The size of the Europe recycled plastics market is expected to be worth USD 21.25 billion by 2029 from USD 14.69 billion by 2024, growing at a CAGR of 7.67% from 2024 to 2029.
Recycled plastics have been continuously rising across the world for many years. The urge to lower carbon footprints from the government authorities to save the planet Earth. The use of recycled plastics reduces the demand for producing a new number of plastic materials, thereby re-utilizing the plastic in various ways through the recycling process. Recycled plastics release very low energy carbon emissions as the manufacturing procedure needs very little energy. There are vast applications in different industries for recycled plastics. The packaging industry comes in the first place for the use of recycled plastic. More than 36% of plastic produced in the world goes to the packaging industry in any sort of way. Recyclable plastics are durable and protect the products without any doubt in harsh conditions. Increasing awareness of the available technology to reuse already existing resources without creating any harm to the environment has substantially elevated the demand for recycled plastics for many years.
Europe's recycled plastics market share is driven by the rising number of end-user industries like food and beverages, construction, packaging, electronics & electrical, and others. Supportive government schemes to expand small-scale businesses are likely to promote new entries in various fields that are anticipated to leverage the growth rate of the market. Many companies are conscious of adopting recycled plastics that protect the environment in various ways, substantially leveraging the European market share.
The launch of innovative technologies in favor of the end-use industries in recycling plastic is adding fuel to the market size. The need to tackle plastic pollution through recycling procedures is gaining much traction from the industries. New technologies in recycling plastics are highly effective and efficient when compared with traditional plastic pollution. Companies are aiming to completely use only recycled plastics, which is sustaining the growth rate of the European market to a certain extent.
The lack of proper knowledge of the proper methods to produce recycled plastics in remote areas is degrading the growth rate of the market. It is highly important to use the proper methods to produce recycled plastics that help reduce environmental concerns. Recycling technology plays a crucial role in utilizing proper energy and emits less harmful gases. The price of the final product varies according to the procedure, where high-quality recycled plastics are very high. The small-scale industries cannot afford the high-cost products and go for low-valued products, which cause environmental constraints. This attribute is ascribed to restrain the growth rate of the European recycling plastics market.
In today's world, the importance of saving energy in either way is increasing day by day. Many companies are choosing recycled plastics wisely in order to save energy and substantially adopt the changes to save the environment. The shifting trend towards the adoption of recycled plastics at a random rate is set to create several growth opportunities for the market. Developed companies are offering incentives to promote the adoption of recycled plastics, which will eventually elevate the market value in Europe.
The collection of plastic materials or raw materials for recycling is a bit tough, which is acting as a big challenging factor for the market key players. Proper collection of raw materials will enhance productivity and generate huge revenue. Major plastic waste is emerging in the ocean, where the collection of these materials is becoming difficult.
Polyethylene terephthalate (PET) is leading with the highest share of the market. PET has beneficial properties to fabricate carbonated beverage bottles. PET bottles can be recycled at lower temperatures and are an effective alternate option for glass and aluminum. Companies choose this type of recycled plastic as it can withstand harsh external conditions. The products, when packed with this plastic type, will have an extended lifetime that is mostly leveling up the growth rate of the market.
The bottles segment is leading the recycled plastics market, whereas the bags segment is gaining traction over the growth rate of the market. The usage of plastic water bottles is very high across the world. Therefore, the concentration is on collecting plastic bottles from households, businesses, and public spaces. Increasing awareness of the need to dispose of plastic waste in a more effective way is inclined to showcase huge growth opportunities for the recycled plastics market.
The packaging industry is ruling with the highest share of the market. Proper packaging plays a vital role in every industry's promotion of high-quality products. The packaging itself protects the products from external sources of damage. The healthcare segment is expected to hit the highest CAGR by the end of 2029. Recycled plastics have wide applications in the healthcare industry. Packaging of tablets, syringes, gloves, and others is done using recyclable plastics due to their durable and cost-effective nature.
Urban people are inclined to adopt eco-friendly products that don't impact the environment negatively. Increasing disposable income and rising demand for processed food products promptly lavish the market size in the UK.
Germany is next in leading the prominent market share. The presence of key automotive companies is a key factor in the growth rate of the market in this country. High investments from the public and private sectors in automobiles, building construction, and healthcare are positively influencing the recycled plastics market growth.
Italy, Spain, and France are also likely to create huge growth opportunities for the recycled plastics market in the coming years.
In 2023, Envision Plastics announced their plan to expand Ecoprime manufacturing capacity. This company is significant in offering a high-quality fit for food contact post-consumer recycled polyethylene resin. The goal is now to expand the capacity by up to 50%, embark on unique solutions for the consumers, and stand in the top position.
Companies playing a notable role in the Europe recycled plastics market include Polymers, B&B Plastics Inc., B. Schoenberg & Co., Inc., Envision Plastics, Jayplas, Joe's Plastics, KK Asia (HK) Ltd., Berry Europe Inc., MBA Polymers Inc., Plastipak Holdings, Inc., SUEZ, Ultra-Poly Corporation, Veolia and KW Plastics.
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