Expert Market Research Explores the Top 3 Companies in the Global Recycled Plastics Market

B. Schoenberg & Co., Inc, UltrePET, LLC, and Carbonlite Inc., among others, are the major players in the global recycled plastics market.

The global recycled plastics market reached a value of about USD 44.71 billion in 2023. The market is projected to grow at a CAGR of 6.1% in the forecast period of 2024-2032 to reach around USD 76.17 billion by 2032. As per the analysis by Expert Market Research, the market is expected to be driven by the increasing demand for plastic materials across several industries that include packaging, food and beverage, automotive, and healthcare.

Plastic recycling involves collecting and repurposing diverse plastic waste through a five-stage process: sorting, washing, shredding, plastic identification and classification, and extrusion. As plastic products are typically non-biodegradable, recycling becomes crucial to address environmental issues. By reducing landfill waste, plastic recycling contributes to mitigating greenhouse gas emissions associated with landfill sites.

According to the OECD Global Plastics Outlook 2021, nearly half of the world's plastic waste is generated in OECD countries. Annual per capita plastic waste varies from 221 kg in the United States to 69 kg in Japan and Korea. The primary source of plastic pollution is inadequate collection and disposal of macro-plastics, but the release of microplastics is also a significant concern. Globally, only 9% of plastic waste is recycled, with 22% mismanaged. OECD countries contribute to 14% of plastic leakage, emphasising the need for international cooperation to support lower-income countries in enhancing waste management infrastructure.

The demand for plastic materials is rapidly increasing in key industries such as packaging, food, and beverage, automotive, and healthcare. Factors such as a growing population, increasing disposable incomes, and ongoing product innovations are driving the recycled plastics market growth.

The strong expansion of recycled plastics within the flexible packaging sector, combined with increased capital investments in research and development within the flexible packaging domain, is creating substantial opportunities for vendors in the market. This is significantly propelling the overall growth of the recycled plastics market.

In March 2022, in a groundbreaking collaboration, Faurecia and Veolia partnered to pioneer the use of recycled plastics in automotive interiors, aiming to achieve an average of 30% recycled content by 2025. The Cooperation and Research Agreement facilitated an accelerated time-to-market, leveraging the technological expertise and industrial capacities of both companies. Faurecia, a FORVIA Group company, and Veolia successfully developed innovative compounds for sustainable automotive interior modules, with production of these recycled materials commencing at Veolia's recycling sites in France from 2023.

Top 3 Recycled Plastics Companies in the World:

B. Schoenberg & Co., Inc

B. Schoenberg & Co., Inc. consistently earns recognition as one of North America's largest plastic traders/recyclers, according to Plastic News. Headquartered in Yorktown, New York, the company operates ten branch offices, two manufacturing plants, and strategically located warehouse facilities, ensuring quality materials and exceptional customer service. With an impressive Paydex rating of 87 and an average payment time 17 days ahead of terms, the company also produces high-quality black colour concentrate, flexible, and semi-rigid PVC repro. 

UltrePET, LLC

UltrePET, a major FDA-approved PET resin supplier in North America, serves bottle, sheet, fibre, strapping, and engineered resin markets. As a top consumer of deposit-sourced recycled PET containers in the northeastern U.S. and Canada, UltrePET processes industrial PET feedstocks and curbside recycled PET containers. Operating under wTe Corporation's Plastics Division in Albany, New York, UltrePET is a partnership between wTe Corporation and TOMRA of North America, Inc. TOMRA, a global solutions provider, contributes to UltrePET's leadership in recycling PET plastic resins, supplying finished resins for various applications, including bottles and sheets.

Carbonlite Inc.

CarbonLITE is a major PET recycling firm in the USA, also claiming the title of the world's largest producer of food-grade Post-consumer Recycled PET. With two cutting-edge PET recycling facilities processing over seven billion plastic bottles annually, CarbonLITE focuses on Bottle-to-Bottle recycling, creating a closed-loop system for sustainable consumption. The use of Cross Wrap's automatic CW Dewiring machine enhances bale infeed efficiency and employee safety, contributing to CarbonLITE's commitment to reducing greenhouse gases and promoting resource preservation through high-quality PET recycling.