The global plastic recycling market revenue was around US$ 27.9 billion in 2022 and is estimated to reach US$ 59.1 billion by 2031, growing at a compound annual growth rate (CAGR) of 8.7% during the forecast period from 2023 to 2031.
Plastic recycling is the procedure of retrieving used or trash plastic materials and changing them into new products. Plastic trash is gathered, cleaned, sorted, and processed in this process to produce a new material that may be used to create other products. The main objective of plastic recycling is to lower the amount of plastic waste that ends up in landfills and oceans and to preserve natural resources by utilizing recycled plastic instead of new plastic.
Market Driving Factors
The surge in usage in the automotive, electrical & electronics, and packaging sectors benefits the market. The expanding demand for recycled plastic by major significant players in the automotive, packaging, and electrical & electronics industries will directly contribute to the rising demand for these plastics. Altogether, these firms use more than 6 million tonnes of plastic packaging annually.
Positive steps to encourage the use of recycled plastic in developed nations positively impact the market. Many rules are in place or have been introduced in the industrialized economies of Europe and North America to encourage the recycling of plastics. Additionally, several US jurisdictions provide tax breaks or credits to encourage the recycling of plastics. This is estimated to be significant in public funding for waste-related projects. Therefore, it is anticipated that such beneficial initiatives implemented by developed economies will open up new growth potential for recycled plastics.
Lack of infrastructure and funds for plastic recycling plants, particularly in underdeveloped countries is one of the restraining factors in the market.
Regional Analysis
Asia-Pacific dominated the market in terms of the largest share. There is rising awareness about the environmental effects of plastic waste in this region, particularly in countries with large population densities and weak waste management facilities. This has significantly surged awareness and demand for sustainable waste management techniques, including plastic recycling in the region. Moreover, the expansion of the packaging and consumer products industries in this region is driving up demand for recycled plastic.
Segmentation Analysis
Product Insight
The polyethylene terephthalate (PET) segment dominated the market in terms of shares. It is a thermoplastic polymer that can be utilized for various purposes. It is most commonly used to create transparent plastic bottles for soft drinks, juices, and water. Furthermore, it is used in the manufacturing of food packaging components such as containers, trays, and films. This segment is one of the plastics that is recycled the most all around the world. It is frequently accepted for recycling and can be changed into a variety of products, such as new bottles and containers, insulation, carpeting, and clothing.
Source Insight
The plastic bottles segment dominated the market in terms of the largest shares. Because they are convenient and inexpensive This segment is a popular choice for packing beverages and other products because they are lightweight and relatively affordable to create. While plastic bottles have many benefits, they also have substantial negative effects on the environment, including their contribution to plastic pollution. Therefore, many businesses and governments have stepped up their efforts to recycle plastic bottles to address this problem. Plastic bottle recycling offers several benefits. It reduces the amount of plastic waste thrown in landfills and the ocean, conserves resources by reducing the demand for new plastic production, and greatly reduces energy use by using less energy to produce recycled materials compared to new materials.
Application Insight
The packaging segment dominated the market in terms of revenue. Recycled plastic is being used for packaging purposes more frequently as an eco-friendly alternative. Some of the main benefits of using recycled plastic in packaging include reduced waste, reduced energy use, and reduced carbon footprint. Recycled plastic production utilizes less energy and produces fewer greenhouse gases than virgin plastic production. All of these elements support the segment expansion.
Prominent Companies
Segmentation Outline
The global plastic recycling market segmentation focuses on Product, Source, Application, and Region.
By Product
By Source
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL PLASTIC RECYCLING MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: PLASTIC RECYCLING MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL PLASTIC RECYCLING MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL PLASTIC RECYCLING MARKET, BY PRODUCT
5.1 OVERVIEW
5.2 POLYSTYRENE (PS)
5.3 POLYETHYLENE (PE)
5.4 POLYETHYLENE TEREPHTHALATE (PET)
5.5 POLYPROPYLENE (PP)
5.6 POLYVINYL CHLORIDE (PVC)
5.7 OTHERS
6 GLOBAL PLASTIC RECYCLING MARKET, BY SOURCE
6.1 OVERVIEW
6.2 PLASTIC BOTTLES
6.3 PLASTIC FILMS
6.4 POLYMER FOAM
6.5 OTHERS
7 GLOBAL PLASTIC RECYCLING MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 BUILDING AND CONSTRUCTION
7.3 PACKAGING
7.4 ELECTRICAL AND ELECTRONICS
7.5 TEXTILES
7.6 AUTOMOTIVE
7.7 OTHERS
8 GLOBAL PLASTIC RECYCLING MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3. 1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL PLASTIC RECYCLING MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 VEOLIA
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 STERICYCLE
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 COVETSRO AG
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 REMONDIS SE & CO. KG
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 SHELL INTERNATIONAL B.V.
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 CLEAN HARBORS INC
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 BERRY GLOBAL GROUP INC
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 REPUBLIC SERVICES INC
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 WASTE CONNECTIONS INC
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 BIFFA
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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