The recycled plastics market in Australia has grown exponentially in recent years as awareness regarding sustainability has increased significantly. Recycled plastic products reduce waste and help conserve natural resources as they are manufactured using plastic waste. Further, recycled plastics have similar properties as compared to virgin plastics and can be used in various applications like packaging, construction materials, textiles, automotive components and more. The stringent policies by the Australian government regarding plastic waste management have also boosted the demand for recycled plastics.
The Global Recycled Plastic Market in Australia is estimated to be valued at US$ 798.1 Mn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the recycled plastic market in Australia are Synergy Packaging, Amcor PLC, Vanden Global Ltd, Corex, Pact Group Holdings Australia Pty Ltd and Among Others.
Recycled plastics help reduce carbon footprint significantly as the production process emits lesser greenhouse gases as compared to virgin plastics. With growing environmental awareness, the demand for sustainable products is increasing rapidly in Australia. Various brands and manufacturers have started using recycled content in their products to cater to the rising demand for eco-friendly options from consumers.
The Australian government has also implemented policies like ban on lightweight plastic bags that have further propelled the growth of recycled plastics. Initiatives to boost plastic recycling rates and reduce landfill waste are also driving more companies to incorporate post-consumer recycled plastics. On the international front, Australia is emerging as a key exporter of recycled plastic products to countries in Asia and Europe due to firm supply and favorable business regulations.
Market Key Trends
One of the major trends in the recycled plastics market in Australia is the adoption of advanced recycling technologies that help improve yield and material quality. New methods like chemical recycling are gaining prominence as they can convert mixed plastic waste into crude oil and repolymerize it into virgin-quality plastic pellets. Moreover, collaborative efforts between organizations across the plastic value chain to invest in research and develop innovative recycling solutions are expected to boost plastic circularity. Sustainable product design philosophies are also becoming popular where manufacturers focus on increasing recyclability of plastic items. This will facilitate higher recycling rates and recycling of difficult-to-recycle plastic types.
Porter’s Analysis
Threat of new entrants: New entrants find it difficult to gain foothold due to stringent regulations and presence of established players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes.
Threat of new substitutes: Substitutes pose low threat due to regulations supporting recycled plastic use.
Competitive rivalry: Intense competition among existing players to gain market share.
Geographical Regions
Currently, the majority of the recycled plastic market in Australia by value is concentrated in the Southeast region of the country. States like Victoria and New South Wales dominate the market owing to the presence of major end-use industries as well as policies supporting waste management and recycling.
The Western Australia recycled plastic market is expected to witness the fastest growth during the forecast period from 2024-2031. This can be attributed to rising construction activities in the region leading to higher recycled plastic demand from the construction sector for applications such as insulation, drainage pipes etc. In addition, the regional government’s focus on sustainable development and waste reduction targets are contributing to market growth.
What Are The Key Data Covered In This Australia Recycled Plastic Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Australia Recycled Plastic ‘s growth between 2024 and 2031.
:- Accurate calculation of the size of the Australia Recycled Plastic and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Australia Recycled Plastic Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Australia Recycled Plastic vendors
FAQ’s
Q.1 What are the main factors influencing the Australia Recycled Plastic ?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Australia Recycled Plastic companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Australia Recycled Plastic ’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile