Expanded Plastic Recycling Industry Forecast (Reaching US$114.8 billion by 2033 at 8.1% annual growth rate) as analyzed by Market.us

The global market for recycled plastics is on an upward trajectory, driven primarily by the surging demand in the packaging industry. Particularly, the use of recycled polyethylene terephthalate (PET) in food and beverage containers is on the rise.

This growth, however, comes with challenges. The cost competitiveness of virgin plastics poses a significant hurdle, as lower crude oil prices make them more appealing to industries that prioritize specific chemical properties and quality.

Despite these challenges, numerous companies are investing in innovative recycling solutions. B&B Plastics Recycling Inc., for instance, processes a wide range of post-industrial and post-consumer plastic waste into high-quality recycled resins.

The medical sector is also advancing the use of recycled plastics, particularly in non-invasive medical devices and packaging. In fact, Germany recycles 99% of the plastic waste generated through the consumption of plastic products.

Far Eastern New Century Corporation (FENC) recycles over 22 billion post-consumer PET bottles annually into various products. Companies like Recon Technology, Matterr, and Re-mall are also investing in chemical recycling methods like pyrolysis, which transforms mixed polymer streams into usable resources.

Technological advancements and rising environmental awareness have encouraged the adoption of recycled plastics. Companies such as Custom Polymers, Inc., Alpek S.A.B. de C.V., and Ultra Poly Corporation are at the forefront of this revolution, recycling post-industrial and post-consumer plastics into high-quality resins.

The food & beverage industry is a significant consumer of recycled plastics, using them to produce food-safe packaging materials such as bottles, trays, and containers. Fresh Pak Corporation, for example, produces environmentally-friendly plastic packaging products using up to 100% post-consumer recycled resins.

However, the reality is that only 9% of all plastic in use worldwide is recycled, and the majority of this recycled plastic is of inferior quality. This highlights the need for more efficient and effective recycling solutions.

Asia Pacific dominates the market due to high waste production and strong governmental support for recycling initiatives. Berry Global Inc., SUEZ SA, Veolia, Plastipak Holdings, Inc., and Indorama Ventures are some of the key players in this region.

In the infrastructure domain, recycled plastics are being explored for use in constructing durable and environmentally friendly roads, bridges, and other structural components. Envision Plastics Industries, for instance, creates high-quality recycled resins from difficult-to-recycle plastic waste.

The future of the recycled plastics market looks promising, with the Global Recycled Plastics Market projected to expand from USD 52.7 billion in 2023 to USD 114.8 billion by 2033, with a compound annual growth rate (CAGR) of 8.1%.

However, a general lack of awareness about the benefits of recycled products also restrains market growth. Efforts to educate consumers about the environmental and economic advantages of recycled plastics are crucial for the continued growth of this market.

In conclusion, the global recycled plastics market is experiencing significant growth, driven by increased demand, technological advancements, and environmental consciousness. Despite challenges, companies are investing in innovative recycling solutions to address these issues and drive the market forward.