Global recycled plastic market was valued at USD 48.58 billion in 2021 and is projected to surpass valuation of USD 77 billion by 2028 at a CAGR of 6.8% during the forecast period.
Westford, USA, Nov. 21, 2022 (GLOBE NEWSWIRE) — The analysis shows that Asia Pacific dominates the global recycled plastic market, with China accounting for around two-thirds of the total value. Europe is second in terms of volume, but falls behind in terms of value. The Americas are third in terms of volume and fourth in terms of value. SkyQuest attribute this difference to a number factors, including higher import duties on recycled plastics in Europe compared to other regions. China has also made significant investments in recycling infrastructure over the past few years, which has led to increased demand for recycled plastic there.
The report on global recycled plastic market also identifies key drivers and inhibitors of growth for the recycling industry. Some of the key drivers include increasing awareness about the importance of recycling among consumers and businesses, as well as government initiatives aimed at promoting and incentivizing recycling. In contrast, some of the key inhibitors include increases in production of virgin plastics, which compete with recycled plastics for limited resources, and increased costs associated with landfill disposal of recycled materials.
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Despite this growth in demand, there are still some challenges in the recycled plastic market that must be addressed when it comes to recycling plastic materials. For example, much of the recycled plastic that is used today does not actually come from post-consumer plastics. Rather, it is scrap plastics that have been collected by waste companies and processors. This material has lower quality than post-consumer plastics because it has been damaged or contaminated in some way. As a result, it often needs to be processed further before it can be used in products.
SkyQuest’s report on recycled plastic market offers insights into different markets across the globe, highlighting opportunities and challenges faced by manufacturers and distributors of recycled plastic packaging products. It also provides an overview of policies and measures that are being taken around the world to promote recycling initiatives and increase the use of recycled materials.
More than 70% of produced Plastic is not Recycled
The world is projected to generate more than 600 million pounds of plastic waste by 2040 from 380 million tons in 2021 in the global plastic market. Of this, only around 30% will be recycled. To put things into perspective, the world currently consumes around 460 million tons of plastic each year. If we continue on our current path, by 2040 there will be more than 2 billion tons of plastic in circulation – enough to circle the earth 9 times.
This number in the global recycled plastic market has barely changed in the last ten years. The other 70% of plastic is simply dumped into landfills or oceans where it creates huge environmental and health risks. The costs of improper disposal of plastics are enormous. In 2021, it was estimated that taxpayers in countries like China and the United States spent $24 billion and $13 billion, respectively, on environmental cleanup because of uncontrolled plastic waste. These funds could be better used to prevent pollution in the first place.
There are many ways to help reduce the amount of plastic that ends up in landfills and oceans in the global recycled plastic market. Governments can put into place tax laws and regulations encouraging people to recycle more material. Industries can develop new products made from safer materials, or find ways to recycle existing products more effectively. Individuals can change their buying habits by choosing products with less packaging or recycled content. All these small actions add up over time and make a big difference for our environment.
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Fortunately, there are solutions to these problems. For instance, some recyclers have developed technologies that can make recycling easier and more efficient. Governments can also play a role by implementing policies that encourage citizens to recycle more plastic. In addition, companies can create packaging made from recyclable materials and make sure that their suppliers use recyclable plastics. If we collectively work on these solutions, we can help increase the amount of recycled plastic and reduce our reliance on non-recycled materials.
Best from Waste is Offering Lucrative Opportunity for Recycled Plastic Market
The recycling of plastic has become more popular in recent years as the environmental impact of creating new plastic products has become more apparent. There are many opportunities for companies in recycled plastic, and the market is growing rapidly. One option for companies is to manufacture products from recycled plastic. This can be a lucrative business, as the demand for recycled plastic products is high. There are many different types of products that can be manufactured using recycled plastic, such as packaging materials, furniture, fixtures, and toys.
Another option for companies in the global recycled plastic market is to find ways to reduce the amount of new plastic that is created. This can be done by educating consumers about the benefits of recycling, encouraging them to recycle where they can, and developing sustainable packaging options. Finally, companies can participate in the recycling process itself. This can involve sorting plastics into different categories and then shipping them off to be processed into new products.
Growing Application in Packaging Application in the Global Recycled Plastic Market
SkyQuest’s analysis suggests that recycled plastics have now become a mainstream component of many products. In the past, the environmental benefits associated with recycling were not as compelling as they are today. However, there are several reasons why recycled plastics have become more popular in recent years.
Firstly, the cost of new materials has continued to increase in the global recycled plastic market, making it more expensive to produce new packaging materials. This is especially true for plastic products that require a high level of durability and puncture resistance, such as food containers. Recycled plastics offer a cost-effective solution for these needs. Additionally, recycled plastics can be made into products that are just as strong and durable as their virgin counterparts.
Another reason why recycled plastics are gaining popularity is because they help reduce the amount of waste that is produced each year. By using recycled plastics, manufacturers can reduce the amount of plastic that ends up in landfills or becoming part of ocean debris. In addition to reducing waste volume, this also reduces energy consumption and emissions associated with producing new packaging materials.
Overall, SkyQuest believes that recycled plastic market will continue to play an important role in the packaging industry going forward. They offer several benefits over traditional plastic materials, and their use is becoming more widespread due to rising costs and environmental concerns
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Top Players in Global Recycled Plastic Market
DS Smith Plc (UK)
KW Plastics (US)
MBA Polymers Inc. (US)
Reprocessed Plastic, Inc. (US)
PLASgran Ltd (England)
Custom Polymers (US)
CarbonLITE Industries (US)
Luxus Ltd (UK)
Plastipak Holdings (US)
B. Schoenberg & Co. (US)
Waste Connections, Inc. (US)
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