Plastic Recycling Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 7.03 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Plastic Recycling Market Analysis
The Engineering Plastic Recycling Market size is estimated at 12.89 Million tons in 2024, and is expected to reach 18.10 Million tons by 2029, growing at a CAGR of 7.03% during the forecast period (2024-2029).
The COVID-19 pandemic harmed the engineering plastic recycling sector. Global lockdowns and severe rules enforced by governments resulted in a catastrophic setback as most production hubs were shut down. Nonetheless, the business has been recovering since 2021 and is expected to rise significantly in the coming years.
- The major factor driving the growth of the market studied is the growing emphasis on sustainability among consumers and packaging products and the increasing use of recycled polyester.
- On the flip side, difficulty in collecting and sorting mixed plastic is expected to hinder the market's growth.
- Innovations in recycling technologies for the automatic processing and sorting of plastics are expected to provide ample opportunities in the global engineering plastic recycling market.
- The Asia-Pacific region accounted for the largest share; however, Europe is expected to register the highest CAGR during the forecast period.
Plastic Recycling Market Trends
Packaging Industry to Dominate the Market
- PET is one of the most widely used plastics for packaging applications. Apart from being food-safe, PET is also strong, lightweight, transparent, and shatter-resistant. Moreover, the characteristics of PET, as an effective barrier to carbon dioxide, make it an unrivaled choice for beverage and rigid food packaging.
- British Plastics Federation (BPF) stated that, at present, nearly 70% of soft drinks (carbonated drinks, still and dilatable drinks, fruit juices, and bottled water) are packaged in PET plastic bottles.
- Further, BP p.l.c. stated that PET is usually used in rigid food packaging, and per year, nearly 27 million metric tons of PET are used in these applications globally, with the majority, around 23 million tons, used in bottles. Recycled PET can replace all or a proportion of virgin PET polymer in new packaging products.
- Recycling has been gaining traction as many major packaging companies are planning initiatives for waste management. Many companies are collecting PET bottles from domestic waste management and then processed into plastic flakes to further use in packaging applications.
- Numerous major brands worldwide are committed to using recycled PET to reduce the carbon footprint of their drink products. Some of these include Coca-Cola, Nestle Waters, PepsiCo, and Danone, others that sell soft drinks and bottled water, have committed to stop using single-use plastics by 2030.
- According to Flexible Packaging Association (FPA), the United States packaging industry was valued at USD 185 billion in 2022 in flexible packaging, accounting for around 20% of the total market share. The year-on-year growth of flexible packaging in 2022 was up 12.1%.
- Hence, the packaging industry is expected to dominate the market and expect to provide numerous growth opportunities to the players operating in the engineering plastic recycling market.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the engineering plastic recycling market owing to the demand for plastic recycling from China, Japan, and India.
- China is one of the largest global polyethylene terephthalate (PET) consumers. The abundant availability of raw materials and the low cost of production have supported the production growth of engineering plastics, such as PET, in the country for the past few years.
- According to the National Bureau of Statistics of China, in H1 2022, China produced plastic products to nearly 38.21 million metric tons, around 80.04 million metric tons in 2021.
- According to the Indian Brand Equity Foundation (IBEF), India's plastic export from April-2022 to February 2023 stood at USD 10.9 billion. Further, according to PET Packaging Association for Clean Environment (PACE) and National Chemical Laboratory (NCL), the Indian recycled PET plastic industry was estimated to be around USD 400-550 million. Thus, increasing plastic export and recycling activities is boosting the engineering plastic recycling market.
- Further, the significant demand for recycled plastic in numerous end-use industries, such as packaging, automotive, electrical, and electronics, is further propelling the market growth.
- For instance, according to OICA, in 2022, the total production of motor vehicles in Asia-Pacific amounted to 50,020,793 units which was increased by 7% compared to 2021, which accounted for 46,768,800 units.
- Thus, the rise in plastic production, remarkable growth in recycling activities, and significant demand for several end-user industries is propelling the growth of the engineering plastic recycling market.
Plastic Recycling Industry Overview
The engineering plastic recycling market is highly fragmented as the dominance of regional market players is extremely high. Some of the major players in the market (in no particular order) include Indorama Ventures Public Company Limited, Clean Tech U.K. Ltd, Far Eastern New Century Corporation (Phoenix Technologies), Alpek S.A.B. de C.V., and Petco.
Plastic Recycling Market Leaders
-
Indorama Ventures Public Company Limited
-
Far Eastern New Century Corporation (Phoenix Technologies)
-
Petco
-
Alpek S.A.B. de C.V.
-
Clean Tech UK Ltd
*Disclaimer: Major Players sorted in no particular order
Plastic Recycling Market News
- October 2022: Indorama Venturas announced the opening of a PET Value bottle-to-bottle recycling plant in the Philippines in partnership with Coca-Cola Beverages Philippines.
- February 2022: Indorama Venturas announced the acquisition of UCY Polymers CZ s.r.o. (UCY) which is a Czech Republic-based PET plastic recycler. This led to recycling about 1.12 billion additional post-consumer PET (polyethylene terephthalate) plastic bottles in the Czech Republic every year by 2025.
Plastic Recycling Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Drivers
- 4.1.1 Growing Emphasis on Sustainability among Consumer and Packaging Products
- 4.1.2 Increasing Use of Recycled Polyester
- 4.1.3 Other Drivers
-
4.2 Restraints
- 4.2.1 Difficulty in Collecting and Sorting Mixed Plastic
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
-
4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
-
5.1 Plastic Type
- 5.1.1 Polycarbonate
- 5.1.2 Polyethylene Terephthalate (PET)
- 5.1.3 Styrene Copolymers (ABS and SAN)
- 5.1.4 Polyamide
- 5.1.5 Other Engineering Plastics
-
5.2 End-user Industry
- 5.2.1 Packaging
- 5.2.2 Industrial Yarn
- 5.2.3 Electrical and Electronics
- 5.2.4 Other End-user Industries
-
5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 France
- 5.3.3.4 Italy
- 5.3.3.5 Rest of Europe
- 5.3.4 Rest of the World
- 5.3.4.1 South America
- 5.3.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
-
6.4 Company Profiles
- 6.4.1 Alpek S.A.B. de C.V.
- 6.4.2 Clean Tech UK Ltd
- 6.4.3 Euresi Plastics SL
- 6.4.4 EF Plastics UK Ltd
- 6.4.5 Far Eastern New Century Corporation (Phoenix Technologies)
- 6.4.6 Indorama Ventures Public Company Limited
- 6.4.7 JFC Group
- 6.4.8 Krones AG
- 6.4.9 Petco
- 6.4.10 Placon
- 6.4.11 PolyClean Technologies
- 6.4.12 Reliance Industries Limited
- 6.4.13 REPRO-PET
- 6.4.14 TEIJIN LIMITED
- 6.4.15 UltrePET LLC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Innovations in Recycling Technologies for Automatic Processing and Sorting of Plastics
- 7.2 Other Opportunities
Plastic Recycling Industry Segmentation
Engineering plastic recycling is processing waste plastic material into useful products. Engineering plastic is mainly recovered from computers, electronics, and automobiles and can be recycled using chemical or mechanical processes. The engineering plastic recycling market report includes segmentation by plastic type, end-user industry, and geography. The market is segmented by plastic type into polycarbonate, polyethylene terephthalate (PET), styrene copolymers (ABS and SAN), polyamide, and other engineering plastics. The segment of the end-user industry includes packaging, industrial yarn, automotive, electrical, electronics, and other end-user industries. The report also covers the market size and forecasts for the engineering plastics recycling market in 12 countries across major regions. The market sizing and forecasts have been done for each segment based on volume (Tons).
| Plastic Type | Polycarbonate | |
| Polyethylene Terephthalate (PET) | ||
| Styrene Copolymers (ABS and SAN) | ||
| Polyamide | ||
| Other Engineering Plastics | ||
| End-user Industry | Packaging | |
| Industrial Yarn | ||
| Electrical and Electronics | ||
| Other End-user Industries | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Rest of Europe | ||
| Geography | Rest of the World | South America |
| Middle-East and Africa |
Plastic Recycling Market Research FAQs
How big is the Engineering Plastic Recycling Market?
The Engineering Plastic Recycling Market size is expected to reach 12.89 million tons in 2024 and grow at a CAGR of 7.03% to reach 18.10 million tons by 2029.
What is the current Engineering Plastic Recycling Market size?
In 2024, the Engineering Plastic Recycling Market size is expected to reach 12.89 million tons.
Who are the key players in Engineering Plastic Recycling Market?
Indorama Ventures Public Company Limited, Far Eastern New Century Corporation (Phoenix Technologies) , Petco, Alpek S.A.B. de C.V. and Clean Tech UK Ltd are the major companies operating in the Engineering Plastic Recycling Market.
Which is the fastest growing region in Engineering Plastic Recycling Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Engineering Plastic Recycling Market?
In 2024, the Asia Pacific accounts for the largest market share in Engineering Plastic Recycling Market.
What years does this Engineering Plastic Recycling Market cover, and what was the market size in 2023?
In 2023, the Engineering Plastic Recycling Market size was estimated at 12.04 million tons. The report covers the Engineering Plastic Recycling Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Engineering Plastic Recycling Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Plastic Recycling Industry Report
The Engineering Plastic Recycling Market is segmented by plastic type and end-user industry, covering a range of materials including polycarbonate, polyethylene terephthalate (PET), styrene copolymers (ABS and SAN), polyamide, and other engineering plastics. The end-user industries are diverse, encompassing packaging, industrial yarn, automotive, electrical and electronics, and other sectors. The market analysis includes a comprehensive market forecast outlook, offering insights into industry trends and market growth.
According to the market research, the global market for engineering plastic recycling is poised for significant growth. The industry report provides an industry overview, highlighting market size and market share, and offering detailed market segmentation by geography, including Asia-Pacific, North America, Europe, and the Rest of the World.
The industry analysis reveals key market leaders and provides valuable market data and industry statistics. The market report includes an industry outlook, emphasizing market trends and market predictions. The report example and industry information are available in a free report PDF download, which includes market review and market value assessments.
The industry research indicates a positive market outlook with robust market growth. The market forecast and market segmentation highlight the potential for increased industry sales and market value. The report pdf offers a detailed industry overview, showcasing industry reports and research companies involved in the sector.
Overall, the market data and industry trends suggest a promising future for the engineering plastic recycling market, with significant opportunities for market leaders and stakeholders. The market review underscores the importance of industry size and market predictions in shaping the future of this dynamic market.
