The recycled plastics market is experiencing significant growth due to the increasing demand for sustainable and eco-friendly products across various industries. The market is driven by factors such as the growing awareness about the environmental impact of plastics, government initiatives promoting the use of recycled plastics, and the cost-effectiveness of recycled plastics compared to virgin plastics. The packaging industry is the largest end-user of recycled plastics, with the demand for sustainable packaging solutions rising. The automotive industry is also a significant consumer of recycled plastics, as it seeks to reduce its carbon footprint. However, the Recycled Plastics Market faces challenges such as the lack of infrastructure and technology for recycling, the difficulty in collecting and sorting plastic waste, and the limited consumer awareness about the benefits of recycled plastics. The market is expected to continue growing, driven by increasing environmental regulations and the shift towards a circular economy.
Major Players in the Recycled Plastics Industry:
1. B&B Plastics
Founded in 1969, B&B Plastics is a privately-owned company that provides recycling services for post-industrial plastics. Its headquarters are located in Ipswich, Massachusetts. B&B Plastics operates in the United States and exports to international markets. In February 2022, the company announced the expansion of its production facility in Massachusetts to increase its recycling capacity by 50%.
2. Veolia
Veolia was founded in 1853 and is headquartered in Paris, France. It provides water, waste, and energy management services across the globe, operating in more than 40 countries. In the field of recycled plastics, Veolia specializes in the collection and recycling of plastics, transforming them into high-quality raw materials for new products. In December 2021, Veolia signed a strategic agreement with leading French retailer Carrefour to create a circular economy for plastic waste in France, with a target to recycle 100% of Carrefour's plastic packaging by 2025.
3. Green Line Polymers
Founded in 2008, Green Line Polymers is headquartered in Perrysburg, Ohio, and operates in the United States. The company specializes in post-consumer plastic recycling, focusing on high-density polyethylene (HDPE) and polypropylene (PP) plastics. In August 2022, the company announced the expansion of its recycling facility in Indiana, increasing its capacity to process post-consumer HDPE plastic bottles.
4. Clear Path Recycling
Clear Path Recycling was founded in 2010 and is headquartered in Fayetteville, North Carolina. The company specializes in the recycling of polyethylene terephthalate (PET) plastics, which are commonly used in water and soda bottles. Clear Path Recycling operates in the United States and is a subsidiary of Shaw Industries Group, Inc. In September 2021, the company announced a $100 million investment to expand its PET plastic recycling facility in Fayetteville, increasing its capacity to process post-consumer PET plastic bottles.
5. B. Schoenberg & Co.
B. Schoenberg & Co. was founded in 1925 and is headquartered in Los Angeles, California. The company specializes in the recycling of post-consumer plastics, including PET, HDPE, and polyvinyl chloride (PVC) plastics. B. Schoenberg & Co. operates in the United States and exports to international markets. In November 2021, the company announced a partnership with Prime Plastic Products, Inc. to expand its post-consumer plastic recycling capabilities in the United States.
Definition- Recycled plastics refer to plastics that are reclaimed from post-consumer or post-industrial sources, processed, and turned into new products, reducing the amount of waste sent to landfills or incinerators.
