PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490275
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490275
Plastic Recycling Market size was valued at USD 46,981.28 Million in 2023, expanding at a CAGR of 8.72% from 2024 to 2032.
The Plastic Recycling Market encompasses the global processes and technologies for converting waste plastic into reusable materials. Increasing environmental awareness, stringent government regulations, and advancements in recycling technologies are driving factors. However, challenges such as high initial setup costs and inconsistent quality of recycled plastics may hinder growth. Opportunities arise from innovations in chemical recycling, expanding recycling infrastructure in emerging economies, and growing consumer demand for sustainable products.
Plastic Recycling Market- Market Dynamics
Rising Environmental Awareness and Sustainability Goals Drive the Plastic Recycling Market
Rising environmental awareness and sustainability goals are significantly driving the Plastic Recycling Market. For instance, the European Union aims to recycle 55% of plastic packaging waste by 2030 as part of its Circular Economy Action Plan. In the United States, the Environmental Protection Agency (EPA) reported that the recycling rate for plastic containers and packaging reached 13.6% in 2018, highlighting a growing commitment to recycling efforts. Additionally, initiatives like the Ellen MacArthur Foundation's New Plastics Economy are promoting global collaborations to enhance plastic recycling infrastructure and reduce plastic waste. These efforts underscore a global shift towards sustainable practices, boosting the demand for plastic recycling technologies and systems.
Plastic Recycling Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.72% over the forecast period (2024-2032)
Based on Type segmentation, Polyethylene Terephthalate was predicted to show maximum market share in the year 2023
Based on Source segmentation, Bottles was the leading type in 2023
Based on Recycling Process segmentation, Mechanical Recycling was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Plastic Recycling Market is segmented on the basis of Type, Source, Recycling Process, Application, and Region.
The market is divided into six categories based on Type: Polyethylene Terephthalate (PET), High-Density Polyethylene (HDPE), Polyvinyl Chloride (PVC), Low-Density Polyethylene (LDPE), Polypropylene (PP), and Polystyrene. Polyethylene Terephthalate leads the Plastic Recycling Market due to its widespread use in packaging and strong recycling infrastructure, followed by High-Density Polyethylene and Polypropylene, with Polyvinyl Chloride, Low-Density Polyethylene, and Polystyrene trailing.
The market is divided into four categories based on Source: Bottles, Films, Foams, and Fibers. residential and commercial. Bottles dominate the Plastic Recycling Market due to their high collection rates and established recycling systems, followed by Films used in packaging, Fibers from textiles, and Foams.
Plastic Recycling Market- Geographical Insights
Europe leads the market, driven by stringent regulations and ambitious recycling targets, such as the EU's goal to recycle 55% of plastic packaging by 2030. North America follows, with increasing government initiatives and corporate commitments to sustainability enhancing the region's recycling capabilities. Asia-Pacific, particularly China and India, is witnessing rapid growth due to rising environmental concerns and substantial investments in recycling infrastructure, despite historically lower recycling rates. Latin America and Africa are emerging markets, focusing on improving waste management systems and boosting recycling efforts to address mounting plastic pollution.
Major industry leaders like Veolia, Suez, and Waste Management dominate the market with their extensive recycling networks and advanced technologies. These companies are investing heavily in research and development to improve recycling processes and expand their capabilities. Additionally, innovative startups such as Plastic Energy and PureCycle Technologies are gaining traction by offering breakthrough solutions like chemical recycling and advanced purification processes. Strategic partnerships and collaborations are common, as seen in Coca-Cola's partnership with Ioniqa Technologies to enhance PET recycling. The market also witnesses significant activity in mergers and acquisitions, aimed at consolidating market positions and expanding geographic reach. As demand for sustainable solutions increases, competition intensifies, driving continuous innovation and investment in the plastic recycling sector.
In April 2023, Indorama Ventures partnered with Evertis, a leader in sustainable PET barrier films, to utilize recycled PET tray flakes in producing PET film for food packaging trays. This collaboration aligns with Evertis' goal to achieve 50% post-consumer recycled content by 2025.
In February 2023, Loop Industries, SUEZ, and SK geo-centric designated the Grand Est region of France for manufacturing virgin-quality PET plastic using 100% recycled content. Construction is scheduled to commence in early 2025, with plant commissioning planned for 2027.
GLOBAL PLASTIC RECYCLING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Advanced Disposal Services, Inc. (part of Waste Management)
Alpla Group
Biffa plc
Clean Harbors, Inc.
Covanta Holding Corporation
Custom Polymers, Inc.
Indorama Ventures Public Company Limited
KW Plastics
MBA Polymers, Inc.
Plastipak Holdings, Inc.
Remondis SE & Co. KG
Republic Services, Inc.
Stericycle, Inc.
SUEZ Group
Veolia Environnement S.A.
Waste Management, Inc.
Others