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Plastic Recycling Market

Plastic Recycling Market Size, Share & Trends Analysis Report By Packaging Material (PET, PP, HDPE, LDPE, PS, PVC), Application (Packaging, Automotive, Construction, Textiles), By Region, And Segment Forecasts, 2024-2031

Report ID : 1621 | Published : 2024-01-29 | Pages: 180 | Format: PDF/EXCEL

The Global Plastic Recycling Market Size is valued at 43.62 billion in 2023 and is predicted to reach 77.89 billion by the year 2031 at a 7.71% CAGR during the forecast period for 2024-2031.

Plastic recycling reclaims several categories of plastic materials that can be utilized in other contexts. Global plastic recycling market demand is fueled by increasing environmental sustainability practices, which have prompted businesses to concentrate on plastic recycling. The growing usage of plastic in several industrial uses, including food packaging, electrical devices, and automobile upholstery, is another factor contributing to the increased attention on plastic recycling. Several textile manufacturers also produce materials from recycled plastic.

Key Industry Insights & Findings from the Report:

  • Concern over the effects of plastic waste on the environment is fueling a sharp increase in the demand for environmentally friendly packaging options.
  • The need for plastic recycling is being driven by the increased awareness of plastic waste management and the desire to decrease plastic waste in landfills.
  • On the basis of Application, construction holds the largest share in the market.
  • Asia Pacific dominated the market and accounted for a revenue share of global revenue in 2023.
  • One of the significant concerns restraining industry growth is the high cost of the recycling process.

plastic recycling market

The availability of cutting-edge technologies for managing plastic trash is another significant driver driving the plastic recycling market growth. Ample growth prospects are also foreseen in the worldwide plastic recycling market due to producers' consistently rising R&D expenditures to create sustainable and environment and compostable plastics from plastic waste.

Additionally, it is anticipated that the growing use of recycled plastic goods for manufacturing materials in the textile industry will spur plastic recycling market expansion soon. However, the lack of knowledge about the value of recycled plastics in reducing the need for virgin plastics and the high cost of recycled products because collecting plastic garbage is a tough task are impeding the growth of the plastic recycling business. 

Recent Developments:

  • In May 2021-Plastipak Packaging announced that it would establish a new PET recycling factory in Spain. Beginning in the summer of 2022, this new facility will assist Plastipak achieve its commitment to corporate social responsibility.
  • In January 2020-Nestlé made a sizable investment to help with the transition from virgin polymers to food-grade plastic. Also, the business strives to advance cutting-edge environmentally friendly packaging options. 

Competitive Landscape:

Some of the plastic recycling market players are:

  • B&B Plastics Inc.
  • Berry Global Inc.
  • CarbonLite Industries LLC
  • Custom Polymers Inc.
  • Dart Container Corporation
  • Envision Plastics
  • Fresh-Pak Corporation
  • Green-O-Tech India
  • Jayplas
  • Joe’s Plastics Inc.
  • Kuusakoski Group Oy
  • KW Plastics Inc.
  • MBA Polymers Inc.
  • Montello S.p. A.
  • MTM Plastics GmbH
  • Novolex
  • Plasgran Ltd.
  • Plastic Recycling Inc.
  • Plastipak Holdings, Inc.
  • Recycled Plastics UK
  • RJM International Inc.
  • Seraphim Plastics
  • Shakti Plastics Industries
  • Teijin Limited
  • Ultra Poly Corporation
  • UltrePET
  • Veolia
  • Wellpine Plastic Industrial Co., Ltd.
  • WM Recycle America, LLC

Market Segmentation:

The market is divided into material and application. Based on material, the plastic recycling market is segmented as PET, PP, HDPE, LDPE, PS, PVC and Others. By application, the plastic recycling market is segmented into packaging, food contact, non-food contact construction, textile, automotive, etc.

The Packaging Segment Is A Major Contributor To The Plastic Recycling Market Based On Application

The packaging category will hold a major share of the global plastic recycling market in 2021. Plastics, including polyethylene terephthalate, high-density polyethylene, and polypropylene, are recycled and utilized in various packaging applications worldwide. Because consumers are becoming more aware of the advantages of recycled plastics, an increased demand for sustainable packaging is anticipated to fuel the market's expansion throughout the projected period. Due to customer demand for environmentalism, biodegradable materials will be used more often in food-grade packaging. The market is anticipated to rise during the forecast period due to the rising need for plastic recycling in the packaging industry. This increased demand is predicted to encourage greater plastic recycling.

The PET Segment Witnessed Growth At A Rapid Rate

The PET segment is projected to grow rapidly in the global plastic recycling market. One of the most abundant and widely used types of plastic, this material is used extensively in various industries, including clothes, carpets, automotive components, structural materials, and food packaging. PET is the most recycled plastic globally because it is so simple. Scientific institutions and industry players are actively contributing to the market's expansion of recycled PET portfolios since the material has a variety of qualities and a large range of end-use applications., especially in countries such as the US, Germany, the UK, China, and India.

The North American Plastic Recycling Market Holds A Significant Revenue Share In The Region

The North American plastic recycling industry is expected to witness the highest market share in revenue shortly. The strict restrictions on the use of virgin plastic and public programs to promote the use of recycled content are primarily to blame for the market expansion in North America. The industry will rise in the following years due to large consumer goods providers such as Coca-Cola, Walmart, Campbell, and other suppliers substituting recycled materials for traditional plastics. In addition, the Asia Pacific region is predicted to increase in the global plastic recycling market. Its supremacy attributed to Asia-Pacific is the main center for plastic recycling since labor is inexpensive and a sizable customer base exists. Also, encouraging government policies to promote recycled plastic is anticipated to fuel market expansion in this region.

Plastic Recycling Market Report Scope:

Report Attribute

Specifications

Market size value in 2023

USD 43.62 Bn

Revenue forecast in 2031

USD 77.89 Bn

Growth rate CAGR

CAGR of 7.71% from 2024 to 2031

Quantitative units

Representation of revenue in US$ Billion, Volume (KT), and CAGR from 2024 to 2031

Historic Year

2019 to 2023

Forecast Year

2024-2031

Report coverage

The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends

Segments covered

Material And Application

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia

Competitive Landscape

Kuusakoski, Berry Global Inc., B&B Plastic Inc., Plastipak Holdings, Inc., WM Recycle America, LLC, Carbonite Industries LLC, Custom Polymers, Inc., Dart Container Corporation, Novolin, KW Plastics, MBA Polymers Inc. And Well pine Plastic Industrial Co., Ltd".

Customization scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

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Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Plastic Recycling Market Snapshot

Chapter 4. Global Plastic Recycling Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Material Estimates & Trend Analysis
5.1. by Material & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn) & Volume (Kilotons)) & Forecasts and Trend Analyses, 2023 to 2031 for the following by Material:

5.2.1. PET
5.2.2. PP
5.2.3. HDPE
5.2.4. LDPE
5.2.5. PS
5.2.6. PVC
5.2.7. Others

Chapter 6. Market Segmentation 2: by Application Estimates & Trend Analysis
6.1. by Application & Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn) & Volume (Kilotons)) & Forecasts and Trend Analyses, 2023 to 2031 for the following by Application:

6.2.1. Packaging

6.2.1.1. Food Contact
6.2.1.2. Non-food Contact

6.2.2. Automotive
6.2.3. Construction
6.2.4. Textiles
6.2.5. Others

Chapter 7. Plastic Recycling Market Segmentation 3: Regional Estimates & Trend Analysis

7.1. North America

7.1.1. North America Plastic Recycling Market Revenue (US$ Million) & Volume (Kilotons) Estimates and Forecasts by Material, 2024-2031
7.1.2. North America Plastic Recycling Market Revenue (US$ Million) & Volume (Kilotons) Estimates and Forecasts by Application, 2024-2031
7.1.3. North America Plastic Recycling Market Revenue (US$ Million) & Volume (Kilotons) Estimates and Forecasts by country, 2024-2031

7.2. Europe

7.2.1. Europe Plastic Recycling Market Revenue (US$ Million) & Volume (Kilotons) Estimates and Forecasts by Material, 2024-2031
7.2.2. Europe Plastic Recycling Market Revenue (US$ Million) & Volume (Kilotons) Estimates and Forecasts by Application, 2024-2031
7.2.3. Europe Plastic Recycling Market Revenue (US$ Million) & Volume (Kilotons) Estimates and Forecasts by country, 2024-2031

7.3. Asia Pacific

7.3.1. Asia Pacific Plastic Recycling Market Revenue (US$ Million) & Volume (Kilotons) Estimates and Forecasts by Material, 2024-2031
7.3.2. Asia Pacific Plastic Recycling Market Revenue (US$ Million) & Volume (Kilotons) Estimates and Forecasts by Application, 2024-2031
7.3.3. Asia Pacific Plastic Recycling Market Revenue (US$ Million) & Volume (Kilotons) Estimates and Forecasts by country, 2024-2031

7.4. Latin America

7.4.1. Latin America Plastic Recycling Market Revenue (US$ Million) & Volume (Kilotons) Estimates and Forecasts by Material, 2024-2031
7.4.2. Latin America Plastic Recycling Market Revenue (US$ Million) & Volume (Kilotons) Estimates and Forecasts by Application, 2024-2031
7.4.3. Latin America Plastic Recycling Market Revenue (US$ Million) & Volume (Kilotons) Estimates and Forecasts by country, 2024-2031

7.5. Middle East & Africa

7.5.1. Middle East & Africa Plastic Recycling Market Revenue (US$ Million) & Volume (Kilotons) Estimates and Forecasts by Material, 2024-2031
7.5.2. Middle East & Africa Plastic Recycling Market Revenue (US$ Million) & Volume (Kilotons) Estimates and Forecasts by Application, 2024-2031
7.5.3. Middle East & Africa Plastic Recycling Market Revenue (US$ Million) & Volume (Kilotons) Estimates and Forecasts by country, 2024-2031

Chapter 8. Competitive Landscape

8.1. Major Mergers and Acquisitions/Strategic Alliances

8.2. Company Profiles


8.2.1. B&B Plastics Inc.
8.2.2. Berry Global Inc.
8.2.3. CarbonLite Industries LLC
8.2.4. Custom Polymers Inc.
8.2.5. Dart Container Corporation
8.2.6. Envision Plastics
8.2.7. Fresh-Pak Corporation
8.2.8. Green-O-Tech India
8.2.9. Jayplas
8.2.10. Joe’s Plastics Inc.
8.2.11. Kuusakoski Group Oy
8.2.12. KW Plastics Inc.
8.2.13. MBA Polymers Inc.
8.2.14. Montello S.p. A.
8.2.15. MTM Plastics GmbH
8.2.16. Novolex
8.2.17. Plasgran Ltd.
8.2.18. Plastic Recycling Inc.
8.2.19. Plastipak Holdings, Inc.
8.2.20. Recycled Plastics UK
8.2.21. RJM International Inc.
8.2.22. Seraphim Plastics
8.2.23. Shakti Plastics Industries
8.2.24. Teijin Limited
8.2.25. Ultra Poly Corporation
8.2.26. UltrePET
8.2.27. Veolia
8.2.28. Wellpine Plastic Industrial Co., Ltd.
8.2.29. WM Recycle America, LLC
8.2.30. Other Prominent Players

Segmentation of Plastic Recycling Market-

Plastic Recycling Market By Material

  • PET
  • PP
  • HDPE
  • LDPE
  • PS
  • PVC
  • Others

plastic recycling

Plastic Recycling Market By Application

  • Packaging
    • Food Contact
    • Non-food Contact
  • Automotive
  • Construction
  • Textiles
  • Others

Plastic Recycling Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Plastic Recycling Market?

Plastic Recycling Market expected to grow at a 7.71% CAGR during the forecast period for 2024-2031

Kuusakoski, Berry Global Inc., B&B Plastic Inc., Plastipak Holdings, Inc., WM Recycle America, LLC, Carbonite Industries LLC, Custom Polymers, Inc., D

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