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.
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". |
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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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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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