCO, Custom Polymers Inc. and Waste Connections Inc.
In the coming years, the value of recycled plastic packaging sales is expected to grow at a healthy rate, as a large portion of packaging is currently designed for single use. With the growing demand for consumer packaged goods, the plastic packaging industry is growing and so is the amount of plastic waste. In addition, the governments of several countries have implemented rules aimed at reducing the volume of plastic waste that cannot be recycled.
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Key insights from the Recycled Plastic Market report
- The growing awareness of the sustainable disposal of these materials is leading to an increase in recycling activities. According to UNEP, every year 300 million tonnes of plastic waste is produced and 11 million tonnes end up in the oceans, affecting nearly 800 coastal and marine species.
- For example, at the fifth session of the United Nations Environment Assembly, 176 countries pledged to end plastic pollution, which would create lucrative opportunities for players in the recycled plastic market in the years to come. to come.
- Similarly, major users of plastics, such as The Coca-Cola Company and Pepsi Co., have pledged to become sustainable, using 100% recyclable packaging and improving waste sorting methods for this purpose in the future. close.
- Such initiatives are necessary because the food and beverage sector is the largest producer of plastic waste. According to Plastics Europe, in the EU27+3 in 2020, polypropylene, low density polyethylene and high density polyethylene, which are all used in food packaging, accounted for 19.7%, 17.4% and 12.9% plastic consumption.
- This is also why polyethylene represents the highest share of the recycled plastic market in terms of the value of reprocessed resins.
- Due to its high volume recycling capabilities, APAC is the largest processor of plastic waste. Moreover, it has become necessary due to the increasing volume of plastic waste in countries such as China and India.
In the coming years, the highest CAGR of the market will be observed in Europe, which is making concrete commitments to reduce its plastic waste. According to Plastics Europe, of the approximately 29.5 million tonnes of plastic waste collected in the EU+27 in 2020, 34.6% was sent for recycling. Besides, Chinaonce the main importer of this waste Europe and North Americabanned the influx of certain types of plastic waste in 2017 as part of its National Sword Policy, which made it imperative to reprocess waste at the source itself.
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Therefore, players in the recycled plastic market in Europe and all other regions and countries are expanding their reprocessing capabilities and acquiring supply, sorting and recycling companies. For example, Mura Technology has built a recycling plant that uses chemicals for the process of May 2021 at Teeside, England. Similarly, MOL Group has agreed to acquire recycled plastic processor Aurora in April 2019.
Recycled Plastic Market Size Breakdown by Segments
- Packaging materials
- wires and cables
- Molded products
- Polyethylene terephthalate (PET)
- Polyethylene (PE)
- Polypropylene (PP)
- Polyvinyl chloride (PVC)
- Polystyrene (PS)
- Household and personal care
- Food and drink
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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SOURCE P&S Intelligence