The Evolving Landscape of Plastic Recycling Market: A 2030 Perspective

Plastic Recycling Market Overview

The Plastic Recycling Market research report offers in-depth information to acknowledge the imperative parts of the market that align demand, raw materials, and capacity; this helps make strategic decisions. In addition, the analysis provides demands for the future, besides the available opportunities for an individual. The study focuses on industry chain analysis, upstream and downstream raw material suppliers, key players, production process analysis, cost analysis, market distribution channels, and major downstream buyers.

Plastic Recycling Market by Product (Polyethylene (PE), Polyethylene Terephthalate (PET), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Others), by Source (Plastic Bottles, Plastic Films, Polymer Foam, Others), by Application (Building and Construction, Packaging, Electrical and Electronics, Textiles, Automotive, Others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).

The global Plastic Recycling market size was estimated at USD 67.3 billion in 2023 and is projected to reach USD 114.5 billion in 2030 at a CAGR of 7.9% during the forecast period 2023-2030.

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The first factor is the rising awareness of the negative impacts of plastic waste on the environment, such as ocean pollution and harm to wildlife. This has led to an increased demand for plastic recycling as a means of reducing plastic waste and lowering its environmental impact. The second factor is the growing desire by consumers and businesses for environmentally friendly and sustainable goods. This has led to an increase in the use of recycled plastic in goods by many businesses, which has further increased the demand for the material. The negative impacts of plastic waste on the environment have been a major concern for many years, and the increasing awareness of these impacts has led to a greater focus on plastic recycling as a solution. Consumers and businesses are becoming more conscious of their environmental impact and are actively seeking out sustainable alternatives. This has created a market for recycled plastic, which is being used in a wide range of products, from packaging to furniture.

The highlighted text talks about the rising demand for recycled materials in various sectors, including food and beverage and consumer products. The demand for packaging materials that are safe for use in food and beverages is increasing, which is driving the consumption of recyclable polymers in this sector of the economy. Recyclable polymers can efficiently replace traditional plastics as a barrier between food goods and environmental variables, which is expanding the market for these materials. Recycled polyethylene terephthalate is a highly preferred material in water and beverage packaging bottles due to its properties such as durability, strength, and resistance to moisture and chemicals.

The COVID-19 pandemic has had a severe impact on the global plastic recycling market growth. This means that the pandemic has caused a significant decline in the growth of the plastic recycling market. The industry has been impacted by several factors, including disrupted supply chains, reduced funding for research and development, and transportation constraints. These factors have made it difficult for the plastic recycling industry to operate effectively. One of the consequences of these factors is a significant reduction in the amount of plastic garbage collected across the globe that could be processed throughout the recycling process. This means that there has been a decrease in the amount of plastic waste that is being recycled due to the pandemic.

Delvens Industry Expert's Standpoint

The plastic recycling industry has several factors that drive its growth, such as the increasing demand for environmentally friendly and sustainable goods by consumers and businesses. However, there are also significant barriers that can impede the expansion of the plastic recycling market, particularly in developing nations. One of the major obstacles is the lack of infrastructure and funding for plastic recycling facilities in these countries, which makes it difficult to gather, sort, and treat plastic waste. This lack of infrastructure and funding can also lead to inadequate waste management practices, which can further exacerbate the plastic waste problem. Despite these challenges, government policies and programs aimed at boosting recycling and reducing plastic waste offer ample opportunities for the plastic recycling industry.

Governments worldwide are implementing laws and policies that encourage businesses to use recycled plastics and reduce their plastic waste, which can help drive demand for recycled plastic. Industry players are also investing in research and development to sustain their growth in the market, with strategies such as product launches, mergers and acquisitions, collaborations, partnerships, and refurbishing of existing technology.

Plastic Recycling Market Key Findings

·        On the basis of product, PET is a type of thermoplastic polymer that is widely used for various purposes, including the creation of transparent plastic bottles for juices, soft drinks, and water. PET is also employed in the production of food packaging materials like trays, containers, and films due to its durability and resistance to moisture and chemicals. PET is one of the most commonly recycled plastics worldwide due to its widespread acceptance for recycling and its ability to be converted into a range of items, including new bottles and containers, as well as fibers for carpets, insulation, and clothing. The dominance of the PET sub-segment in the plastic recycling market share can be attributed to the growing usage of plastic bottles across the globe, owing to their convenience and affordability. Plastic bottles are relatively inexpensive to produce and lightweight, making them a popular option for packaging beverages and other goods, which has led to an increase in their usage and subsequent recycling.

·        On the basis of source, Plastic bottles are a popular option for packaging beverages and other goods due to their convenience, affordability, and lightweight nature. However, their widespread usage has led to a significant environmental impact, including contributing to plastic pollution. To address this issue, many organizations and governments have increased their efforts to recycle plastic bottles. Plastic bottle recycling has several advantages, including reducing the amount of plastic waste that ends up in landfills and oceans. Recycling plastic bottles also conserves resources by reducing the need for new plastic manufacture, which requires significant amounts of energy and resources. Additionally, recycling plastic bottles saves energy by utilizing less energy to produce recycled materials compared to new materials.

·        On the basis of application, Recycled plastic is increasingly being used as a substitute for virgin plastic in packaging due to its environmental benefits. Using recycled plastic in packaging results in less waste, as it diverts plastic from landfills and reduces the need for new plastic production. The production of recycled plastic also uses less energy and emits fewer greenhouse gases compared to the manufacture of virgin plastic, which contributes to a smaller carbon footprint. These environmental benefits of using recycled plastic in packaging are driving the growth of the packaging sub-segment in the plastic recycling market. The use of recycled plastic in packaging is also becoming more popular among consumers who are increasingly concerned about the environmental impact of their purchases.

·        The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia-Pacific region accounted for the largest market share in 2021. There is a rising concern about the environmental effect of plastic waste in this region.

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Plastic Recycling Market Regional Analysis

North America to Dominate the Market

·        Asia-Pacific region had the highest sales or revenue in the plastic recycling industry compared to other regions such as North America, Europe, and the Middle East.

·        This has significantly increased awareness and demand for sustainable waste management practices, including plastic recycling in the Asia-Pacific region. Moreover, the demand for recycled plastic is boosting in this region, due to the growth of the consumer goods and packaging industries.

Plastic Recycling Market Competitive Landscape

·        Berry Global Group Inc

·        biffa

·        Clean Harbors

·        Covetsro AG

·        Custom Polymers Inc.

·        Envision Plastics

·        Jayplas

·        Joe plastics

·        Kuusakoski Group

·        KW plastics

·        Montello S.p.A

·        MTM Plastics GmbH

·        Plasgran Ltd.

·        Plastic Recycling Inc.

·        Plastipak Holdings Inc.

·        Recycled Plastics UK

·        RJM International Inc.

·        Seraphim Plastics

·        Shakti Plastics Industries

·        Shell international b.v.

·        Teijin Limited

·        Ultra Poly Corporation

·        Veolia

·        Waste Connections

Recent Developments in The Plastic Recycling Market

·        In September 2022, It was announced by WM Recycle America, LLC that it would buy Avangard Innovative's U.S. Operations. The company will be known as Natura PCR. In five years, it is anticipated to scale up and increase its recycling capacity to create 400 billion pounds of post-cutomer resin (PCR) annually.

·        In January 2022, A large investment was made by plastipak holdings, Inc., a leader in the design, production, and recycling of plastic containers, to increase the capacity of PET recycling at its production facility in Bascharage, Luxembourg. The development is anticipated to raise the manufacturing capacity annually.

Reasons to Acquire Plastic Recycling Market Report

·        Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.

·        Gain authentic and granular data access for the Plastic Recycling Market to understand the trends and the factors involved in changing market situations.

·        Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.

·        In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

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