Recycled Plastics Market Size & Trends

The global recycled plastics market size was estimated at USD 51.70 billion in 2023 and is projected to grow at a CAGR of 9.5% from 2024 to 2030. Increasing plastic consumption in the production of lightweight components which are used in various industries including building & construction, automotive, electrical & electronics, and various other industries are expected to propel the market growth over the forecast period.

The rise in online purchases of electrical & electronics, personal care products and personal protective equipment products such as gloves, face masks, and various products is driving the demand for recycled plastics used in different types of packaging sources.

Gather more insights about the market drivers, restrains and growth of the Global Recycled Plastics market

Detailed Segmentation:

Product Insights

The polyethylene segment led the market with the largest revenue share of 26.0% in 2023. This high share is attributable to the rising demand for packaging material in consumer goods, food & beverage, industrial and various other industries. In addition, it is commonly used in laundry detergents packaging, milk cartons, cutting boards, and garbage bins, among various other sources.

Application Insights

In terms of application, the packaging segment led the market with the largest revenue share of over 37.4% in 2023. The market growth in the region is driven by the high demand for building & construction products, consumer goods, and electrical & electronics, especially from China, India, and Southeast Asia. In addition, a flexible regulatory environment is expected to offset constraints that are usually evident in the Western markets.

Source Insights

Based on source, the plastic bottles segment led the market with the largest revenue share of 74.14% in 2023. Plastic bottles are the major sources of recycled products. Plastic bottles are used in various applications across various industries in the packaging of water, oils, pharmaceuticals, and carbonated drinks. SKS Bottle & Packaging, Inc., CABKA Group, Maynard & Harris Plastics, and Placon are some of the key recycled plastic bottle manufacturers.

Regional Insights

The recycled plastics market in North America is expected to grow at a significant CAGR over the forecast period. The North America market accounted with a revenue share of 18.27% in 2023. The market is driven by the growth of the major end-use industries such as electrical & electronics, construction, and packaging. Rising demand for packed & processed food and rising construction industry in the U.S., Mexico and Canada are anticipated to augment market growth over the forecast period.

Key Recycled Plastics Company Insights

Key companies are adopting several organic and inorganic growth strategies, such as new product development, mergers & acquisitions, and joint ventures, to maintain and expand their market share.

• REMONDIS SE & Co. KG
• Biffa
• Stericycle
• Republic Services, Inc.
• WM Intellectual Property Holdings, L.L.C.
• Veolia
• Shell International B.V.
• Waste Connections
• CLEAN HARBORS, INC.
• Covestro AG

Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.

• Appliance Adhesive Market Size, Share & Trends Analysis Report By Product (Rubber, Acrylic, Silicone), By Application (Washing Machine, Cooktops, Air Conditioners, Microwaves & Ovens), By Region, And Segment Forecasts, 2024 - 2030
• Polysilicon Market Size, Share & Trends Analysis Report By Application (Solar PV, Monocrystalline Solar Panel, Multi-crystalline Solar Panel, Electronics), By Region, And Segment Forecasts, 2024 - 2030

Recycled Plastics Market Segmentation

Grand View Research has segmented the global recycled plastics market report based on product, source, application, and region:

Recycled Plastics Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Polyethylene
• Polyethylene Terephthalate
• Polypropylene
• Polyvinyl Chloride
• Polystyrene
• Others Products

Recycled Plastics Source Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Plastic Bottles
• Plastic Films
• Polymer Foam
• Others Sources

Recycled Plastics Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Building & Construction
• Packaging
• Electrical & Electronics
• Textiles
• Automotive
• Others Applications

Recycled Plastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• UK
• France
• Italy
• Asia Pacific
• China
• India
• Japan
• Southeast Asia
• Malaysia
• Indonesia
• Thailand
• Central & South America
• Brazil
• Middle East & Africa
• Saudi Arabia

Order a free sample PDF of the Recycled Plastics Market Intelligence Study, published by Grand View Research.

Recent Developments

• In January 2024, Republic Services, Inc. announced the opening of a new Salt River recycling center. The new facility will play a vital role in improving recycling rates in the Valley as it has more modern technology and higher capacity than its predecessor. It is a 51,000-square-foot recycling center in the Salt River Pima-Maricopa Indian Community, designed to manage recyclables from approximately 1.4 million residents and over 2,000 businesses. The facility can process up to 40 tons of recyclables or eight truckloads per hour. This includes cardboard, paper, jugs, plastic bottles, metal food and beverage cans, and glass bottles and jars
• In September 2023, WM has recently announced the opening of a new recycling facility in Cleveland, spanning over a vast area of 100,000 square feet. The facility is anticipated to process nearly 420 tons of recyclable materials daily. This project is part of WM's previously declared enterprise-wide initiative to invest over USD 1 billion in recycling infrastructure, which includes around 40 automated or planned new recycling facilities. The new facilities are expected to add 2.8 million incremental tons managed by 2026
• In April 2023, Biffa announced the acquisition of North Yorkshire based Esterpet Ltd, a recycler of Polyethylene Terephthalate (PET) plastic. Esterpet converts 25,000 tons of plastic flakes each year, generated from recycled bottles, into high-purity plastic pellets. This latest acquisition builds on Biffa’s existing strong capabilities in closed-loop food grade plastic recycling, including its plants in Seaham, Redcar and Washington where it already converts over 165,000 tons of plastic each year into high quality recycled polymers

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Explore Horizon, the world's most expansive market research database