Global Recycled Plastics Market Projected to Reach $127.25 Billion by 2034
The Global Recycled Plastics Market is experiencing significant growth, driven by increasing environmental awareness and stringent regulations promoting sustainability. Valued at approximately $53.69 billion in 2024, the market is projected to reach around $127.25 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 9.01% during the forecast period.
Competitive Landscape
The recycled plastics industry is characterized by a mix of global and regional players striving to enhance their market positions. Leading companies such as Indorama Ventures, Veolia, Suez, and Jayplas are actively engaging in mergers and acquisitions, strategic alliances, joint ventures, and partnerships to expand their market shares.
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Regional Demand Highlights
The Asia Pacific region dominates the recycled plastics market, accounting for over 45% of the global revenue share in 2023. This dominance is attributed to rapid industrialization, urbanization, and increasing environmental concerns in countries like China, Japan, and South Korea.The U.S. recycled plastics market is undergoing consolidation, with companies like WM Recycle America, LLC planning to acquire Avangard Innovative’s U.S. operations and rename it Natura PCR. This strategic move aims to boost recycling capacity, targeting an impressive 400 billion pounds of post-consumer resin (PCR) annually within five years.
Vietnam: Recycled Plastics Market Opportunities
Vietnam is emerging as a potential hub for recycled plastics, driven by increasing industrial activities and a growing emphasis on sustainable practices. The government’s initiatives to reduce plastic waste and promote recycling are creating lucrative opportunities for market players to invest and expand their operations in the country.
by Product
Bottles
Films
Fibers
Foams
Others
by Plastic Type
Polyethylene Terephthalate (PET)
Polyethylene (PE)
Polyvinyl Chloride (PVC)
Polypropylene (PP)
Polystyrene (PS)
Others
by Application
Packaging
Building & Construction
Textile
Automotive
Electrical & Electronics
Others
by Process
Mechanical
Chemical
by Type
Post-Consumer Recyclate
Industrial Recyclate
Over the course of the projected period, the packaging segment is anticipated to expand at a CAGR of 8.2%. There are a number of legal, social, economic, environmental, and technical barriers to using recycled materials in package production. A few examples are rising recycling costs, a lack of raw materials, the development of technology to separate different components, and an increase in lawsuits. One of the difficulties faced by operators who want to use secondary raw materials is uncertainty over their quality.
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Key Market Participants:
North America
1. Clear Path Recycling
2. Plastipak
3. Republic Services
4. Stericycle
5. B. Schoenberg
6. Waste Connections
7. MBA Polymers
Europe
8. Suez Environment
9. Jayplas
10. Biffa
11. Remondis
12. Plastic Recycling Amsterdam
13. Resiclo
APAC
14. Indorama Ventures
15. Far Eastern New Century
16. Asia Plastic Recycling Holdings
17. Jeplan
18. KK Plastic Waste Management
19. Srichakra Polyplast
Middle East and Africa
20. Saudi Investment Recycling
21. Tadweer Group
22. Renie
23. Kaltani
24. Pakam
South America
25. Lar Plásticos
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