The global recycled PET market size is estimated to grow from USD 27.9 billion in 2021 to USD 43.5 billion by 2026, at a CAGR of 9.3% during the forecast period. The driving factors for the recycled plastics market is due to increasing emphasis on sustainability between the consumer and packaging products and increasing demand from the textile, food and beverage industry in emerging economies such as India, China, Thailand, Indonesia, countries in the Middle East, Brazil, and Argentina.
Bottles are expected to be the fastest-growing source for recycled plastics during the forecast period. Bottles are easy to collect and sort, and as a result, many nations who are foraying into the recycling business will depend on bottles as the primary source material for recycled plastics. Bottles usually made of PET resin are used for the storage of mineral water, carbonated beverage, juice, alcoholic beverage, and cooking oil, whereas bottles made of HDPE resin are used for the storage of milk, cleaning products, and toiletries, among others.
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PP-based recycled plastics is estimated to be the fastest-growing segment of the recycled plastics market, by type during the forecast period. PP is hard and sturdy, can withstand high temperatures, and is found in car parts, thermal vests, yogurt containers, and even disposable diapers. Recycled PP usually ends up being black or grey, making it unsuitable for packaging use. For this reason,it is usually included in plastic lumbers, park benches, auto parts, speed bumps, and other industrial applications.
Packaging is expected to be the fastest-growing end-use industry segment for recycled plastics during the forecast period. Recycled plastics are used in many applications in the packaging industry. Many companies such as Coca-Cola, Unilever, Walmart, Target Corp., Procter & Gamble Co., Ecover, Evian, etc., have pledged to work toward using 100% reusable, recyclable, or compostable packaging by 2025 or earlier.
North America is projected to be the fastest-growing market, in terms of both value and volume, during the forecast period. The US is projected to be the fastest-growing recycled plastics market in North America, accounting for a major chunk of the market in the region. The high growth rate in North America can be attributed to the growth of its domestic recycling industry, as a consequence of the ban on “foreign plastic garbage” by China to safeguard its environment. Apart from domestic recycling, the US, being one of the major exporter of plastics waste to China, could also use new dumping pits in Southeast Asia. However, due to the higher logistics cost, a feasible solution is to improve its recycling industry.
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Indorama Ventures Public Ltd (Thailand), Veolia (France), SUEZ (France), Alpek (Mexico), Jayplas (UK), Waste Connections Inc (US), Biffa (UK), Plastipak Holdings (US), Republic Services (US), and Far Eastern New Corporation Century (Taiwan), B&B Plastics (US), Custom Polymers (US), MBA Polymers (US), KW Plastics (US), B. Schoenberg & Co (US), and Remondis SE & Co. KG (Germany), Clear Path Recycling (US), Stericycle (US), and among others, are the leading recycled plastics manufacturers, globally. These companies adopted new plant expansion, investments, partnerships, and merger & acquisition, as their key growth strategies between 2018 and 2021 to earn a competitive advantage in the recycled plastics market.
Indorama Ventures Public Ltd. is one of the largest player in the recycled plastics market. It is a world-class sustainable chemicals company with a global integrated lead in PET and fibers. It has integrated businesses which are aligned to create a sustainable value proposition. It is one of the world’s foremost-integrated producers in the polyester industry and the largest producer of PET. The company has 273 recycling facilities and 124 manufacturing sites all over world. It is present in Europe, North America, South America, APAC, and Africa.
SUEZ is the second-largest player of the recycled plastics market, globally. SUEZ is a leading and innovative group with a strong presence across the globe, particularly in Europe. Its focus on growth strategies, such as expansions, contracts, new service developments, joint ventures, and partnerships, will drive its growth in the emerging and developed markets. SUEZ has planned to build a recycling plant in Thailand, which would convert plastic waste into circular polymers. This plant is in line with Thailand’s target for achieving 100% plastic recycling by 2030. This expansion is projected to enhance the company’s presence in Southeast Asia and enhance its expertise in plastic recycling. SUEZ has implemented a balanced and profitable growth strategy.
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