[186 Pages Report] The Plastic Recycling Market size was estimated at USD 19.46 billion in 2023 and expected to reach USD 20.87 billion in 2024, at a CAGR 7.73% to reach USD 32.78 billion by 2030.
Plastic recycling is the method of recovering waste or scrap plastic materials and reprocessing it into useful products. Given the material’s high durability and prevalence in everyday products, plastic recycling is a key element of waste reduction and sustainability efforts. Major factors driving the expansion of plastic recycling include growing environmental awareness, technological advancements in recycling processes, and governmental policies to reduce waste and promote a circular economy. The increasing demand for sustainable materials from consumers and businesses alike also contributes to the growth of the plastic recycling sector. However, incomplete sorting and the presence of non-recyclable materials lead to lower-quality recycled products. Additionally, recycling plastic often requires energy-intensive processes that can contribute to carbon emissions. To address these concerns, improvements can be made by enhancing waste collection and sorting systems, investing in advanced recycling technologies, and developing markets for recycled products. There is also potential for integrating AI and ML for more efficient and accurate sorting of plastic waste. With ongoing investment and policy support, the development of biodegradable plastics and the increasing adoption of recycling within the plastic industry could further drive the potential for plastic recycling.
Type: High recycling rates of PET plastics owing to their diverse applications
Polyethylene is one of the most commonly manufactured plastics, known for its versatility and recyclability. Polyethylene terephthalate is famous for its use in beverage bottles, food containers, and synthetic fibers. PET’s lightweight, clarity, and ability to contain carbonated drinks make it highly valuable in the beverage industry. It is one of the most recycled plastics due to its high demand and the relatively efficient recycling process. Polypropylene, characterized by its resistance to heat, chemicals, and fatigue, is often utilized in packaging, automotive components, and textiles. Its resilience and versatility make it preferable to a tough yet flexible material. However, due to sorting and processing challenges, PP has been comparatively less recycled. Polystyrene is widely used for its insulation properties, as well as for disposable food containers, CD cases, and appliance housing. It is preferred when rigidity and cost-effectiveness are key considerations. PS recycling is complex due to its low density and food contamination in consumer waste, which poses a challenge in reprocessing. Polyvinyl chloride is heavily present in construction materials such as pipes, flooring, and window frames. It is also used in healthcare for medical devices and bags. PVC is chosen for its durability, resistance to environmental degradation, and versatility. However, PVC recycling is limited due to concerns over harmful additives and the presence of chlorine.
End-User: Emphasis on sustainability in automotive sectors and adoption of recycled plastics
The automotive industry’s preference for recycled plastics stems from the need to reduce vehicle weight, enhancing fuel efficiency and lowering greenhouse gas emissions. Recycled plastics are used in the manufacture of dashboard components, under-the-hood parts, and interior furnishings. Within the building and construction sector, recycled plastics are favored for their durability and lower cost when compared to traditional building materials. They are used in applications such as insulation, pipes, and paneling. The furniture industry utilizes recycled plastics to produce items due to their malleability and the trending appeal of eco-friendly furniture designs. The packaging industry heavily utilizes recycled plastics due to the high volume of packaging waste and the pressure to adopt sustainable practices. Recycled plastics make bottles, jars, containers, and wrapping films. In the textiles industry, recycled plastics are converted into synthetic fibers used to manufacture clothing, bags, and accessories. The demand for recycled plastics in this sector is driven by the fashion industry’s increasing focus on reducing its environmental footprint.
Regional Insights
In the Americas, particularly the United States and Canada, initiatives toward curbing plastic waste have led to an uptick in the domestic recycling infrastructure, with companies investing in new technologies such as chemical recycling. The APAC region, spearheaded by countries such as China and Japan, has been pivotal in global plastic recycling due to its large manufacturing base. Historically, APAC nations handled a significant portion of the world’s recyclable waste, though recent policy shifts such as China’s National Sword policy have prompted a reevaluation of domestic recycling capacities, highlighting the need for improved internal processing facilities and sustainable practices. However, reliance on informal waste collection systems remains a challenge for the region. The EMEA region, particularly the European Union (EU), has seen major improvements in plastic recycling efforts due to rigorous environmental regulations and a strong focus on circular economy principles. The EU’s ambitious targets and policies have fostered a robust and technologically advanced recycling sector, with companies heavily investing in recycling facilities and setting higher recycled content goals in their products. Nonetheless, the diversity within EMEA regarding economic development and policy integration affects the overall cohesiveness and efficiency of the recycling efforts across the entire region.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Plastic Recycling Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Plastic Recycling Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Plastic Recycling Market, highlighting leading vendors and their innovative profiles. These include Advanced Drainage Systems, Inc., Alpek S.A.B. de C.V., Ark Plastics Ltd., Avangard Innovative, B & B Plastics Recycling Inc., B. Schoenberg & Co., Inc., BASF SE, Berry Global Inc., Borealis AG, Casella Waste Systems, Consolidated Container Company, Covanta Holding Corporation, Covestro AG, Imerys S.A., Indorama Ventures Public Company Limited, Jayplas, Kuusakoski Oy, KW Plastics, Loop Industries, Inc., MBA Polymers Inc., Montello S.p.A., Plastipak Holdings, Inc., Reconomy (UK) Ltd, Recycled Plastics UK, Republic Services, Inc., Seraphim Plastics LLC, Shakti Plastic Industries, Suez SA, Teijin Limited, Ultra Poly Corporation, and Veolia Environnement S.A..
Market Segmentation & Coverage
This research report categorizes the Plastic Recycling Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Type
- Polyethylene
- Polyethylene Terephthalate
- Polypropylene
- Polystyrene
- Polyvinyl Chloride
- Source
- Commercial & Institutional
- Industrial
- Residential
- Recycling Method
- Chemical Recycling
- Depolymerization
- Gasification
- Pyrolysis
- Energy Recycling
- Mechanical Recycling
- Compounding
- Drying
- Grinding
- Re-granulating
- Separating
- Washing
- Chemical Recycling
- End-User
- Automobile
- Building & Construction
- Furniture
- Packaging
- Textiles
- Recycled Product Form
- Flakes
- Granules
- Pellets
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Plastic Recycling Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Plastic Recycling Market?
- What are the technology trends and regulatory frameworks in the Plastic Recycling Market?
- What is the market share of the leading vendors in the Plastic Recycling Market?
- Which modes and strategic moves are suitable for entering the Plastic Recycling Market?
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