The recycled plastics market is projected to grow from USD 69.4 billion in 2023 to USD 120.0 billion by 2030, at a CAGR of 8.1% from 2023 to 2030. The growth of the market is driven by the increasing restrictions on single-use polymers and the initiatives taken by governments in China, Europe, US, and Mexico, among other countries.
Companies such as Veolia (France), Indorama Ventures (Thailand), Far Eastern New Century Corporation (Taiwan), Alepk (Mexico), and Berry Global Inc. (US) fall under the winners’ category. These are leading players in the recycled plastics market, globally. These players have adopted the strategies of partnership, collaboration, investment, acquisition, contract, and expansion to increase their market shares.
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Veolia is among the leading global providers of environmental management services with operations in water management, waste management, and energy services. The company manages its recycled plastics business through the waste segment and deals with the collection, treatment, and recycling of municipal and industrial waste. It processes HDPE, LDPE, PET, PP, PS, PVC, PC, and PA, among other plastic materials. The company has a strong global presence with operations in more than 40 countries across Europe, Asia Pacific, South America, Africa, and North America.
Indorama Ventures is one of the largest sustainable chemical companies across the world. Its products and services are provided to several industries that serve common consumer needs in hygiene, improved lifestyles, and safety. The company entered the recycling business in 2011, and transforms post-consumer PET bottles into flakes, rPET resins, and recycled polyester yarns. Indorama Ventures comprises over 270 recycling facilities and more than 140 manufacturing units. It has presence in more than 30 countries in major regions, such as Asia Pacific, Europe, the Americas, and Africa, which provides the company a competitive edge over its competitors.
Far Eastern New Century Corporation
Far Eastern New Century Corporation, shortly known as FENC, is a manufacturer of textile materials, and PET bottle & sheets. The company produces rPET through its fine-mesh filtration process for use along with virgin bottle resins to cater to various food & non-food applications. It operates several subsidiaries and has production sites spread across the US, Taiwan, Vietnam, China, Malaysia, and Japan.
Alpek is an integrated PET and PTA producer based in Mexico. The company operates through two primary business segments, namely, polyester and plastics & chemicals. The polyester segment comprises the production of purified terephthalic acid (PTA), polyethylene terephthalate (PET), recycled PET (rPET), and polyester fibers for food & beverage packaging, textile, and industrial filament industries. The company has more than 30 manufacturing plants across nine countries, namely Canada, the US, Mexico, Brazil, Chile, Argentina, the UK, Saudi Arabia, and Oman.
Berry Global Inc.
Berry Global Inc., offers packaging and engineered products in support towards a circular economy. Its division, Berry Circular Polymers comprises business of PLASgran and bpi recycling, which specializes in pre & post-consumer plastic recycling. The company can reprocess a variety of materials, including LDPE, LLDPE, HDPE, and other plastics. Besides, the company offers its CleanStream recycling technology to mechanically process domestically recovered household waste polypropylene (PP) back into food-grade packaging. It has a strong base in Europe along with an active presence across North America, South America, Africa, and Asia Pacific.
Recycled Plastics Market by Source (Bottles, Fibers, Films, Foams), Process, Plastic Type (PET, PE, PP, PVC, PS), Type, End-Use (Packaging, Textiles, Building & Construction, Automotive, Electrical & Electronics), and Region - Global Forecast to 2030
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