According to recent findings, the Global Plastic Recycling Market size is valued at nearly USD 32.9 billion in 2023 & is predicted to reach about USD 59.23 billion by 2030. Along with this, the market is also estimated to grow at a CAGR of about 8.72% during the forecast period, i.e., 2024-30.
At MarkNtel Advisors, we continuously monitor and analyze industry trends to provide reliable insights that support informed decision-making and the key factors contributing to the market’s promising outlook.
Plastic Recycling Overview:
The market is experiencing significant growth, primarily fueled by the surging demand for plastic materials across various industries, including automotive, medical, textile, construction, and packaging.
This demand is driven by the versatile properties of plastic, such as its exceptional impact resistance, ease of transformation & processing, superior insulation capabilities, strength, and moisture resistance. A growing global emphasis on addressing environmental concerns, notably Greenhouse Gas (GHG) emissions & the proliferation of landfills, has led to the increased adoption of sustainable practices like plastic recycling.
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Plastic Recycling Outlook and Market Driver :
Global Environment Initiatives & Corporate Innovations in Plastic Recycling & Circular Economy Solutions – With the rapidly increasing concerns about pollution & environmental degradation, different countries worldwide are taking several initiatives for plastic recycling & waste management to promote & spread awareness about suitable disposal practices for plastic & recycling it into new products. Due to this, many companies are investing and launching new products made up of recycled plastic as part of their circular economy process. For instance:
- In 2023, Dow announced the development of a new resin made with around 70% recycled plastic. This innovative new solution, AGILIT CE, is the first post-consumer recycled (PCR) product offering of Dow’s plastics circularity portfolio to incorporate a high percentage of post-consumer plastic waste.
These developments by the companies to incorporate plastic waste products in their product portfolio have increased the demand for recycled plastic in the market, as it underscores the growing recognition of the imperative to embrace sustainable packaging solutions.
Global Plastic Recycling Segmentation Analysis:
By Source
- Bottles- Market Size & Forecast 2019-2030, USD Million
- Films- Market Size & Forecast 2019-2030, USD Million
- Fibers- Market Size & Forecast 2019-2030, USD Million
- Foams- Market Size & Forecast 2019-2030, USD Million
By Plastic Type
- Polyethylene Terephthalate (PET) – Market Size & Forecast 2019-2030, USD Million
- Polyethylene (PE)- Market Size & Forecast 2019-2030, USD Million
- Polypropylene (PP)- Market Size & Forecast 2019-2030, USD Million
- Polyvinyl Chloride (PVC)- Market Size & Forecast 2019-2030, USD Million
- Polystyrene (PS)- Market Size & Forecast 2019-2030, USD Million
By Type
- Post-consumer Recyclates- Market Size & Forecast 2019-2030, USD Million
- Industrial Recyclates- Market Size & Forecast 2019-2030, USD Million
Polyethylene Terephthalate (PET) holds a leading share of the Plastic Recycling Market, and this trend is expected to continue through 2030.
By Process
- Mechanical Recycling – Market Size & Forecast 2019-2030, USD Million
- Chemical Recycling – Market Size & Forecast 2019-2030, USD Million
By Application
- Packaging- Market Size & Forecast 2019-2030, USD Million
- Building & Construction- Market Size & Forecast 2019-2030, USD Million
- Textiles- Market Size & Forecast 2019-2030, USD Million
- Automotive- Market Size & Forecast 2019-2030, USD Million
- Electrical & Electronics- Market Size & Forecast 2019-2030, USD Million
According to reports, The Packaging Sector is poised to experience the most rapid market growth during the forecast period, primarily driven by the substantial demand for plastic in various applications, particularly in the packaging of food & beverages, including ready-to-eat and ready-to-serve products.
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific.
According to reports, The Asia-Pacific region is poised to hold its dominance in the Global Plastic Recycling Market throughout the forecast period.
For deeper insights into the market, explore the summary of the research report – https://www.marknteladvisors.com/research-library/global-plastic-recycling-market.html
Some of the Market players in the Global Plastic Recycling are:
- Veolia
- Suez
- KW Plastic
- Jayplas
- Schoenberg & Co.
- B&B Plastics
- Green Line Polymers
- Clear Path Recycling
- Custom Polymers
- Plastipak Holdings.
- Others.
Plastic Recycling Recent Development:
- 2023: Veolia and Lyondell Basell restructure their plastics recycling joint venture QCP to build a profitable circular and low carbon solutions business, to meet customer demand for more sustainable products and solutions.
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Research Methodology Summary
A systematic approach is used to ensure accurate market insights, combining both bottom-up and top-down methods. Data triangulation validates findings from multiple angles.
Key Steps:
- Define objectives and research design
- Collect data through surveys and interviews
- Analyze and validate data using reliable tools
- Forecast trends and deliver actionable insights
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