The global recycled plastics market is projected to grow from USD 85.90 billion in 2025 to USD 149.25 billion by 2032, at a CAGR of 8.2% during the forecast period. The research report provides a complete analysis of the recycled plastics market size, price, sales share, revenue and potential growth prospects. Additionally, an overview of recent major trends, technological advancements, and innovations within the market are also included. The increasing demand for recovered plastics to address rising levels of plastic pollution has driven the consumption of recycled plastics. Since recycled plastics conserve more energy than virgin plastics, they are used in most major end-use industries, including packaging, textiles, building and construction, automotive, and electrical and electronics.
The fibers segment, by source, is expected to be the second-fastest growing during the forecast period.
The fibers segment, by source, accounted for the second-highest CAGR of the recycled plastics market in 2024. Fibrous materials and clothing scraps are recycled into new raw materials and are utilized across various industries, including automotive, furniture, mattresses, coarse yarn, home furnishings, and paper. Specifically, the growth of fibers in the textile sector, combined with their increasing use, significantly impacts the recycled plastics market.
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Polyethylene terephthalate (PET), by plastic type, is expected to be the largest market segment during the forecast period.
The polyethylene terephthalate (PET) segment, categorized by plastic type, is expected to hold the largest share of the recycled plastics market due to its extensive applications. PET can be recovered, recycled repeatedly, and remelted to create new PET products. It is typically recycled into fashion items such as polar fleece clothing, backpacks, carpets, and applications in food & beverage, building & construction, and packaging sectors.
Europe is the second-largest region in the recycled plastics market.
The significant factors contributing to the growth of recycled plastics in Europe include EU restrictions on single-use plastics implemented since 2019, a goal to reduce plastic pollution with a target of recycling 50% of plastic packaging by 2025, increased venture capital funding, and initiatives taken by government bodies to promote the adoption of recycled plastics across Europe.
Some of the leading players in this market include Alpek (Mexico), Biffa (UK), Cabka (Germany), Far Eastern New Century Corporation (Taiwan), Indorama Ventures (Thailand), Jayplas (UK), Loop Industries, Inc. (Canada), MBA Polymers Inc. (US), Plastipak Holdings, Inc. (US), Republic Services (US), Stericycle (US), and Veolia (France).
Veolia (France)
Veolia is one of the leading global providers of environmental management services, focusing on water management, waste management, and energy services. The company operates its recycled plastics business within the waste segment, which involves collecting, treating, and recycling both municipal and industrial waste. It processes various plastic materials, including HDPE, LDPE, PET, PP, PS, PVC, PC, and PA. With operations in over 40 countries across Europe, Asia Pacific, South America, Africa, and North America, the company boasts a strong global presence.
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Indorama Ventures Public Company Limited (Thailand)
Indorama Ventures is one of the largest sustainable chemical companies in the world. Its products and services cater to several industries that fulfill everyday consumer needs in hygiene, improved lifestyles, and safety. The company entered the recycling business in 2011, transforming post-consumer PET bottles into flakes, rPET resins, and recycled polyester yarn. Indorama Ventures operates over 270 recycling facilities and more than 140 manufacturing units. It has a presence in over 30 countries across major regions such as Asia Pacific, Europe, the Americas, and Africa, which gives the company a competitive edge.
Far Eastern New Century Corporation (Taiwan)
Far Eastern New Century Corporation, commonly referred to as FENC, manufactures textile materials as well as PET bottles and sheets. The company produces rPET using its fine-mesh filtration process, along with virgin bottle resins for a variety of food and non-food applications. It operates several subsidiaries and has production sites located in the US, Taiwan, Vietnam, China, Malaysia, and Japan.
Alpek S.A.B. de C.V. (Mexico)
Alpek is an integrated producer of PET and PTA based in Mexico. The company operates through two main business segments: polyester and plastics & chemicals. The polyester segment includes the production of purified terephthalic acid (PTA), polyethylene terephthalate (PET), recycled PET (rPET), and polyester fibers for food & beverage packaging, textiles, and industrial filament industries. The company has over 30 manufacturing plants spread across nine countries: Canada, the US, Mexico, Brazil, Chile, Argentina, the UK, Saudi Arabia, and Oman.
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Berry Global Inc. (US)
Berry Global Inc. offers packaging and engineered products that support a circular economy. Its division, Berry Circular Polymers, encompasses the businesses of PLASgran and bpi recycling, specializing in pre- and post-consumer plastic recycling. The company can reprocess a variety of materials, including LDPE, LLDPE, HDPE, and other plastics. Additionally, the company provides its CleanStream recycling technology to mechanically process domestically recovered household waste polypropylene (PP) into food-grade packaging. It has a strong presence in Europe and is active across North America, South America, Africa, and Asia Pacific.
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