The global Recycled Plastics Market is poised for strong expansion, projected to grow from USD 69.4 billion in 2023 to USD 120.0 billion by 2030, registering a CAGR of 8.1% during the forecast period, according to a new report titled “Recycled Plastics Market – Global Forecast to 2030.”
The sustained growth is attributed to rising environmental awareness, energy-saving benefits, and supportive government policies aimed at promoting a circular economy.
Market Breakdown:
- Sources: Bottles, fibers, films, and foams remain primary sources of recycled plastic input.
- Processes: The market includes mechanical and chemical recycling methods.
- Plastic Types: Major types include PET, PE, PP, PVC, and PS.
- End-use Industries: The largest consumers include packaging, textiles, construction, automotive, and electronics.
Regional Insights:
The Asia Pacific region holds the largest market share, bolstered by a growing construction sector and industrial development in India, China, and Japan. Urbanization, infrastructure demand, and rising consumer consciousness are additional factors driving the region’s momentum.
Key Developments:
- Indorama Ventures & Evertis (April 2023): Partnered to enhance PET tray-to-tray recycling for food packaging with a 50% rPET target by 2025.
- Loop Industries, SUEZ, & SK geo centric (Feb 2023): Chose France’s Grand Est region for a plant producing 100% recycled PET by 2027.
- Plastipak (Nov 2022): Launched a new PET recycling facility in Toledo, Spain, to supply food-grade rPET pellets for bottles and containers.
Major Players:
- Alpek (Mexico)
- Indorama Ventures (Thailand)
- Far Eastern New Century Corporation (Taiwan)
- Biffa, Cabka, Jayplas (Europe)
With growing brand commitments, regulations on single-use plastics, and investments in recycling infrastructure, the recycled plastics market is becoming a cornerstone of global sustainability efforts.