Plastic Recycling

Plastic Recycling

Global Plastic Recycling Market to Reach US$86.7 Billion by 2030

The global market for Plastic Recycling estimated at US$52.3 Billion in the year 2023, is expected to reach US$86.7 Billion by 2030, growing at a CAGR of 7.5% over the analysis period 2023-2030. PET, one of the segments analyzed in the report, is expected to record a 8.0% 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 over the analysis period.

The U.S. Market is Estimated at US$4.7 Billion While China is Forecast to Grow at 8.2% CAGR

The Plastic Recycling market in the U.S. is estimated at US$4.7 Billion in the year 2023. 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 8.2% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 5.6% and 5.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.5% CAGR.

Global Plastic Recycling Market - Key Drivers and Trends Summarized

Plastic recycling is a critical component of the global effort to reduce plastic waste and mitigate environmental impact. This process involves collecting, sorting, and reprocessing used plastic materials into new products, thereby conserving resources and reducing landfill waste. Plastic recycling encompasses various methods, including mechanical recycling, chemical recycling, and energy recovery. Mechanical recycling involves physically processing plastics into new forms, while chemical recycling breaks down plastics into their chemical components for reuse. Energy recovery converts plastic waste into energy through combustion. These methods contribute to a circular economy by extending the life cycle of plastic materials and reducing the need for virgin plastic production.

Technological advancements have significantly improved the efficiency and effectiveness of plastic recycling. Innovations in sorting and processing technologies, such as advanced optical sorting, automated separation, and chemical depolymerization, have enhanced the quality and yield of recycled plastics. The development of biodegradable and bio-based plastics is also addressing the limitations of traditional plastic recycling, offering more sustainable alternatives. Additionally, the integration of digital technologies, such as blockchain and IoT, is improving traceability and transparency in the recycling supply chain. These advancements are not only increasing the recycling rate but also ensuring the production of high-quality recycled plastics suitable for various applications, from packaging to automotive parts.

The growth in the plastic recycling market is driven by several factors. The increasing awareness of environmental issues and the need to reduce plastic pollution are major drivers, encouraging both consumers and industries to adopt recycling practices. Regulatory mandates and government initiatives promoting recycling and the use of recycled materials are also boosting market growth. Technological advancements in recycling processes and the development of advanced recycling technologies are enhancing the efficiency and quality of plastic recycling, driving adoption. The growing demand for sustainable packaging solutions in various industries, including food and beverage, personal care, and consumer goods, is further propelling market growth. Additionally, the rise of the circular economy concept and the increasing focus on resource conservation are encouraging the use of recycled plastics. The expansion of the recycling infrastructure and the increasing investment in recycling facilities are also contributing to market growth. Finally, the collaboration between stakeholders, including governments, industries, and environmental organizations, is fostering innovation and promoting the adoption of plastic recycling, creating new opportunities in the market.

Select Competitors (Total 130 Featured) -

• Advanced Drainage Systems, Inc.
• B & B Plastics Recycling, Inc.
• B. Schoenberg & Co., Inc.
• Custom Polymers, Inc.
• Envision Plastics
• Green-O-Tech India
• Jayplas
• Kuusakoski Oy
• KW Plastics
• MBA Polymers, Inc.
• NAM Polymers Inc.
• Norwich Plastics
• PARC Corporation
• Plastic Recycling Inc.
• Plastipak Holdings, Inc.
• Seraphim Plastics LLC
• Ultra Poly Corporation
• Veolia Environnement S.A.

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