Plastic Recycling Market by Type (Polyethylene, Polyethylene Terephthalate, Polypropylene), Source (Commercial & Institutional, Industrial, Residential), Recycling Method, End-User, Recycled Product Form - Global Forecast 2024-2030
The Plastic Recycling Market size was estimated at USD 39.11 billion in 2023 and expected to reach USD 41.95 billion in 2024, at a CAGR 7.73% to reach USD 65.88 billion by 2030.
Plastic recycling is the method of recovering waste or scrap plastic materials and reprocessing it into useful products. Plastic recycling is a key element of waste reduction and sustainability efforts owing to the material's high durability and prevalence in everyday products. 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 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 requires energy-intensive processes that contribute to carbon emissions. Improvements can be made to address these concerns by enhancing waste collection and sorting systems, investing in advanced recycling technologies, and developing markets for recycled products. Moreover, there is potential for integrating AI and ML to sort plastic waste more efficiently and accurately. The development of biodegradable plastics and the increasing adoption of recycling within the plastic industry are expected to drive the potential for plastic recycling, which is driven by ongoing investment and policy support.
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. However, 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. The reliance on informal waste collection systems remains a challenge for the region. The EMEA region, particularly the European Union (EU), has witnessed 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. Moreover, the diversity within EMEA in terms of economic development and policy integration affects the overall cohesiveness and efficiency of recycling efforts across the entire region.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Plastic Recycling Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Rising concerns associated with high plastic usage and the trend toward corporate responsibility
- Growing use of recycled plastics in the packaging sector
- Favorable government initiatives to increase plastic recycling
- Market Restraints
- Technical complexities associated with recycling technologies
- Market Opportunities
- Growing advancements in recycling technology globally
- Rising utilization of recycled plastic in the textile industry
- Market Challenges
- Quality concerns associated with recycled plastic
- Market Segmentation Analysis
- Type: High recycling rates of PET plastics owing to their diverse applications
- Source: Increasing production of plastic goods using industrial waste due to large volumes of similar types of plastics
- Recycling Method: Burgeoning utilization of the chemical recycling method as it enables the recycling of complex plastics
- Recycled Product Form: Proliferating adoption of granules owing to their uniform and refined form
- End-User: Emphasis on sustainability in automotive sectors and adoption of recycled plastics
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Plastic Recycling Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment 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, namely 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 assessment of the current state of vendors in the Plastic Recycling Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. 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 these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- BASF Propels Plastic Sustainability Forward with New Recycling Technology Enhancements
BASF announced significant advancements in plastic recycling technology, underscoring its commitment to environmental sustainability. The company has developed innovative processes that enhance the efficiency and effectiveness of recycling plastics, aiming to significantly reduce waste and improve the use of recycled materials in manufacturing. This technology supports the global movement towards sustainable material usage and aligns with circular economy principles, helping close the loop on plastic use.
SABIC Forms Strategic Alliance with Pashupati Group to Boost Plastic Recycling in India
SABIC entered a Memorandum of Understanding (MoU) with the Pashupati Group to advance plastic recycling efforts. This collaboration aims to enhance the sustainability of plastic products by focusing on the development and use of recycled plastics in various manufacturing processes. Under the agreement, both companies leverage their technologies and expertise to promote circular economy principles and reduce environmental impact by improving India's waste management and recycling processes.
Strategic Collaboration Between Mura Technology and Neste Aims to Advance Plastic Recycling Technologies
Mura Technology partnered with Neste and focuses on integrating Neste's expertise in renewable hydrocarbons derived from waste plastics with Mura's innovative Hydrothermal Plastic Recycling Solution (HydroPRS). HydroPRS is an advanced recycling process designed to convert hard-to-recycle plastic waste into raw materials, offering a promising solution to tackle the global plastic waste issue.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Plastic Recycling Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
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., Agilyx ASA, Alpek S.A.B. de C.V., B & B Plastics Inc., B. Schoenberg & Co., Inc., BASF SE, Berry Global Inc., Biffa Ltd, Borealis AG, Casella Waste Systems, Inc., Clean Harbors, Inc., Consolidated Container Company, Covestro AG, Honeywell International Inc., Indorama Ventures Public Company Limited, J&A Young (Leicester) Ltd., Kuusakoski Oy, KW Plastics, Loop Industries, Inc., LyondellBasell Industries Holdings B.V., MBA Polymers Inc., Montello S.p.A., Plastipak Holdings, Inc., PreZero Stiftung & Co. KG, Recology Inc., Reconomy (UK) Ltd, Recycled Plastic UK Ltd, Rehrig Pacific Company, Republic Services, Inc., Reworld Holding Corporation, Seraphim Plastics LLC, Shakti Plastic Industries, Stericycle, Inc., Suez SA, Teijin Limited, TerraCycle, Inc., TOMRA Systems ASA, Ultra-Poly Corporation, Veolia Environnement SA, and Waste Management Holdings, Inc..
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
- 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
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Chemical Recycling
- Market Drivers
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Rising concerns associated with high plastic usage and the trend toward corporate responsibility
- 5.1.1.2. Growing use of recycled plastics in the packaging sector
- 5.1.1.3. Favorable government initiatives to increase plastic recycling
- 5.1.2. Restraints
- 5.1.2.1. Technical complexities associated with recycling technologies
- 5.1.3. Opportunities
- 5.1.3.1. Growing advancements in recycling technology globally
- 5.1.3.2. Rising utilization of recycled plastic in the textile industry
- 5.1.4. Challenges
- 5.1.4.1. Quality concerns associated with recycled plastic
- 5.2. Market Segmentation Analysis
- 5.2.1. Type: High recycling rates of PET plastics owing to their diverse applications
- 5.2.2. Source: Increasing production of plastic goods using industrial waste due to large volumes of similar types of plastics
- 5.2.3. Recycling Method: Burgeoning utilization of the chemical recycling method as it enables the recycling of complex plastics
- 5.2.4. Recycled Product Form: Proliferating adoption of granules owing to their uniform and refined form
- 5.2.5. End-User: Emphasis on sustainability in automotive sectors and adoption of recycled plastics
- 5.3. Market Disruption Analysis
- 5.4. Porter’s Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
- 5.5. Value Chain & Critical Path Analysis
- 5.6. Pricing Analysis
- 5.7. Technology Analysis
- 5.8. Patent Analysis
- 5.9. Trade Analysis
- 5.10. Regulatory Framework Analysis
- 6. Plastic Recycling Market, by Type
- 6.1. Introduction
- 6.2. Polyethylene
- 6.3. Polyethylene Terephthalate
- 6.4. Polypropylene
- 6.5. Polystyrene
- 6.6. Polyvinyl Chloride
- 7. Plastic Recycling Market, by Source
- 7.1. Introduction
- 7.2. Commercial & Institutional
- 7.3. Industrial
- 7.4. Residential
- 8. Plastic Recycling Market, by Recycling Method
- 8.1. Introduction
- 8.2. Chemical Recycling
- 8.3. Energy Recycling
- 8.4. Mechanical Recycling
- 9. Plastic Recycling Market, by End-User
- 9.1. Introduction
- 9.2. Automobile
- 9.3. Building & Construction
- 9.4. Furniture
- 9.5. Packaging
- 9.6. Textiles
- 10. Plastic Recycling Market, by Recycled Product Form
- 10.1. Introduction
- 10.2. Flakes
- 10.3. Granules
- 10.4. Pellets
- 11. Americas Plastic Recycling Market
- 11.1. Introduction
- 11.2. Argentina
- 11.3. Brazil
- 11.4. Canada
- 11.5. Mexico
- 11.6. United States
- 12. Asia-Pacific Plastic Recycling Market
- 12.1. Introduction
- 12.2. Australia
- 12.3. China
- 12.4. India
- 12.5. Indonesia
- 12.6. Japan
- 12.7. Malaysia
- 12.8. Philippines
- 12.9. Singapore
- 12.10. South Korea
- 12.11. Taiwan
- 12.12. Thailand
- 12.13. Vietnam
- 13. Europe, Middle East & Africa Plastic Recycling Market
- 13.1. Introduction
- 13.2. Denmark
- 13.3. Egypt
- 13.4. Finland
- 13.5. France
- 13.6. Germany
- 13.7. Israel
- 13.8. Italy
- 13.9. Netherlands
- 13.10. Nigeria
- 13.11. Norway
- 13.12. Poland
- 13.13. Qatar
- 13.14. Russia
- 13.15. Saudi Arabia
- 13.16. South Africa
- 13.17. Spain
- 13.18. Sweden
- 13.19. Switzerland
- 13.20. Turkey
- 13.21. United Arab Emirates
- 13.22. United Kingdom
- 14. Competitive Landscape
- 14.1. Market Share Analysis, 2023
- 14.2. FPNV Positioning Matrix, 2023
- 14.3. Competitive Scenario Analysis
- 14.3.1. BASF Propels Plastic Sustainability Forward with New Recycling Technology Enhancements
- 14.3.2. SABIC Forms Strategic Alliance with Pashupati Group to Boost Plastic Recycling in India
- 14.3.3. Strategic Collaboration Between Mura Technology and Neste Aims to Advance Plastic Recycling Technologies
- 14.3.4. Expansion of Ultra-Poly Corp's Recycling Capabilities with a New Facility in Upper Mount Bethel Township
- 14.3.5. LyondellBasell Expands Its Footprint in Plastic Recycling with New Acquisitions in California
- 14.3.6. BASF Initiates ChemCycling Project in the U.S. to Advance Sustainable Plastic Practices
- 14.3.7. Mauser Group Expands Reach in North America with Strategic Acquisition of Consolidated Container Company
- 14.3.8. Visy Enhances Recycling Capabilities with Acquisition of ACP's Plastic Recycling Assets
- 14.3.9. Innovating Plastic Recycling with Resynergi's Expansion through Series B Funding of USD 6.4 Million
- 14.3.10. Covestro Unveils Advanced Polycarbonate Recycling Facility in China
- 14.3.11. Indorama Ventures Commits USD 150 Million to Enhance PET Recycling Infrastructure in India
- 14.4. Strategy Analysis & Recommendation
- 14.4.1. Waste Management Holdings, Inc.
- 14.4.2. Republic Services, Inc.
- 14.4.3. Suez SA
- 14.4.4. Veolia Environnement SA
- 14.4.5. Indorama Ventures Public Company Limited
- 15. Competitive Portfolio
- 15.1. Key Company Profiles
- 15.2. Key Product Portfolio
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