U.S. Recycled Plastics Market Size, Share & COVID-19 Impact Analysis, By Type (Polyethylene Terephthalate, High-density Polyethylene, Polypropylene, Low-density Polyethylene, and Others), By Application (Non-Food Packaging, Food Packaging, Construction, Automotive, and Others), and Country Forecast, 2023-2030

The U.S. recycled plastics market size was worth USD 2.15 billion in 2022 and is projected to grow at a CAGR of 7.9% during the forecast period.

Recycled plastics are polymers or plastic waste collected and reprocessed to form new plastics. Over the years, the U.S. government and private organizations have raised concerns about recycling plastic waste. This plastic waste usually consists of non-biodegradable materials that cause environmental pollution. As a result, limitations on the consumption of single-use plastic have boosted the global market, further expanding the country’s share in the global market. The U.S. market's growth is being driven by increasing consumer awareness regarding plastic waste.

The growth of this market was interrupted by the COVID-19 pandemic at the end of 2020, which affected the supply chain of the product. The pandemic caused a temporary halt in recycling activities. Moreover, the recycling companies couldn’t collect the plastic waste. Thus, these factors impacted the market progress during the pandemic.

LATEST TRENDS

Increasing Product Consumption in Several End-use Industries to be Prominent Market Trend

The U.S. government imposed a ban on the use of single-use plastics in various states. This has prompted the manufacturers to produce plastics that can be easily recycled. Recycled plastic offers properties that are similar to conventional plastic, such as great strength, resistance against chemicals, and high atmospheric pressure. Therefore, many end-use industries have increased the consumption of recycled plastics, creating space for existing and new recycling companies to establish their presence in the plastic industry.

DRIVING FACTORS

Increasing Product Adoption in Packaging Industry to Drive Market Growth

The demand for recycled plastics has gradually increased in the country over time owing to their similarity to traditional plastics in terms of their characteristics. Recycled plastic is consumed in various end-use industries for manufacturing products, such as bottles, bags, containers, and automobile components.  As a result, manufacturers started producing recycled plastic to create food-safe plastic packaging materials. This material enhances the lifespan of food products by preventing bacterial growth.

On the other hand, recycled polymers are used in packaging products, such as fashion accessories, sports equipment, and toys, which help increase the product’s durability. Therefore, increasing adoption of recycled plastics in different end-use industries is anticipated to boost market growth.

RESTRAINING FACTORS

Preference for Virgin Plastics over Their Recycled Alternatives to Restrict Market Growth

Despite the benefits of recycled plastic, virgin plastic is still preferred by end-users and may hinder market growth. Virgin plastic has a massive advantage over its recycled alternatives in terms of quality. As a result, virgin plastic is consumed in many end-use industries, such as construction and automotive, where strength and elasticity are the top requirements.

SEGMENTATION

By Type Analysis

Based on type, the market is segmented into polyethylene terephthalate, high-density polyethylene, polypropylene, low-density polyethylene, and others.

The polyethylene terephthalate segment accounted for the largest U.S. recycled plastics market share in 2022. The growth of this segment is owed to the wide utilization of polyethylene terephthalate in the production of food packaging films. The polymer offers enhanced chemical and physical properties such as long life span and high strength as compared to the other types of recycled plastic.

The demand for high-density polyethylene, polypropylene, and low-density polyethylene has increased over time. They are non-toxic, lightweight, durable, and easily recyclable. Due to their increasing popularity, these types of plastics are used in multiple applications, such as food packaging, construction, and automotive. Moreover, the regulations imposed by the government on single-use plastics have made users switch to recycled PET to make various products.

By Application Analysis

Based on application, the market is segmented into non-food packaging, food packaging, construction, automotive, and others. The non-food packaging segment is anticipated to grow at a faster rate during the forecast period. The rising number of e-commerce websites for consumer goods, such as liquid detergents, shampoos, and beauty care products, is anticipated to boost the segment’s growth. Recycled plastics are generally non-reactive to chemicals and offer properties similar to those of traditional plastic. Moreover, these plastics are more affordable as compared to virgin plastics, further propelling their demand from the non-food packaging segment.

The growth of the food packaging segment is driven by the rising demand for sustainable plastic products due to their cost-effectiveness. While manufacturing automotive components and numerous construction-related products, including wall panels, flooring products, and wallpaper films, recycled plastic is used to lower the overall production cost. Thus, these factors are anticipated to boost the U.S. recycled plastics market growth.

KEY INDUSTRY PLAYERS

In terms of the competitive landscape, the U.S. market depicts the presence of several established and emerging companies. Key market players include KW Plastics, Custom Polymers, Plastipak Holdings, The Coca-Cola Company Incorporated, B. Schoenberg & Co., and Fresh Pak Corporation. These industry players are competing on the price and application areas of the product. They are emphasizing product innovations, social media marketing, acquisitions, and collaborations.

LIST OF KEY COMPANIES PROFILED:

• KW Plastics (U.S.)


• Custom Polymers (U.S.)


• Plastipak Holdings (U.S.)


• The Coca-Cola Company Incorporated (U.S.)


• B. Schoenberg & Co. U.S.)


• Fresh Pak Corporation (U.S.)


• B&B Plastics (U.S.)


• Green Line Polymers (U.S.)


• Ultra Poly Corporation (U.S.)


• Clear Path Recycling (U.S.)


• MBA Polymers (U.S.)


• RJM International Inc. (U.S.)


• CarbonLite Industries LLC (U.S.)


• Envision Plastics Industries LLC (U.S.)

KEY INDUSTRY DEVELOPMENT:

• October 2022 – Veolia introduced ‘PlastiLoop’, a new brand of recycled plastics and services, at the K 2022 fair in Dusseldorf, Germany. The new product was made possible by Veolia’s extensive network of experts and 37 plastic recycling plants around the world. The new product offers a large variety of ready-to-use recycled resins, such as PET, PP, HDPE, PS, ABS, LDPE, and PC, to its customers.

REPORT COVERAGE

The report thoroughly examines key factors, such as leading companies, applications, and products. It also provides valuable information regarding market trends and highlights significant industry developments. The study includes different factors that have contributed to the market's growth in recent years. It examines the industry's newest market dynamics, opportunities, historical data, and revenue growth estimates at the country level.

Report Scope & Segmentation