DUBLIN, Feb. 23, 2024 /PRNewswire/ — The “Plastic Recycling – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
Global Plastic Recycling Market to Reach $86.7 Billion by 2030
The global market for Plastic Recycling estimated at US$48.9 Billion in the year 2022, is projected to reach a revised size of US$86.7 Billion by 2030, growing at a CAGR of 7.4% over the analysis period 2022-2030. PET, one of the segments analyzed in the report, is projected to record a 7.9% CAGR and reach US$23.8 Billion by the end of the analysis period. Growth in the Hdpe segment is estimated at 7.1% CAGR for the next 8-year period.
The COVID-19 pandemic has had a significant impact on plastic recycling, causing disruptions across the supply chain. Collection rates of recyclable plastic decreased in 2020 as lockdowns and restrictions limited recycling activities and disrupted waste management systems. In response to the crisis, traditional waste management practices experienced a resurgence, as concerns about virus transmission led to a preference for single-use plastics over reusable alternatives. However, despite these challenges, there is optimism that plastic recycling will rebound, driven by a renewed focus on sustainability and circular economy principles.
In the competitive landscape, with 130 players worldwide in 2023, companies are actively pursuing opportunities in the plastic recycling market. They are leveraging various recycling methods and technologies to address the growing demand for recycled plastics. Governments, researchers, and startups are prioritizing plastic recycling initiatives, recognizing the importance of mitigating pollution and promoting environmental sustainability.
PET (polyethylene terephthalate) emerges as a major category in the plastics recycling market, with packaging being a high-growth end-use segment. Despite the challenges posed by the COVID-19 pandemic, the plastic recycling industry is expected to bounce back, supported by ongoing efforts to promote recycling infrastructure, improve collection systems, and raise awareness about the importance of recycling.
Recent market activity reflects the dynamic nature of the plastic recycling sector, with companies investing in research and development, strategic partnerships, and expansion initiatives to capitalize on emerging opportunities. As sustainability concerns continue to drive consumer preferences and regulatory measures, plastic recycling is poised to play a pivotal role in the transition towards a more circular economy.
The U.S. Market is Estimated at $4.4 Billion, While China is Forecast to Grow at 8.1% CAGR
The global market outlook for plastic recycling is promising, with innovation playing a key role in shaping its future trajectory. Concerns about pollution levels and increasing awareness about environmental issues are driving growth in the plastic recycling market. The Asia-Pacific region, in particular, dominates the global market, fueled by rapid industrialization and urbanization.
The Plastic Recycling market in the U.S. is estimated at US$4.4 Billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$33.9 Billion by the year 2030 trailing a CAGR of 8.1% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.6% and 5.9% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 6.4% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$24.2 Billion by the year 2030.
MARKET TRENDS & DRIVERS
Growing Concerns for Minimizing Green House Emissions Fuel Demand for Plastic Recycling Technologies
Plastic Recycling: Big Dreams with Potential, Mammoth Role of Microbes
The Future Hinges on Molecular Recycling Techniques
Increase in Plastic Production Volumes Contribute to Plastic Waste, Drives Need for Recycling
Global Plastics Production by Region/Country (in %): 2022E
Global Plastics Usage by Sector (in %): 2022E
Key Important Facts about Plastic Production and Consumption Globally
Rising Concerns over Environmental Implications of Plastics Waste Disposal Turns Focus onto Plastics Recycling
Top Plastic Polluting Countries by Plastic Waste Production (in Million Tons): 2023E
Global Percentage Breakdown of Plastic Waste Generation by End-Use Sector: 2023E
OECD Recommendations for Reducing Plastic Pollution
Increasing Impetus on Curtailing Pollution Levels Propel Demand for Recycled Plastic Waste
Will the Plastic Economy Not Let Recycling Succeed?
Growing Awareness about Energy Savings and Energy Recovery Attributes to Support Plastics Recycling Efforts
Government Regulations & Efforts to Promote Use of Recycled Plastic Products Drives Market Growth
Global Share of Countries with Regulations Restricting the Usage of Single-Use Items: 2023E
Share of Single-Use Plastic Items Banned by Regulations: 2023E
MultiCycle Pilot Project in EU for Recycling Hard-to-Recycle, Multi-Material Plastics
As Packaging Industry Becomes the Largest Producer of Plastic Waste, Recycling Becomes an Inevitable Option
Recycled Plastic: Ambitious Efforts
Global Packaging Market Reset & Trajectory – Growth Outlook (In %) For Years 2019 Through 2025
Recycled Packaging Market by Material (in %): 2023(E)
Growing Sales of Packaged Foods & Beverages Contribute to Rise in Plastic Waste, Driving Need for Recycling: Global Packaged Food Sales in US$ Trillion: 2015, 2017, 2019, 2021 & 2023E
Global Packaged Beverages Market by Material Type: Percentage Share Breakdown by Beverage Volume (2023E)
Automotive Industry: A Major Market for Recycled Plastics
Post COVID-19 Recovery in Automobile Production to Spur Growth in Recycled Plastics Market: World Automobile Production in Million Units for 2008-2022
Post-COVID-19, Long-term Outlook for Plastic Recycling in Construction Industry Remains Promising
Recycled Plastics Continue to Hold Significance for the Textile Industry
Environmental Concerns and Awareness for Sustainable Practices Push for Technological Evolution in Recycling
Advent of Innovative Systems Streamline Plastics Recycling Process
Ongoing Technological Advancements in Plastic Recycling Market: A Brief Overview
Streamlining Recycling using IoT
Innovative Processes being Used by a Few Companies for Recycling and Returning Hard-to-Recycle Polypropylene to its Original Use Cases
Advanced Recycling Technologies
Challenges Facing Plastic Recycling Market
Major Challenges in Controlling and Working with Recycled Plastic Material
Plastic Recycling Market Faces Stiff Challenge as Manufacturers Incline Towards Virgin Plastics
Oil Prices Impact Plastic Recycling Market
Complications of Recycling Plastic: A Brief Review
Difficulties in Raw Material Collection Affects Plastics Recycling Market
Select Regulations Governing Plastic Recycling
FOCUS ON SELECT PLAYERS (Total 130 Featured)
BASF SE
Covestro AG
Cascades, Inc.
Dart Container Corporation
Custom Polymers, Inc.
Berry Global, Inc.
Advanced Drainage Systems, Inc.
B&B Plastics Inc.
B. Schoenberg & Co., Inc.
Cabka Group GmbH
ALBA Group plc & Co. KG
Banyan Sustainable Waste Management Pvt. Ltd.
Butler-MacDonald, Inc.
ACI Plastics, Inc.
Clean Tech U.K. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/x010o8
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