Canada Recycled Plastics Market Forecast 2024-2032

Canada Recycled Plastics Market Forecast 2024-2032

The Canada recycled plastics market is evaluated to grow with a CAGR of 7.90% during the projection period of 2024-2032, reaching a revenue of $10642.77 million by 2032.

MARKET INSIGHTS

In Canada, managing plastic waste remains a formidable challenge, with only 9% of the 3.3 million tons produced annually being recycled. The overwhelming majority of plastics are disposed of in landfills, contributing significantly to environmental pollution. Additionally, approximately 29,000 tons of plastic waste find their way into natural ecosystems, posing severe risks to wildlife and ecological health. Recognizing the urgent need to address this issue, the Canadian government introduced the Single-use Plastics Prohibition Regulations in May 2022 as part of its strategy to combat plastic pollution.

These regulations aim to mitigate plastic waste by banning the manufacture, import, and sale of six categories of single-use plastics: checkout bags, straws, stir sticks, six-pack rings, cutlery, and food service ware made from materials that are challenging to recycle. Notably, exceptions are in place to accommodate individuals with disabilities, ensuring accessibility remains a priority. The introduction of these regulations marks a critical step towards reducing plastic waste and fostering sustainable practices across the country.

By targeting single-use plastics, which are significant contributors to pollution, the government seeks to promote the adoption of alternative, environmentally friendly materials and support the development of a circular economy for plastics. This transition towards more responsible plastic use and disposal is anticipated to stimulate growth in the recycled plastics market in Canada, as businesses and consumers increasingly turn to sustainable alternatives and recycling solutions.

SEGMENTATION ANALYSIS

The Canada recycled plastics market segmentation includes recycling process, source, type, plastic type, and end-user. The plastic type segment is further categorized into PET (polyethylene terephthalate), PVC (polyvinyl chloride), PP (polypropylene), PE (polyethylene), PS (polystyrene), and other plastic types.

Polyethylene terephthalate (PET) is a widely used plastic, predominantly employed in the manufacturing of single-use beverage bottles, packaging materials, clothing, and carpets. With global production exceeding 82 million metric tons annually, PET is a major contributor to plastic waste, highlighting the critical need for efficient recycling practices to mitigate its environmental impact.

The PET recycling process is comprehensive and involves several key stages. It begins with the collection and sorting of used PET products, followed by a thorough cleaning to remove contaminants such as food residues and labels. The cleaned PET is then shredded into small flakes, which are melted and reshaped into pellets. These pellets serve as the raw material for producing new PET products. By recycling PET, the demand for virgin PET is substantially reduced, conserving resources and lowering greenhouse gas emissions associated with the production of new plastics.

COMPETITIVE INSIGHTS

The key companies operating in the Canada recycled plastics market are Alpek SAB de CV, Berry Global Inc, Indorama Ventures PCL, etc.

Alpek, headquartered in Mexico, is a major petrochemical company in the Americas, renowned as one of the world’s leading integrated producers of PTA, PET, rPET, PP, EPS, and Arcel. The company also operates a significant polypropylene plant in North America. Alpek’s diverse product portfolio serves multiple industries, including food and beverage packaging, construction materials, household goods, and consumer products. With over 30 facilities across seven countries, the company has a global presence and a significant portion of Alpek’s revenue is derived from its operations in Mexico.

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