Europe Recycled Plastics Market is expected to reach US$ 15,137.84 million by 2030

Adoption of Recycled Plastics in Automotive, Packaging, and Construction Industries to Bolsters Europe Recycled Plastics Market Growth

According to our latest study on “Europe Recycled Plastics Market Forecast to 2030 – COVID-19 Impact and Regional Analysis – by Type, Source, and Application”, the Europe recycled plastics market size accounted for US$ 11,533.12 million in 2022 and is expected to reach US$ 15,137.84 million by 2030; the market is estimated to record a CAGR of 3.5% from 2022 to 2030. The report highlights key factors driving the Europe recycled plastics market growth and prominent players along with their developments in the market.

In Europe, the demand growth of recycled plastics is majorly driven by its utilization in several end-use industries, including automotive, building & construction, packaging, and electrical & electronics. Europe policymakers are highly focusing on recycling targets and measures and are supporting the industry toward reaching targets. However, there are a few challenges that European plastic recycler faces, such as unstandardized and poor product recyclability and the volatility in customer demand. Further, many institutes and universities across Europe are conducting studies on various aspects of recycled plastics, including material science, recycling technologies, and the environmental impact of plastics. Rising investment in advanced recycling technologies presents potential growth opportunities for plastics recycling companies in Europe.

Europe Recycled Plastics Market

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The European automotive sector has a significant stake in boosting the circular economy and sustainability. Government regulations pertaining to circular economy and sustainable growth have encouraged automobile manufacturers to recover and recycle end-of-life vehicles. In 2022, Renault Group aimed to increase the recycled materials content in the production of automobiles. Further, high amounts of plastic packaging waste generated in European countries offer lucrative opportunities for plastic recycling companies. Recycled plastics are widely used in construction materials such as polyvinyl chloride windows, roofing tiles, fencing, and composites. According to Plastics Europe, in 2020, 45% of post-consumer recycled plastic was consumed by the construction sector in the EU, Norway, Switzerland, and the UK. Therefore, the rising adoption of recycled plastics in the automotive, packaging, and construction industries drives the demand for recycled plastics in Europe.

Biffa Plc, Remondis SE & Co KG, Veolia Environnement SA, Jayplas Ltd, Plastipak Holdings Inc, Recyclex SA, Enva UK Ltd, Vanden Recycling Ltd, 3P Plast srl, and CY Plastic Recycling are among the key players operating in the Europe recycled plastics market. Players operating in the Europe recycled plastics market focus on providing high-quality products to fulfil customer demand. Also, they focus on adopting various strategies such as capacity expansion, partnerships, and collaborations to stay competitive in the market.

Impact of COVID-19 Pandemic on Europe Recycled Plastics Market

Before the COVID-19 pandemic, the market for recycled plastics was mainly driven by factors such as rising use in different end-use industries, increased pressure from regulators and consumers to adopt sustainable products, and growing investments in plastic recycling. However, the pandemic has adversely altered the status of the chemicals & materials sector and negatively affected the Europe recycled plastics market growth. The implementation of measures to combat the novel coronavirus spread has aggravated the situation and negatively impacted the Europe recycled plastics market growth. Various industries have been adversely affected by the sudden distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international boundaries. The COVID-19 pandemic has negatively impacted the production of recycled plastics in different countries, thereby hindering the Europe recycled plastics market growth.

As several countries have resumed their operations and companies from the manufacturing industries are reopening their operations to normalcy, the demand for recycled plastics has risen in Europe. The escalating demand for recycled plastics from various industries is driving the Europe recycled plastics market growth.

The report includes the segmentation of the Europe recycled plastics market as follows:

The Europe recycled plastics market is segmented on the basis of type, source, and application. Based on type, the Europe recycled plastics market is segmented into low-density polyethylene, linear low-density polyethylene, high-density polyethylene, polypropylene, polyvinyl chloride, and others. By source, the Europe recycled plastics market is segmented into residential waste, commercial waste, and industrial waste. By application, the Europe recycled plastics market is segmented into packaging, automotive, building and construction, electrical and electronics, consumer goods, and others. Based on country, the Europe recycled plastics market is segmented into Germany, France, Italy, the UK, the Netherlands, and the Rest of Europe.

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