Recycled Plastics Market to Hit $70B by 2027 Amid Sustainability Push

Recycled Plastic

As per a 2022, report by the Organization for Economic Cooperation and Development (OECD), worldwide, most plastic waste finds its way into landfills, incinerated, or leaking into the environment, and only 9 percent is recycled successfully." As per recent industry estimates, the global recycled plastics market is expected to grow to $70 billion by 2027 on account of rising green consciousness and regulatory insistence on green materials. Recycled plastic is plastic waste that has been collected, processed, and converted into new products instead of being sent to landfills or the environment. As climate change and plastic pollution become pressing environmental issues, governments and businesses alike are pledging allegiance to a circular economy, where recycled material plays a key role in reducing waste and resource depletion.

• Plastic, previously considered the ultimate convenience material, is being remade by innovation and policy nowadays. Recycled plastic has increased in prominence of late, particularly in packaging, automotive, construction, and consumer goods markets. Due to expanding environmental consciousness, expanding consumer demand for eco-friendly products, and government policies supporting recycling and the circular economy, recycled plastic has seen unprecedented growth in the last few years in its market. 
• The United States is presently recycling around 32% of its plastics, with significant variation by region. However, new projects are now being undertaken to develop an extensive "waste-to-resource" infrastructure network. California, Michigan, and Georgia state processing facilities are expanding rapidly through public-private partnerships, with a focus on high-tech sorting capacity and chemical recycling technology. Sustainability is no longer a choice but an obligation as the business continues to evolve.
• One of the world leaders in waste and recycling, Suez Group is known for its commitment to the circular economy. The firm offers a range of solutions for recycling and reusing post-consumer plastic waste to be used by industries such as packaging, automotive, and construction. Veolia Environmental Services is another leading global waste management services company with a strong focus on plastic recycling. The firm operates a series of sophisticated recycling facilities and is a leader in innovation in green recycling technologies. Similarly, Indorama Ventures Public Company Limited is the world's leading producer of recycled polyethylene terephthalate (rPET) products from post-consumer plastic bottles. The firm has extensive operations in PET plastic recycling for packaging, textiles, and numerous other uses. rPET and rPE markets are two of the most rapidly growing sectors, which are primarily fueled by consumption from the packaging and beverage industries. 
• Major consumer brands have committed that by 2030, they will have at least 50% recycled content in their packaging. This, together with enhancing consumer awareness, is revolutionizing corporate supply chains and driving demand for recycled resins.
• Governments worldwide are putting in place legislation to reduce plastic waste. The European Union's Circular Economy Action Plan and concurrent initiatives elsewhere globally are driving businesses toward PCR plastics. The major market players are becoming more focused on realigning their business activities with sustainability goals, which further advances growth in the market. The role of innovation and digitalization in the modern world cannot be undermined. AI-driven sorting technologies, blockchains for material tracking, and smart waste management systems are making the collection, processing, and distribution of recycled plastics quicker and more efficient.
• A 2024 report by the U.S. Department of Energy projects that recycled plastic could supply over 25% of all U.S. plastic demand in 2030, providing valuable environmental benefits like reduced landfill waste and reduced energy consumption compared to making virgin plastic.
• With mounting global pressure to take action on plastic pollution and climate change, the future for recycled plastics is rosy. But to realize full potential will require a collaborative effort from governments, industries, and consumers. The transition to a circular plastics economy is already underway, and with the right mix of innovation, investment, and policy framework, recycled plastics can lead the way to a cleaner, more sustainable future.