Global Plastic Recycling Market; By Material (Polyethylene Terephthalate (PET), Polypropylene (PP), Polyethylene (PE), Polyvinyl Chloride (PVC) and Others), By Source (Pipes, Wires and Cables, Sheets, Bottle and Others), By End-User (Automotive, Food and
Description
Global Plastic Recycling Market; By Material (Polyethylene Terephthalate (PET), Polypropylene (PP), Polyethylene (PE), Polyvinyl Chloride (PVC) and Others), By Source (Pipes, Wires and Cables, Sheets, Bottle and Others), By End-User (Automotive, Food and Beverage, Construction, Textiles, Electrical & Electronics, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa); Trend Analysis, Competitive Market Share & Forecast, 2018-2028
Plastic Recycling Market to Reach USD 76.5 Billion by 2028
The growth of the global plastic recycling market is primarily supported by the growing plastic production and demand. Increasing use of lightweight plastic components and rising awareness of plastic's adverse effects on the environment are also driving the market. Furthermore, consistent support from the governments and increasing penetration of recycled plastic products present lucrative opportunities for the global plastic recycling market.
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global plastic recycling market was worth USD 44.3 billion in 2021 and is further projected to reach USD 76.5 billion by 2028, exhibiting a CAGR of 8.6% during the forecast period (2022-2028). Several factors drive the growth of the global plastic recycling market, such as the increasing demand for plastics, the growing consumption of plastics in lightweight components, and growing awareness regarding the negative environmental impact of plastics. In addition to this, government support and an increase in recycled plastic products are presenting lucrative opportunities for the global plastic recycling market.
Growing Plastic Production and Use Supporting Growth of Global Plastic Recycling Market
The use of plastic is so ubiquitous in our daily lives that we cannot imagine a world without it. Plastics are used across many industries due to their properties such as impact resistance, ease of transformation, insulation, ease of processing, high tensile strength, resistance to chemicals, moisture, corrosion, and more. According to National Geographic, around 50% of the total plastic ever manufactured has been produced in the last 15 years with plastic production surging from 2.3 million tons in 1950 to 448 million tons in 2015. National Geographic has further projected plastic production to get doubled by 2050.
The growing application of plastic in packaging, especially food packaging, has propelled the demand for plastics even more. According to the United Nations Environmental Program (UNEP), 5 trillion single-use plastic bags are used worldwide every year. Moreover, four global food & beverages companies, i.e., Coca-Cola, Nestle, Danone, and Unilever generated around 6.06 million tons of plastic packaging waste in 2019. With the use and demand for plastic growing, the demand for plastic recycling is expected to go up during the forecast period, thus, driving the growth of the global plastic recycling market.
The Polyethylene Terephthalate (PET) Segment Dominates the Market
Based on materials, the global plastic recycling market is segmented into polyethylene terephthalate (PET), polypropylene (PP), high-density polyethylene (HDPE), low-density polyethylene (LDPE), polystyrene (PS), polyvinyl chloride (PVC), and others. The PET segment dominated the market in 2020 and held the largest share due to a large number of plastic bottles used worldwide. The United Nations Environment Program (UNEP) estimates that around one million plastic drinking bottles are purchased every minute, and PET is the primary material utilized in making plastic water bottles. The high recycling rate of PET is another reason for a dominant share of the segment in the market. According to PET Resin Association, the PET recycling rate is 31% in the United States and 52% in Europe. The segment is expected to retain its leading position during the forecast period as well owing to the growing use of PET in the packaging of food & beverages, salad dressings, peanut butter, cooking oils, mouthwash, shampoo, liquid hand soap, window cleaner, and even tennis balls.
Impact of COVID-19 on the Global Plastic Recycling Market
COVID-19 has negatively affected the growth of the global plastic recycling market as demand for face shields, packaging, and other plastic products skyrocketed during the pandemic. Fukutomi Recycling Ltd., a plastics recycler in Hong Kong, reports that extended lockdowns in South-East Asia have left only 30% of recyclers operating, and many are only operating at 50% of their recycling capacity. Furthermore, the demand for virgin plastics surged dramatically, causing further problems for the plastic recycling industry. Global lockdown severely affected global manufacturing industries and raw material supply, resulting in dramatic effects on the global plastic recycling industry. Additionally, insufficient container forwarding capacities, longer transit times due to blank sailings, and drastic increases in freight rates also affected the plastic recycling market in 2020 and 2021. Freight shortages are expected to persist until the first half of 2022, and a global energy crisis may further slow the global plastic recycling market.
Global Plastic Recycling Market: Regional Insights
The global plastic recycling market is segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Among these regions, the Asia-Pacific region dominated the global plastic recycling market in 2020 due to the large volume of plastic waste generated in the region and the increasing number of plastic recycling initiatives in the region. Approximately 140 million tonnes of plastic waste will be generated in the region by 2030, according to United Nations Centre for Regional Development (UNCRD). Furthermore, new initiatives such as the South Asia Cooperative Environment Program (SACEP), Surakimu Ganga, Rethink+, and others are also helping to increase awareness about plastic recycling and are expected to contribute to the growth of the plastic recycling market in the region over the forecast period.
The leading players in the plastic recycling market are KW Plastics, Veolia, Custom Polymers, Plastipak Holdings, The Coca-Cola Company Incorporated, Suez, B. Schoenberg & Co., Fresh Pak Corporation, B&B Plastics, Green Line Polymers, Ultra Poly Corporation, Clear Path Recycling, Jayplas, MBA Polymers, RJM International Inc., CarbonLite Industries LLC, Envision Plastics Industries LLC, ReVital Polymers and Other prominent players. Market competitors compete on the basis of product quality as well as new and cost-effective manufacturing processes that can improve yield and optimize the process for more and better output.
Recent Developments
• In October, 2021, ExxonMobil announced its plan of building its first, large-scale plastic waste advanced recycling facility in its Baytown, Texas plant. The plastic recycling plant is expected to start operations by year-end 2022. Upon completion, the facility will be one of the largest plastic waste recycling facilities in North America with an initial planned capacity to recycle 30,000 metric tons of plastic waste per year.
Plastic Recycling Market to Reach USD 76.5 Billion by 2028
The growth of the global plastic recycling market is primarily supported by the growing plastic production and demand. Increasing use of lightweight plastic components and rising awareness of plastic's adverse effects on the environment are also driving the market. Furthermore, consistent support from the governments and increasing penetration of recycled plastic products present lucrative opportunities for the global plastic recycling market.
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global plastic recycling market was worth USD 44.3 billion in 2021 and is further projected to reach USD 76.5 billion by 2028, exhibiting a CAGR of 8.6% during the forecast period (2022-2028). Several factors drive the growth of the global plastic recycling market, such as the increasing demand for plastics, the growing consumption of plastics in lightweight components, and growing awareness regarding the negative environmental impact of plastics. In addition to this, government support and an increase in recycled plastic products are presenting lucrative opportunities for the global plastic recycling market.
Growing Plastic Production and Use Supporting Growth of Global Plastic Recycling Market
The use of plastic is so ubiquitous in our daily lives that we cannot imagine a world without it. Plastics are used across many industries due to their properties such as impact resistance, ease of transformation, insulation, ease of processing, high tensile strength, resistance to chemicals, moisture, corrosion, and more. According to National Geographic, around 50% of the total plastic ever manufactured has been produced in the last 15 years with plastic production surging from 2.3 million tons in 1950 to 448 million tons in 2015. National Geographic has further projected plastic production to get doubled by 2050.
The growing application of plastic in packaging, especially food packaging, has propelled the demand for plastics even more. According to the United Nations Environmental Program (UNEP), 5 trillion single-use plastic bags are used worldwide every year. Moreover, four global food & beverages companies, i.e., Coca-Cola, Nestle, Danone, and Unilever generated around 6.06 million tons of plastic packaging waste in 2019. With the use and demand for plastic growing, the demand for plastic recycling is expected to go up during the forecast period, thus, driving the growth of the global plastic recycling market.
The Polyethylene Terephthalate (PET) Segment Dominates the Market
Based on materials, the global plastic recycling market is segmented into polyethylene terephthalate (PET), polypropylene (PP), high-density polyethylene (HDPE), low-density polyethylene (LDPE), polystyrene (PS), polyvinyl chloride (PVC), and others. The PET segment dominated the market in 2020 and held the largest share due to a large number of plastic bottles used worldwide. The United Nations Environment Program (UNEP) estimates that around one million plastic drinking bottles are purchased every minute, and PET is the primary material utilized in making plastic water bottles. The high recycling rate of PET is another reason for a dominant share of the segment in the market. According to PET Resin Association, the PET recycling rate is 31% in the United States and 52% in Europe. The segment is expected to retain its leading position during the forecast period as well owing to the growing use of PET in the packaging of food & beverages, salad dressings, peanut butter, cooking oils, mouthwash, shampoo, liquid hand soap, window cleaner, and even tennis balls.
Impact of COVID-19 on the Global Plastic Recycling Market
COVID-19 has negatively affected the growth of the global plastic recycling market as demand for face shields, packaging, and other plastic products skyrocketed during the pandemic. Fukutomi Recycling Ltd., a plastics recycler in Hong Kong, reports that extended lockdowns in South-East Asia have left only 30% of recyclers operating, and many are only operating at 50% of their recycling capacity. Furthermore, the demand for virgin plastics surged dramatically, causing further problems for the plastic recycling industry. Global lockdown severely affected global manufacturing industries and raw material supply, resulting in dramatic effects on the global plastic recycling industry. Additionally, insufficient container forwarding capacities, longer transit times due to blank sailings, and drastic increases in freight rates also affected the plastic recycling market in 2020 and 2021. Freight shortages are expected to persist until the first half of 2022, and a global energy crisis may further slow the global plastic recycling market.
Global Plastic Recycling Market: Regional Insights
The global plastic recycling market is segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Among these regions, the Asia-Pacific region dominated the global plastic recycling market in 2020 due to the large volume of plastic waste generated in the region and the increasing number of plastic recycling initiatives in the region. Approximately 140 million tonnes of plastic waste will be generated in the region by 2030, according to United Nations Centre for Regional Development (UNCRD). Furthermore, new initiatives such as the South Asia Cooperative Environment Program (SACEP), Surakimu Ganga, Rethink+, and others are also helping to increase awareness about plastic recycling and are expected to contribute to the growth of the plastic recycling market in the region over the forecast period.
The leading players in the plastic recycling market are KW Plastics, Veolia, Custom Polymers, Plastipak Holdings, The Coca-Cola Company Incorporated, Suez, B. Schoenberg & Co., Fresh Pak Corporation, B&B Plastics, Green Line Polymers, Ultra Poly Corporation, Clear Path Recycling, Jayplas, MBA Polymers, RJM International Inc., CarbonLite Industries LLC, Envision Plastics Industries LLC, ReVital Polymers and Other prominent players. Market competitors compete on the basis of product quality as well as new and cost-effective manufacturing processes that can improve yield and optimize the process for more and better output.
Recent Developments
• In October, 2021, ExxonMobil announced its plan of building its first, large-scale plastic waste advanced recycling facility in its Baytown, Texas plant. The plastic recycling plant is expected to start operations by year-end 2022. Upon completion, the facility will be one of the largest plastic waste recycling facilities in North America with an initial planned capacity to recycle 30,000 metric tons of plastic waste per year.
Table of Contents
210 Pages
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Research Methodology
- 2.1. Qualitative Research
- 2.1.1. Primary & Secondary Research
- 2.2. Quantitative Research
- 2.3. Market Breakdown & Data Triangulation
- 2.3.1. Secondary Research
- 2.3.2. Primary Research
- 2.4. Breakdown of Primary Research Respondents, By Region
- 2.5. Assumption & Limitation
- 3. Executive Summary
- 4. Global Plastic Recycling Market Insights
- 4.1. Industry Value Chain Analysis
- 4.2. DROC Analysis
- 4.2.1. Drivers
- 4.2.2. Restraints
- 4.2.3. Opportunities
- 4.2.4. Challenges
- 4.3. Technological Landscape/Recent Development
- 4.4. Regulatory Framework
- 4.5. Porter’s Five Forces Analysis
- 4.5.1. Bargaining Power of Suppliers
- 4.5.2. Bargaining Power of Buyers
- 4.5.3. Threat of New Entrants
- 4.5.4. Threat of Substitutes
- 4.5.5. Intensity of Rivalry
- 5. Global Plastic Recycling Market Overview
- 5.1. Market Size & Forecast by Value, 2018-2028
- 5.1.1. By Value (USD Billion)
- 5.2. Market Share & Forecast
- 5.2.1. By Material
- 5.2.1.1. Polyethylene Terephthalate (PET)
- 5.2.1.2. Polypropylene (PP)
- 5.2.1.3. Polyethylene (PE)
- 5.2.1.4. Polyvinyl Chloride (PVC)
- 5.2.1.5. Others
- 5.2.2. By Source
- 5.2.2.1. Pipes
- 5.2.2.2. Wires and Cables
- 5.2.2.3. Sheets
- 5.2.2.4. Bottle
- 5.2.2.5. Others
- 5.2.3. By End-User
- 5.2.3.1. Automotive
- 5.2.3.2. Food and Beverage
- 5.2.3.3. Construction
- 5.2.3.4. Textiles
- 5.2.3.5. Electrical & Electronics
- 5.2.3.6. Others
- 5.2.4. By Region
- 5.2.4.1. North America
- 5.2.4.2. Europe
- 5.2.4.3. Asia Pacific
- 5.2.4.4. Latin America
- 5.2.4.5. Middle East and Africa
- 6. North America Plastic Recycling Market
- 6.1. Market Size & Forecast by Value, 2018-2028
- 6.1.1. By Value (USD Billion)
- 6.2. Market Share & Forecast
- 6.2.1. By Material
- 6.2.2. By Source
- 6.2.3. By End-User
- 6.2.4. By Country
- 6.2.4.1. United States
- 6.2.4.2. Canada
- 7. Europe Plastic Recycling Market
- 7.1. Market Size & Forecast by Value, 2018-2028
- 7.1.1. By Value (USD Billion)
- 7.2. Market Share & Forecast
- 7.2.1. By Material
- 7.2.2. By Source
- 7.2.3. By End-User
- 7.2.4. By Country
- 7.2.4.1. Germany
- 7.2.4.2. United Kingdom
- 7.2.4.3. Italy
- 7.2.4.4. France
- 7.2.4.5. Spain
- 7.2.4.6. Rest of Europe
- 8. Asia Pacific Plastic Recycling Market
- 8.1. Market Size & Forecast by Value, 2018-2028
- 8.1.1. By Value (USD Billion)
- 8.2. Market Share & Forecast
- 8.2.1. By Material
- 8.2.2. By Source
- 8.2.3. By End-User
- 8.2.4. By Country
- 8.2.4.1. China
- 8.2.4.2. India
- 8.2.4.3. Japan
- 8.2.4.4. South Korea
- 8.2.4.5. Rest of Asia Pacific
- 9. Latin America Plastic Recycling Market
- 9.1. Market Size & Forecast by Value, 2018-2028
- 9.1.1. By Value (USD Billion)
- 9.2. Market Share & Forecast
- 9.2.1. By Material
- 9.2.2. By Source
- 9.2.3. By End-User
- 9.2.4. By Country
- 9.2.4.1. Brazil
- 9.2.4.2. Mexico
- 9.2.4.3. Rest of Latin America
- 10. Middle East & Africa Plastic Recycling Market
- 10.1. Market Size & Forecast by Value, 2018-2028
- 10.1.1. By Value (USD Billion)
- 10.2. Market Share & Forecast
- 10.2.1. By Material
- 10.2.2. By Source
- 10.2.3. By End-User
- 10.2.4. By Country
- 10.2.4.1. Saudi Arabia
- 10.2.4.2. UAE
- 10.2.4.3. South Africa
- 10.2.4.4. Rest of Middle East & Africa
- 11. Competitive Landscape
- 11.1. List of Key Players and Their Offerings
- 11.2. Market Share Analysis, 2021
- 11.3. Competitive Benchmarking, By Operating Parameters
- 11.4. Key Strategic Development (Merger, Acquisition, Partnership.)
- 12. Impact of COVID-19 on Global Plastic Recycling Market Industry
- 13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
- 13.1. KW Plastics
- 13.2. Veolia
- 13.3. Custom Polymers
- 13.4. Plastipak Holdings
- 13.5. The Coca-Cola Company Incorporated
- 13.6. Suez
- 13.7. B. Schoenberg & Co.
- 13.8. Fresh Pak Corporation
- 13.9. B&B Plastics
- 13.10. Green Line Polymers
- 13.11. Ultra Poly Corporation
- 13.12. Clear Path Recycling
- 13.13. Jayplas
- 13.14. MBA Polymers
- 13.15. RJM International Inc.
- 13.16. CarbonLite Industries LLC
- 13.17. Envision Plastics Industries LLC
- 13.18. ReVital Polymers
- 13.19. Other Prominent Players
- 14. Key Strategic Recommendations
- *Financial information in case of non-listed companies will be provided as per availability
- **The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
- List of Figures
- Figure 1 Global Plastic Recycling Segmentation
- Figure 2 Global Plastic Recycling Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2021
- Figure 4 Global Plastic Recycling Market Size, By Value (USD Billion), 2018-2028
- Figure 5 Global Plastic Recycling Market Share, By Material, By Value, 2018-2028
- Figure 6 Global Plastic Recycling Market Share, By Source, By Value, 2018-2028
- Figure 7 Global Plastic Recycling Market Share, By End-User, By Value, 2018-2028
- Figure 8 Global Plastic Recycling Market Share, By Region, By Value, 2018-2028
- Figure 9 North America Plastic Recycling Market Size, By Value (USD Billion), 2018-2028
- Figure 10 North America Plastic Recycling Market Share, By Material, By Value, 2018-2028
- Figure 11 North America Plastic Recycling Market Share, By Source, By Value, 2018-2028
- Figure 12 North America Plastic Recycling Market Share, By End-User, By Value, 2018-2028
- Figure 13 North America Plastic Recycling Market Share, By Country, By Value, 2018-2028
- Figure 14 Europe Plastic Recycling Market Size, By Value (USD Billion), 2018-2028
- Figure 15 Europe Plastic Recycling Market Share, By Material, By Value, 2018-2028
- Figure 16 Europe Plastic Recycling Market Share, By Source, By Value, 2018-2028
- Figure 17 Europe Plastic Recycling Market Share, By End-User, By Value, 2018-2028
- Figure 18 Europe Plastic Recycling Market Share, By Country, By Value, 2018-2028
- Figure 19 The Asia-Pacific Plastic Recycling Market Size, By Value (USD Billion), 2018-2028
- Figure 20 The Asia-Pacific Plastic Recycling Market Share, By Material, By Value, 2018-2028
- Figure 21 The Asia-Pacific Plastic Recycling Market Share, By Source, By Value, 2018-2028
- Figure 22 The Asia-Pacific Plastic Recycling Market Share, By End-User, By Value, 2018-2028
- Figure 23 The Asia-Pacific Plastic Recycling Market Share, By Country, By Value, 2018-2028
- Figure 24 Latin America Plastic Recycling Market Size, By Value (USD Billion), 2018-2028
- Figure 25 Latin America Plastic Recycling Market Share, By Material, By Value, 2018-2028
- Figure 26 Latin America Plastic Recycling Market Share, By Source, By Value, 2018-2028
- Figure 27 Latin America Plastic Recycling Market Share, By End-User, By Value, 2018-2028
- Figure 28 Latin America Plastic Recycling Market Share, By Country, By Value, 2018-2028
- Figure 29 The Middle East & Africa Plastic Recycling Market Size, By Value (USD Billion), 2018-2028
- Figure 30 The Middle East & Africa Plastic Recycling Market Share, By Material, By Value, 2018-2028
- Figure 31 The Middle East & Africa Plastic Recycling Market Share, By Source, By Value, 2018-2028
- Figure 32 The Middle East & Africa Plastic Recycling Market Share, By End-User, By Value, 2018-2028
- Figure 33 The Middle East & Africa Plastic Recycling Market Share, By Country, By Value, 2018-2028
- List of Tables
- Table 1 Global Plastic Recycling Market Size, By Material, By Value, 2018-2028
- Table 2 Global Plastic Recycling Market Size, By Source, By Value, 2018-2028
- Table 3 Global Plastic Recycling Market Size, By End-User, By Value, 2018-2028
- Table 4 Global Plastic Recycling Market Size, By Region, By Value, 2018-2028
- Table 5 North America Plastic Recycling Market Size, By Material, By Value, 2018-2028
- Table 6 North America Plastic Recycling Market Size, By Source, By Value, 2018-2028
- Table 7 North America Plastic Recycling Market Size, By End-User, By Value, 2018-2028
- Table 8 North America Plastic Recycling Market Size, By Country, By Value, 2018-2028
- Table 9 Europe Plastic Recycling Market Size, By Material, By Value, 2018-2028
- Table 10 Europe Plastic Recycling Market Size, By Source, By Value, 2018-2028
- Table 11 Europe Plastic Recycling Market Size, By End-User, By Value, 2018-2028
- Table 12 Europe Plastic Recycling Market Size, By Country, By Value, 2018-2028
- Table 13 The Asia-Pacific Plastic Recycling Market Size, By Material, By Value, 2018-2028
- Table 14 The Asia-Pacific Plastic Recycling Market Size, By Source, By Value, 2018-2028
- Table 15 The Asia-Pacific Plastic Recycling Market Size, By End-User, By Value, 2018-2028
- Table 16 The Asia-Pacific Plastic Recycling Market Size, By Country, By Value, 2018-2028
- Table 17 Latin America Plastic Recycling Market Size, By Material, By Value, 2018-2028
- Table 18 Latin America Plastic Recycling Market Size, By Source, By Value, 2018-2028
- Table 19 Latin America Plastic Recycling Market Size, By End-User, By Value, 2018-2028
- Table 20 Latin America Plastic Recycling Market Size, By Country, By Value, 2018-2028
- Table 21 The Middle East & Africa Plastic Recycling Market Size, By Material, By Value, 2018-2028
- Table 22 The Middle East & Africa Plastic Recycling Market Size, By Source, By Value, 2018-2028
- Table 23 The Middle East & Africa Plastic Recycling Market Size, By End-User, By Value, 2018-2028
- Table 24 The Middle East & Africa Plastic Recycling Market Size, By Country, By Value, 2018-2028
- Table 25 KW Plastics Company Overview
- Table 26 KW Plastics Financial Overview
- Table 27 Veolia Company Overview
- Table 28 Veolia Financial Overview
- Table 29 Plastipak Holdings Company Overview
- Table 30 Plastipak Holdings Financial Overview
- Table 31 The Coca-Cola Company Incorporated Company Overview
- Table 32 The Coca-Cola Company Incorporated Financial Overview
- Table 33 B. Schoenberg & Co. Company Overview
- Table 34 B. Schoenberg & Co. Financial Overview
- Table 35 B&B Plastics Company Overview
- Table 36 B&B Plastics Financial Overview
- Table 37 Green Line Polymers Company Overview
- Table 38 Green Line Polymers Financial Overview
- Table 39 Ultra Poly Corporation Company Overview
- Table 40 Ultra Poly Corporation Financial Overview
- Table 41 Clear Path Recycling Company Overview
- Table 42 Clear Path Recycling Financial Overview
- Table 43 Jayplas Company Overview
- Table 44 Jayplas Financial Overview
- Table 45 MBA Polymers Company Overview
- Table 46 MBA Polymers Financial Overview
- Table 47 RJM International Inc. Company Overview
- Table 48 RJM International Inc. Financial Overview
- Table 49 CarbonLite Industries LLC Company Overview
- Table 50 CarbonLite Industries LLC Financial Overview
- Table 51 Envision Plastics Industries LLC Company Overview
- Table 52 Envision Plastics Industries LLC Financial Overview
- Table 53 ReVital Polymers Company Overview
- Table 54 ReVital Polymers Financial Overview
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