Country-Niche Players Dominate the Market despite Presence of about ~500 Competitors Comprising a Large Number of Country-Niche Players and Some Specialist Players, finds a recent market study on Global Recycled Plastics Market by Ken Research
Plastic recycling is the process of recovering plastic waste and reprocessing the material into useful products. Plastic waste is collected from landfills and other sources and sent to recycling centers, where it is typically separated into different types of polymers. Polymers are then shredded and melted back into polymer pellets. The pellets are resold to be used in new products across various end-user industries. Recycling and other collection routes help reduce environmental impact and save costs, especially in the construction, manufacturing, and retail sectors. Most plastics are not biodegradable, so recycling is part of a global effort to reduce plastics in waste streams. Ken Research shares 3 key insights on the competitive landscape of this dynamic market from its latest research study.
Country-Niche Players constitute ~60% of the Total Number of Companies in the Recycled Plastics Market.
A comprehensive competitive analysis conducted during the Research Study found that the Global Recycled Plastics Market is highly competitive with ~500 players, including globally diversified players, regional players, and many country-niche players. The Country-Niche players comprise about 60% in terms of the number of companies followed by regional players with 30% of the total competitors.
Growing Acceptance of Recycled Plastics Consumption in the Textile Industry and the Shift of the Packaging Industry towards Recyclable Materials are Expected to be the Primary Drivers of this Market
Detailed comparative analysis of key competitors available within the Research Study shows that major players such as B. Schoenberg & Co., Covestro AG, B&B Plastics, KW Plastics, Republic Services, Inc., Ultra Poly Corporation, Custom Polymers, Plastipak Holdings are highly focused on providing a significant number of recycled plastics products that can be used across multiple end-user industries, including building & construction, packaging, electrical & electronics, textiles, automotive, and more. Furthermore, several companies and organizations are aggressively investing in research & development activities and are focusing on acquisitions and mergers with specialized players for the development of techniques used in recycling different types of plastic materials.
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- In July 2021, Co-op, a food retail business brand in the U.K., launched the most extensive in-store recycling scheme for plastic bags and product wrapping in Europe. the initiative ensured all the Co-op’s food packing is easily recyclable.
- In June 2021, Indorama Ventures Sustainable Recycling (IVSR), a global chemicals producer acquired CarbonLite Holdings as part of the company’s commitment to increasing PET recycling capacity.
- In January 2022, Plastipak Holdings completed a major investment and significantly expanded its PET recycling capacity at its manufacturing site in Luxembourg. The new plant converts washed rPET flakes originating from post-consumer bottles into food-grade recycled PET (rPET) pellets.
COVID-19 Pandemic Led to A Dip in The Growth of the Recycled Plastics Market, owing To supply chain disruption worldwide. However, the Market is expected to Restore Growth during the Forecast Period.
The market was negatively impacted by the COVID-19 pandemic in 2020, owing to the strict regulations in several countries that temporarily halted waste collections in some municipalities. The global pandemic affected the production of plastics due to a complete ban on imports-exports that disrupted the supply chain, work stoppages, and labor shortages, thereby hampering the market. All the major end-user industries such as textiles, automotive, building & construction, and packaging were completely shut which shifted the demand temporarily to single-use plastics. For instance,
- According to an article published in the U.S. Recycling Today Magazine in 2021, informal waste collectors reduced their activities due to which recycling programs were suspended in the region. As per the survey conducted in the U.S., 34% of the total recycling companies were partially or completely closed in April 2020.
- In 2020, as a response to European government restrictions and deteriorating market conditions, many plastic recycling companies temporarily shut their production activities.
As a result, the demand for recycled plastic material dropped for a limited time period. However, the situation is likely to improve in the year 2022, due to the burgeoning growth of packaging, building & construction, and other related industries.
Increased Government Initiatives and New Strategical Investments in the Polymers Industry Promoted Recycled Plastics Products which Led to Major Industry-Wide Developments, Acquisitions, and Deal-Wins.
The Governments of many developed countries are committed to achieving zero plastic waste by establishing recycled content standards that drive the demand for recycled plastics. For instance,
- In February 2022, the Ministry of Environment and Climate Change in Canada developed a set of new regulations stating minimum percentage requirements of recycled content for items made of plastic. The strategy works in collaboration with governments of different provinces and territories and imposes regulations on plastic manufacturers for the production of new plastic products.
- In January 2022, France banned the use of single-use plastics for the packaging of most fruits and vegetables. Under the new guidelines circulated by the government, many food items can no longer be sold in single-use plastic packaging, instead should be wrapped in recyclable materials.
- In May 2021, the U.S. Department of Energy (DOE) invested USD 14.5 Mn for research and development related to the recycling of single-use plastics. The project helped the region in developing viable solutions for designing plastics that are more recyclable and biodegradable.
- In August 2021, a U.S.-based food and beverage company, Mondelēz International switched its snack products packaging from polystyrene to largely recycled PET plastic. With the usage of recycled PET plastic for packaging, the company eliminated the use of approximately 487 tons of polystyrene per year.
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Key Topics Covered in the Report
- Snapshot of Global Recycled Plastics Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Recycled Plastics Market
- Historic Growth of Overall Global Recycled Plastics Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of Global Recycled Plastics Industry
- Overview, Product Offerings, Strengths, & Weaknesses of Key Competitors
- Covid-19 Impact on the Overall Global Recycled Plastics Market
- Future Market Forecast and Growth Rates of the Total Global Recycled Plastics Market and Segments
- Market Size of Application / End User Segments with Historical CAGR and Future Forecasts
- Analysis of Global Recycled Plastics Market
- Major Production/Supply and Consumption/Demand Hubs within Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Region
Leading Companies Mentioned in the Report
- Schoenberg & Co.
- Covetsro AG
- B&B Plastics
- Green Line Polymers
- KW Plastics
- Republic Services
- Ultra Poly Corporation
- Veolia
- Shell International B.V.
- Custom Polymers
- Plastipak Holdings
Notable Emerging Companies Mentioned in the Report
- Zymergen
- PureCycle Technologies
- UBQ Materials
- Plastic Energy
- Loop Industries
- Banyan Nation
- The Shakti Plastic Industries
- IntegriCo Composites
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Plastics Manufacturers
- Recycled Plastics Manufacturers
- Polyethylene Plastic Product Type Suppliers
- Polyethylene Terephthalate Plastic Product Type Suppliers
- Polypropylene Plastic Product Type Suppliers
- Polyvinyl Chloride Plastic Product Type Suppliers
- Polystyrene Plastic Product Type Suppliers
- Recycled Plastic Bottles Manufacturers
- Recycled Plastic Films Manufacturers
- Recycled Plastic Foam Manufacturers
- Recycled Plastics Distributors
- Emerging and Startup Recycled Plastics Companies in the Market
- Different Types of Recycled Plastics Institutes
- Government Departments of Polymers
- Ministries and Departments of Electrical & Electronics
- Ministries and Departments of Construction Materials
- Ministries and Departments of Chemicals
- Ministries and Departments of Petrochemicals
- Importers and Distributors of Recycled Plastics
Period Captured in the Report
Historical Period: 2017-2021
Forecast Period: 2022-2028F
For More Information on the Research Report, refer to below links: –
Global Recycled Plastics Market: Ken Research
Contact Us: –
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249