Recycled Plastic Resins Market

Recycled Plastic Resins Market Outlook (2024 to 2034)

The global recycled plastic resins market is projected value at US$ 48.4 billion in 2024 and expand at a CAGR of 8.5% to end up at US$ 109.4 billion by 2034.

The recycled plastic resins have high demand in the market due to rising importance of sustainable and eco-friendly material use. The several companies in the market are focusing on reducing their carbon footprint to compile with the strict regulations.

The range of plastics in the market includes but is not limited to; polyethylene (PE) resins, polypropylene (PP) resins, and

polyethylene terephthalate (PET) resins among others, which are manufactured into standard polymers for various uses. Such resins are found to packaging, automotive, construction, and textiles sector where they are used in making environmentally friendly substitutes for the primary plastics.

In addition, chemicals and mechanical methods, which improve recycling methods, have favored the positive acceptance of the market, as one can make resins of similar quality as virgin resins. Global players are investing in recycling technologies and facilities to provide solutions for advanced materials recovery. There are difficulties faced that include contamination of the captured waste and the inability to recycle some of the plastics that are collected. Apart from this, the different stages of the regulatory structure as well as the level of infrastructural development in the region affect the market.

• Between 2024 and 2034, by material type, the Polyethylene Terephthalate (PET) is expected to produce an absolute dollar opportunity US$ 19.3 billion.
• In 2024, By Application, Packaging is holding a 41.8% market share and is estimated to be worth US$ 20.2 billion.

Report Attributes	Details
Market Size (2023A)	US$ 45.1 billion
Estimated Market Value (2024E)	US$ 48.4 billion
Forecasted Market Value (2034F)	US$ 109.4 billion
Global Market Growth Rate (2024 to 2034)	8.5% CAGR
East Asia Market Share (2024E)	31.6%
North America Market Growth Rate (2024 to 2034)	8.8% CAGR
China Market Growth Rate (2024E)	8.9% CAGR
Key Companies Profiled	Dow; Veolia; Indorama Ventures; Suez; Plastipak Holdings, Inc; Loop Industries; Clean Tech UK Ltd; KW Plastics; CarbonLITE Industries; Custom Polymers; Ultra-Poly Corporation; MBA Polymers Inc; Evergreen Plastics Ltd; Envision Plastics; Merlin Plastics; Alpek Polyester

Sales Analysis of Recycled Plastic Resins (2019 to 2023) vs. Market Forecasts (2024 to 2034)

The market for recycled plastic resins grew at a growth rate of 8.1% from 2019 to 2023, and by the end of 2023, it was valued at US$ 45.1 billion. Historically, market saw remarkable evolution of the recycled plastic resins market because of increasing awareness of the environment and growing bans on the use of plastic.

The expanding food and beverage sector and the increasing demand for environmentally conscious packaging in various sectors drove the growth of the market. Because of major improvements in recycling technologies the quality and supply of recycled plastics in the market improved, helping many companies to satisfy consumers’ demand for green products, indicating an increase in sustainable development across many industries.

Historical Report Attributes	Details
Market Size (2019A)	US$ 32.2 billion
Market Size (2023A)	US$ 45.1 billion
Historical CAGR (2019-2023)	8.1%
Forecasted CAGR (2024-2034)	8.5%

• Short Term (2024 to 2027): Short-term growth is shaped by environmental policies and increasing recycling infrastructure. Rising demand in packaging and automotive industries is catalyzing investments in efficient recycling technologies, ensuring quality and consistency in recycled plastic resins. Market expansion will focus on regions with robust regulatory support and infrastructure development.
• Medium Term (2027 to 2030): In this epoch, progressive technology in plastic recycling like chemical will broaden the scope, enabling, for instance, several plastic types to be recycled. There will be joint ventures between resin developers and key players in the brands’ market for the sake of launching environmentally friendly packaging. Regulators will further restrain by demanding more content from recycled products and reduce the use of single-use plastic thereby creating stability in the market in the long run.
• Long Term (2030 to 2034): Long-term growth is characterized by a mature, circular economy model where recycled plastic resins dominate multiple applications. The incorporation of bio plastic as well as complex materials with recycled plastic content improves the ecology of the market. As the use in all developing regions increases and global recycling processes improve, demand will continue, cementing the status of recycled resins as industrial materials.

According to Fact.MR, the recycled plastic resins market size is valued at US$ 48.4 billion in 2024. Demand is projected to rise at a CAGR of 8.5% through 2034 to reach US$ 109.4 billion by the end of the forecast period (2024 to 2034).

Market Dynamics

What are the Factors Propelling Global Sales of Recycled Plastic Resins?

“Sustainability and Regulatory Support Drive Recycled Resins Adoption”

The increasing demand of sustainable products, updating government policies and the methods promoting a circular economy are the driving factors for the recycled plastic resins market. The several countries and institutions all over the world have taken initiatives to lower the plastic generation and emission of carbon. The various industries such as automotive, construction, packaging are using recycled resins to fulfill this requirement.

Also, the change in consumer patterns towards the purchase of such products have bolster the utilization of recycled plastic resins. Developed recycling technologies in the mix of chemical recycling technologies assisted by AI sorting have raised the standard of resins enabling them to compete with plastics made from petroleum.

In this regard, given the increase in recyclable and biodegradables focused strategies in the quest of the packaging materials, and the automotive industry looking towards lightweight and recyclable designs, there will be a demand pull on the recycled resins.

“Growing Environmental Awareness is driving the Market for Recycled Plastic Resins”

In response to this growing concern, consumers have started to request other resources that are less harmful to the environment – for instance, recycled plastics. Such trends in consumption have compelled the manufacturers to also embrace green ways of doing business in such a way that they use recycled materials in their production processes.

More so, regulatory measures to curb the use and disposal of plastics are on rise. Countries and regions across the globe have started to put in place rules along with providing subsidies that appreciate recycling and the incorporation of recycled materials thereby creating a supportive setting for the recycled plastic resins market. For example, the European region has set standards for the recycling of waste materials while espousing policies that embrace the principles of a circular economy leading to an increase in the use of recycled plastics in many sectors.

Apart from that, other sectors like packaging, automotive, and building construction are looking for a recycled plastic resin for the accomplishment of the sustainability objectives and regulatory standards. Many companies are aware that the use of recycled products does not only aid the fight against pollution but also gives them an edge in competing in the market.

The rising adoption of advanced and new recycling technologies is also another factor enhancing market growth as these technologies help enhance the quality and efficiency of the recycled plastic resins which can compete with virgin plastics. Such advancements are instrumental in addressing past issues raised about the quality of recycled materials in the market assuring regulation and use in various applications.

What is the Primary Constraint Faced by the Market Competitors for Recycled Plastic Resins?

“Contamination and Recycling Infrastructure Limit Market Growth Potential”

Producers of recycled plastic materials encounter numerous obstacle, especially as it relates to the contamination of the waste streams that are collected for processing, which affects the quality and uniformity of the resins. The wide various types of plastic wastes make them very difficult to manage thus advanced separation and treatment methods are employed thus raising the operating costs.

Also, the quality sources of recyclable materials are more limited because of the lack of adequate recycling systems in most areas. Due to the sales of unprocessed plastic raw materials, the companies’ production strategy is faced with price changes in the raw materials. In addition, expansion also comes the struggle against the manufacturers of plastics that are unprocessed.

Country-wise Insights

Country-wise Forecast CAGRs for the Recycled Plastic Resins Market

Country	CAGR
U.S.	8.7%
China	8.9%

Why is Adoption of Recycled Plastic Resins High in the United States?

“United States Market Leads with Strong Policy Support and Consumer Demand"

In the United States, the adoption of recycled plastic resins has been comparatively high due to both governmental and corporate initiatives as well as the demand for sustainable products among consumers. The Federal and state practices promote recycling and incorporate recycled materials particularly in containers and other products.

Major firms are also building initiatives geared towards the use of reclaimed materials in their supply chains. In addition, there is a well-established network for recycling and the technology is available to produce high quality recycled grade resins. All these, plus prominent campaigns aimed at raising the citizens’ consciousness on the need to recycle have led to increased levels of adoption of recycled resins in various sectors of the economy.

United States market is estimated to have a value of US$ 8.3 billion by 2024, with a market share of 70.9% in North America.

Why is China a Lucrative Market for Recycled Plastic Resins?

“China’s Industrial Expansion and Recycling Initiatives Boost Market Potential”

As a result of its vast manufacturing base and state led recycling and sustainability initiatives, the market for recycled plastic resins in China is booming. A large market for global recycled resin application can be seen owing to the rapid growth of industries and the high consumption of plastics in the country.

Strategies geared towards limiting waste disposal such as the restriction on the importation of waste products and the domestic recycling norms have resulted in increased preparedness to recycle waste materials within the country. The development of new recycling plants and the establishment of strategies with foreign companies that are looking for methods to go green also boosts the market of china considerably.

By 2034, the market for China recycled plastic resins is projected to be worth US$ 23.0 billion.

Category-wise Insights

“Packaging Sector Dominates Demand for Recycled Plastic Resins Globally”

Environmental laws and consumer preferences for greener products contribute to the fact that the packaging industry is the main end user of recycled plastic resin materials. Use of reclaimed plastic products such as recycled polyethene terephthalate (rPET), and other resins for manufacturing of bottles, containers and flexibles has also risen tremendously.

Turning the tide towards sustainable operations, many brands have ‘net’ sustainability aims and are therefore incorporating very high percentages of recyclate into their packaging designs. The sector’s focus on sustainable development strategies and circularity creates an expectation for an increase in the supply of recycled resins.

According to projections, the packaging is holding the market share of 41.8% in global recycled plastic resins market and will reach to US$ 46.3 billion value in 2034.

Competitive Landscape

The prominent players in the recycled plastic resins market are Dow Chemical Co., Veolia, Indorama Ventures, Suez, Plastipak Holdings, Inc., Loop Industries, Clean Tech UK Ltd., KW Plastics, CarbonLITE Industries, Custom Polymers, Ultra-Poly Corporation, MBA Polymers Inc., Evergreen Plastics Ltd., Envision Plastics, Merlin Plastics, and Alpek Polyester among others.

• In June 2024, Dow Chemical Co. partnered with RKW Group, a German manufacturer of polyolefin-based films, to launch two new grades of resins under Dow’s Revoloop recycled plastic resin product offering, including a resin with up to 100 percent postconsumer recycled (PCR) plastic.

Fact.MR has provided detailed information about the price points of key manufacturers & service providers in Recycled Plastic Resins market positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Recycled Plastic Resins Market

• By Material Type :

  • Polyethylene Terephthalate (PET)
  • Polyethylene (PE)
  • Polypropylene (PP)
  • Polyvinyl Chloride (PVC)
  • Polystyrene (PS)
  • Others (Acrylonitrile Butadiene Styrene (ABS), Polycarbonate (PC))

• By Recycling Process :

  • Mechanical Recycling
  • Chemical Recycling

• By Source :

  • Bottles
  • Films & Sheets
  • Fibers
  • Foams
  • Others (Agricultural Plastics, Medical Plastics)

• By Application :

  • Packaging
  • Construction
  • Automotive
  • Electrical & Electronics
  • Textiles
  • Others (Medical, Household Products)

• By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa