Demand for Recycled Plastics to Soar with High Growth Observed In North America and Asia Pacific Region

Recycled plastics are plastics that have been reprocessed and reused in new products. These plastics are typically sourced from post-consumer sources such as bottles, containers, and packaging. The process of recycling plastics involves collecting, sorting, and then reprocessing them into new products. These new products can be used for various applications, including packaging, automotive components, building materials, and consumer products. The demand for recycled plastics has been increasing due to the growing awareness of the environmental impacts of plastic production. Additionally, recycled plastics are becoming more cost-effective, making them a viable option for many businesses. The global?Recycled Plastics 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.?

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Recycled Plastics Market: Key?Driving factors

1. Growing awareness regarding environmental conservation and sustainability: The increasing awareness among consumers regarding the need for environmental conservation and sustainability is driving the growth of the recycled plastic market.

2. Increasing demand for sustainable packaging solutions: The increasing demand for sustainable packaging solutions is encouraging the use of recycled plastics, as they are an affordable and sustainable option.

3. Increase in government initiatives: Governments across the globe are taking various initiatives to promote the use of recycled plastics, such as providing tax incentives, subsidies, and other financial incentives to encourage the use of recycled materials.

4. Technological advances: The advancement of technology has enabled the processing of plastic waste into high-quality and usable products, thereby creating new opportunities for the recycled plastics market.

5. Cost savings: The use of recycled plastic helps in reducing the cost of production and offers cost savings potential in comparison to virgin plastics.?

"Bottles are expected to be the largest and fastest-growing source"

Bottles are the largest and 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"

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 China's ban on waste imports. 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 waste. 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.

Leading Recycled Plastics Manufacturers are Indorama Ventures Public Co Ltd Ltd. (Thailand), Veolia (France), SUEZ (France), Jayplas (UK), Alpek (Mexico), Biffa (UK), Republic Services (US), Stericycle (US), Far Eastern New Century 遠東新世紀 Corporation (Taiwan), Kw Plastics (US), among others.

Indorama Ventures Public Ltd. is one of the largest player in the recycled plastics market. It is a world-class sustainable chemicals company with a global integrated lead in PET and fibers. It has integrated businesses which are aligned to create a sustainable value proposition. It is one of the world’s foremost-integrated producers in the polyester industry and the largest producer of PET. The company has 273 recycling facilities and 124 manufacturing sites all over world. It is present in Europe, North America, South America, APAC, and Africa.

SUEZ is the second-largest player of the recycled plastics market, globally. SUEZ is a leading and innovative group with a strong presence across the globe, particularly in Europe. Its focus on growth strategies, such as expansions, contracts, new service developments, joint ventures, and partnerships, will drive its growth in the emerging and developed markets. SUEZ has planned to build a recycling plant in Thailand, which would convert plastic waste into circular polymers. This plant is in line with Thailand’s target for achieving 100% plastic recycling by 2030. This expansion is projected to enhance the company’s presence in Southeast Asia and enhance its expertise in plastic recycling. SUEZ has implemented a balanced and profitable growth strategy.