The global post-consumer recycled plastics market is estimated to grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing application of recycled plastics, backed by rising environmental awareness amongst people. In order to reduce plastic waste, governments across the world have imposed rigorous regulations for plastic recycling. The growing government initiatives, combined with awareness amongst the masses regarding the reduction of plastic waste are estimated to boost the market growth. According to the data by the UN Environment Protection Organization (UNEP), over 300 million tons of plastic is produced every year. Only 9% of all this plastic waste gets recycled. The increasing amount of plastic waste is also estimated to boost the market growth.
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The market is segmented by application into packaging, building & construction, automotive, furniture, and others, out of which, the building & construction segment is anticipated to hold a substantial share in the global post-consumer recycled plastics market over the forecast period on account of increasing use of plastics in the construction sector, as bricks, roof tiles, insulation, plastic lumber, and others. On the basis of source, the commercial segment is estimated to gain the largest share over the forecast period, owing to the presence of a proper waste management system in most commercial places, such as, malls, hotels, and others.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global post-consumer recycled plastics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing public awareness regarding plastic waste reduction, along with rising construction activities, where recycled plastics are utilized.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of growing adoption of plastic recycling, backed by stringent government regulation for waste management. According to the data by the American Chemistry Council, in 2018, 35.7 million tons plastic was produced in the United States, while around 29% of the plastic was recycled.
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The global post-consumer recycled plastics market is further classified on the basis of region as follows:
Our in-depth analysis of the global post-consumer recycled plastics market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing awareness amongst the masses and initiatives by the government, to reduce plastic waste, is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
The absence of proper waste management system in residents is estimated to hamper the market growth.
The market in the North America region will provide most growth opportunities during the forecast period, owing to the growing adoption of recycling plastic waste in the region.
The major players in the market are DS Smith plc, Remondis SE & Co. KG, Republic Services, Inc, Clean Harbors, Inc., Stericycle, Inc., Waste Management, Inc., Veolia Environnement S.A., Waste Connections, and Others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by source, application, service, and by region.
The construction & building segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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