PUBLISHER: The Business Research Company | PRODUCT CODE: 1643998
PUBLISHER: The Business Research Company | PRODUCT CODE: 1643998
Plastic recycling refers to the process of collecting, sorting, cleaning and reprocessing discarded plastic materials into new products. This process aims to divert plastic waste from landfills and incinerators and conserve natural resources by reducing the demand for new raw materials, such as petroleum-based plastics. It also helps to minimize environmental pollution, including littering, water and soil contamination and harm to wildlife.
The plastic recycling market consists of revenues earned by entities (organizations, sole traders and partnerships) by providing plastic recycling related services such as, collection and transportation, sorting and segregation, cleaning and pre-processing, shredding or granulation, melting and extrusion, for efficiently managing plastic waste and converting it into reusable materials.
The global plastic recycling market was valued at $33,002.78 million in 2018 which grew up till 2023 at a compound annual growth rate (CAGR) of more than 4.00%.
Environmental Awareness And Concerns About Plastic Pollution
Environmental awareness and concerns about plastic pollution supported the growth of the plastic recycling market in the historic period. Environmental awareness and concerns about plastic pollution have risen significantly in recent years due to growing recognition of the negative impacts of plastic waste on ecosystems, wildlife and human health. This heightened awareness has led to various actions and initiatives aimed at addressing plastic pollution and promoting sustainable practices. Governments, organizations, businesses and individuals are increasingly taking steps to reduce single-use plastics, promote recycling, clean up waterways and shorelines and advocate for policies that support environmental conservation and plastic waste reduction. For instance, in 2023, "plastic pollution" became the main focus of environmental awareness. The United Nations' World Environment Day campaign, which was specifically themed "Beat Plastic Pollution," emphasized the urgent need to address the issue through industry innovations, policy changes, and individual action to reduce plastic waste and its detrimental effects on the environment and raise awareness of it..Therefore, environmental awareness and concerns about plastic pollution propelled the growth of the plastic recycling market.
Advancements In Chemical Recycling Technology To Drive Sustainable Plastic Waste Management
Companies in the plastic recycling market are actively engaging in the development of advanced technologies such as chemical recycling technology to enhance the efficiency, sustainability and scalability of plastic waste management processes. This technology breaks down plastic waste at the molecular level, transforming it into raw materials or feedstock that can be used to produce new plastics or other products. For instance, in January 2024, Reliance Industries Limited (RIL), an India-based energy company, launched a chemical recycling technology aimed at converting plastic waste into specialized circular polymers. This innovative solution reflects the company's dedication to mitigating plastic waste and promoting a circular economy within the Asian market. RIL's technology is tailored to process diverse plastic waste streams, encompassing single-use plastics and multilayered materials, converting them into valuable pyrolysis oil.
The global plastic recycling market is fairly fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 17.96% of the total market in 2023.
Plastic Recycling Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global plastic recycling market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for plastic recycling? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The plastic recycling market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider plastic recycling market; and compares it with other markets.