Market Research Report

Global Plastic Recycling Market Research Report: Forecast (2024-2030)

By Source (Bottles, Films, Fibers, Foams), By Plastic Type (Polyethylene Terephthalate (PET) , Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS)), B...y Type (Post-consumer Recyclates, Industrial Recyclates), By Process (Mechanical Recycling, Chemical Recycling), By Application (Packaging, Building & Construction, Textiles, Automotive, Electrical & Electronics), By Region (North America, South America, Europe, The Middle East & Africa, Asia-Pacific), By Company (Veolia, Suez, KW Plastics, Jayplas, B. Schoenberg & Co., B&B Plastics, Green Line Polymers, Clear Path Recycling, Custom Polymers, and Plastipak Holdings, etc) Read more

  • Energy
  • Nov 2023
  • 178
  • PDF, Excel, PPT

Market Definition

Plastic recycling is an approach of reprocessing plastic waste & converting it into useful materials. This practice helps in addressing several environmental concerns like landfills, water pollution, environmental contamination, etc. Recycling plastic facilitates the conservation of non-renewable fossil fuels, less energy consumption while producing plastic from scratch, minimized landfill levels, etc.

Market Insights & Analysis: Global Plastic Recycling Market (2024-30):

The Global Plastic Recycling Market size is valued at nearly USD 32.9 billion in 2023 & is predicted to reach about USD 59.23 billion by 2030. Along with this, the market is also estimated to grow at a CAGR of about 8.72% during the forecast period, i.e., 2024-30. The market is experiencing significant growth, primarily fueled by the surging demand for plastic materials across various industries, including automotive, medical, textile, construction, and packaging.

This demand is driven by the versatile properties of plastic, such as its exceptional impact resistance, ease of transformation & processing, superior insulation capabilities, strength, and moisture resistance. A growing global emphasis on addressing environmental concerns, notably Greenhouse Gas (GHG) emissions & the proliferation of landfills, has led to the increased adoption of sustainable practices like plastic recycling.

Report Coverage Details
Study Period Historical Data: 2018-22
Base Year: 2023
Forecast Period: 2024-30
CAGR (2024-2030) 8.72%
Regions Covered North America: USA, Canada, Mexico
Europe: Germany, The UK, France, Spain, Italy, Rest of Europe
Asia-Pacific: China, India, Japan, South Korea, Rest of Asia-Pacific
South America: Brazil, Argentina, Rest of South America
Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of Middle East & Africa
Key Companies Profiled Veolia, Suez, KW Plastics, Jayplas, B. Schoenberg & Co., B&B Plastics, Green Line Polymers, Clear Path Recycling, Custom Polymers, and Plastipak Holdings
Market Value (2023) USD 32.9 Billion

 

Moreover, the proliferation of mobile applications has revolutionized the system of consumer purchasing, leading to a substantial surge in the e-commerce sector. This boom in e-commerce has created a wealth of opportunities for businesses in the Recycled Plastics Market, particularly as the e-commerce industry heavily relies on plastic for packaging & transportation of goods. As the e-commerce sector is poised for further growth with an increasing number of transactions, the market is expected to expand correspondingly in the forecast years.

Furthermore, heightened awareness of the detrimental environmental impacts of plastic waste, such as ocean pollution & harm to wildlife, is a major driver behind the industry's growth. This increased awareness has prompted a surge in demand for plastic recycling as a means to mitigate plastic waste & reduce its environmental footprint.

Both consumers & businesses are showing a growing preference for environmentally friendly and sustainable products. Consequently, many companies have started incorporating recycled plastic into their products, further stimulating demand for these recycled materials.


Global Plastic Recycling Market Research Report: Forecast (2024-2030)

Global Plastic Recycling Market Driver:

Global Environment Initiatives & Corporate Innovations in Plastic Recycling & Circular Economy Solutions – With the rapidly increasing concerns about pollution & environmental degradation, different countries worldwide are taking several initiatives for plastic recycling & waste management to promote & spread awareness about suitable disposal practices for plastic & recycling it into new products. Due to this, many companies are investing and launching new products made up of recycled plastic as part of their circular economy process. For instance:

  • In 2023, Dow announced the development of a new resin made with around 70% recycled plastic. This innovative new solution, AGILIT CE, is the first post-consumer recycled (PCR) product offering of Dow's plastics circularity portfolio to incorporate a high percentage of post-consumer plastic waste.

These developments by the companies to incorporate plastic waste products in their product portfolio have increased the demand for recycled plastic in the market, as it underscores the growing recognition of the imperative to embrace sustainable packaging solutions.

Global Plastic Recycling Market Opportunity:

Advancing Technologies & Government Initiatives Creating Opportunities – The rapidly growing emphasis on advancing plastic recycling technologies, the increasing demand for recycled PET & HDPE, and the expanding utilization of recycled plastic across various industries are poised to create significant market opportunities for key industry players in the coming years. The swift pace of research & development initiatives undertaken by governments worldwide, with a focus on discovering effective and innovative approaches to plastic recycling & waste management. For instance:

  • In 2022, The US Department of Energy (DOE) announced USD 13.4 million in funding for next-generation plastics technologies to reduce the energy consumption and carbon emissions of single-use plastics.

These developments represent promising avenues for businesses operating in the plastic recycling sector to capitalize on the growing investment & commitment to sustainable practices, consequently driving the market growth in the forecast years.

Global Plastic Recycling Market Challenge:

Lack of Investment to Hinder the Market Expansion – Insufficient investment in plastic recycling infrastructure & technologies represents a critical challenge for the industry, impacting its growth & innovation. Despite the increasing global awareness of the environmental consequences of plastic waste, the allocation of capital to support recycling efforts has not kept pace with the burgeoning demand. This lack of investment hindered the expansion of recycling facilities and the development of cutting-edge technologies necessary to enhance the efficiency & quality of plastic recycling. As a result, the industry faces limitations in its ability to process larger volumes of plastic waste and meet the growing demand for recycled materials.

Global Plastic Recycling Market (2024-30): Segmentation Analysis

The Global Plastic Recycling Market study by MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment & includes predictions for the period 2024–2030 at the global level. In accordance to the analysis, the market has been further classified as:

Based on Application:

  • Packaging
  • Building & Construction
  • Textiles
  • Automotive
  • Electrical & Electronics

The Packaging Sector is poised to experience the most rapid market growth during the forecast period, primarily driven by the substantial demand for plastic in various applications, particularly in the packaging of food & beverages, including ready-to-eat and ready-to-serve products. Packaging industries are increasingly repurposing plastic into versatile packaging products like bottles & containers.

The production of virgin plastic from scratch involves significant energy consumption & cost, making recycled plastic a more economical and eco-friendly alternative. This shift towards recycled plastic saves on resources & energy and helps address pressing environmental concerns such as water pollution and landfills. Consequently, the integration of recycled plastic into packaging solutions is significantly contributing to the overall market's growth and is expected to continue this trajectory in the forecast years.

Based on Type:

  • Polyethylene Terephthalate (PET)
  • Polyethylene (PE)
  • Polypropylene (PP)
  • Polyvinyl Chloride (PVC)
  • Polystyrene (PS)

Polyethylene Terephthalate (PET) holds a leading share of the Plastic Recycling Market, and this trend is expected to continue through 2030. PET stands out due to its high recycling rate compared to other plastic types, making it a preferred choice. The widespread use of PET in the production of plastic bottles on a global scale is a primary driver behind its dominant position in the market. The expanding utilization of PET in the food & beverage industry for packaging a wide range of products, including salad dressings, shampoos, window cleaners, and tennis balls, is contributing to the growth of the PET segment.

Additionally, PET's cost efficiency & remarkable flexibility further enhances its applications across various sectors such as textiles, films, automotive, electronics, and more. These factors collectively reinforce PET's prominence across the global market.

Global Plastic Recycling Market (2024-30): Regional Projection

Geographically, the Global Plastic Recycling Market expands across:

  • North America
  • South America
  • Europe
  • The Middle East & Africa
  • Asia-Pacific

The Asia-Pacific region is poised to hold its dominance in the Global Plastic Recycling Market throughout the forecast period. This position is primarily attributed to the substantial generation of plastic waste in the region, coupled with the growing number of government initiatives across many countries to address the escalating concerns related to plastic waste & the imperative to promote recycling. As per projections by the United Nations, plastic waste generation in the Asia-Pacific region is anticipated to reach approximately 140 million tons by 2030.

Due to this, several nations, including China, India, Japan, and others, have proactively embarked on initiatives to curtail plastic waste and raise awareness about effective plastic recycling and waste management practices. Furthermore, with the rapid expansion of industries such as automotive, textiles, and construction, there is a heightened expectation of increased adoption of plastic recycling practices, which is set to propel the overall Asia-Pacific Plastic Recycling Market growth.

Global Plastic Recycling Industry Recent Development:

  • 2023: Veolia and Lyondell Basell restructure their plastics recycling joint venture QCP to build a profitable circular and low carbon solutions business, to meet customer demand for more sustainable products and solutions.
  • 2023: SUEZ, SK Geo Centric, and Loop Industries identified a location for their collaborative plastic recycling facility in Saint-Avold, France. This plant is dedicated to the production of 100% recycled PET resin, which maintains a virgin-quality and is infinitely recyclable.

Gain a Competitive Edge with Our Global Plastic Recycling Market Report

  • Global Plastic Recycling Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size, share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
  • This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
  • Global Plastic Recycling Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

Frequently Asked Questions

   A. The Plastic Recycling Market is expected to grow at a compound annual growth rate (CAGR) of around 8.72% from 2024 to 2030.

   A. The Global Plastic Recycling Market size is valued at nearly USD 32.9 billion in 2023 & is predicted to reach about USD 59.23 billion by 2030.

   A. The global environment initiatives & corporate innovations in plastic recycling & circular economy solutions are expected to drive the market during 2024-30.

   A. Veolia, Suez, KW Plastics, Jayplas, B. Schoenberg & Co., B&B Plastics, Green Line Polymers, Clear Path Recycling, Custom Polymers, and Plastipak Holdings, etc., are the top players in the Plastic Recycling Market.

   A. Packaging held the largest share of the Plastic Recycling Market.

   A. Asia-Pacific would present growth prospects in the Plastic Recycling Market during 2024-30.

   A. The advancing technologies & government initiatives are the growth opportunities driving the Plastic Recycling Market.

Global Plastic Recycling Market Research Report (2024-2030) - Table of Contents

 

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. Global Plastic Recycling Market Trends & Developments
  5. Global Plastic Recycling Market Dynamics
    1. Drivers
    2. Challenges
  6. Global Plastic Recycling Market Regulations, Policies, and Standards
  7. Global Plastic Recycling Supply Chain Analysis
  8. Global Plastic Recycling Porter Five Forces Analysis
  9. Global Plastic Recycling Hotspot & Opportunities
  10. Global Plastic Recycling Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues USD Million
    2. Market Size & Analysis
      1. By Source
        1. Bottles- Market Size & Forecast 2019-2030, USD Million
        2. Films- Market Size & Forecast 2019-2030, USD Million
        3. Fibers- Market Size & Forecast 2019-2030, USD Million
        4. Foams- Market Size & Forecast 2019-2030, USD Million
      2. By Plastic Type
        1. Polyethylene Terephthalate (PET) - Market Size & Forecast 2019-2030, USD Million
        2. Polyethylene (PE)- Market Size & Forecast 2019-2030, USD Million
        3. Polypropylene (PP)- Market Size & Forecast 2019-2030, USD Million
        4. Polyvinyl Chloride (PVC)- Market Size & Forecast 2019-2030, USD Million
        5. Polystyrene (PS)- Market Size & Forecast 2019-2030, USD Million
      3. By Type
        1. Post-consumer Recyclates- Market Size & Forecast 2019-2030, USD Million
        2. Industrial Recyclates- Market Size & Forecast 2019-2030, USD Million
      4. By Process
        1. Mechanical Recycling - Market Size & Forecast 2019-2030, USD Million
        2. Chemical Recycling - Market Size & Forecast 2019-2030, USD Million
      5. By Application
        1. Packaging- Market Size & Forecast 2019-2030, USD Million
        2. Building & Construction- Market Size & Forecast 2019-2030, USD Million
        3. Textiles- Market Size & Forecast 2019-2030, USD Million
        4. Automotive- Market Size & Forecast 2019-2030, USD Million
        5. Electrical & Electronics- Market Size & Forecast 2019-2030, USD Million
      6. By Region
        1. North America
        2. South America
        3. Europe
        4. The Middle East & Africa
        5. Asia-Pacific
      7. By Competition
        1. Competition Characteristics
        2. Market Share Analysis
  11. North America Plastic Recycling Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues USD Million
    2. Market Share & Analysis
      1. By Source- Market Size & Forecast 2019-2030, USD Million
      2. By Plastic Type- Market Size & Forecast 2019-2030, USD Million
      3. By Type- Market Size & Forecast 2019-2030, USD Million
      4. By Process- Market Size & Forecast 2019-2030, USD Million
      5. By Application- Market Size & Forecast 2019-2030, USD Million
      6. By Country
        1. The US
        2. Canada
        3. Mexico
    3. The US Plastic Recycling Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues USD Million
      2. Market Share & Analysis
        1. By Source- Market Size & Forecast 2019-2030, USD Million
        2. By Type- Market Size & Forecast 2019-2030, USD Million
        3. By Application- Market Size & Forecast 2019-2030, USD Million
    4. Canada Plastic Recycling Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues USD Million
      2. Market Share & Analysis
        1. By Source- Market Size & Forecast 2019-2030, USD Million
        2. By Type- Market Size & Forecast 2019-2030, USD Million
        3. By Application- Market Size & Forecast 2019-2030, USD Million
    5. Mexico Plastic Recycling Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues USD Million
      2. Market Share & Analysis
        1. By Source- Market Size & Forecast 2019-2030, USD Million
        2. By Type- Market Size & Forecast 2019-2030, USD Million
        3. By Application- Market Size & Forecast 2019-2030, USD Million
  12. South America Plastic Recycling Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues USD Million
    2. Market Share & Analysis
      1. By Source- Market Size & Forecast 2019-2030, USD Million
      2. By Plastic Type- Market Size & Forecast 2019-2030, USD Million
      3. By Type- Market Size & Forecast 2019-2030, USD Million
      4. By Process- Market Size & Forecast 2019-2030, USD Million
      5. By Application- Market Size & Forecast 2019-2030, USD Million
      6. By Country
        1. Brazil
        2. Argentina
        3. Rest of South America
    3. Brazil Plastic Recycling Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues USD Million
      2. Market Share & Analysis
        1. By Source- Market Size & Forecast 2019-2030, USD Million
        2. By Type- Market Size & Forecast 2019-2030, USD Million
        3. By Application- Market Size & Forecast 2019-2030, USD Million
    4. Argentina Plastic Recycling Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues USD Million
      2. Market Share & Analysis
        1. By Source- Market Size & Forecast 2019-2030, USD Million
        2. By Type- Market Size & Forecast 2019-2030, USD Million
        3. By Application- Market Size & Forecast 2019-2030, USD Million
  13. Europe Plastic Recycling Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues USD Million
    2. Market Share & Analysis
      1. By Source- Market Size & Forecast 2019-2030, USD Million
      2. By Plastic Type- Market Size & Forecast 2019-2030, USD Million
      3. By Type- Market Size & Forecast 2019-2030, USD Million
      4. By Process- Market Size & Forecast 2019-2030, USD Million
      5. By Application- Market Size & Forecast 2019-2030, USD Million
      6. By Country
        1. Germany
        2. The UK
        3. France
        4. Spain
        5. Italy
        6. Rest of Europe
    3. Germany Plastic Recycling Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues USD Million
      2. Market Share & Analysis
        1. By Source- Market Size & Forecast 2019-2030, USD Million
        2. By Type- Market Size & Forecast 2019-2030, USD Million
        3. By Application- Market Size & Forecast 2019-2030, USD Million
    4. The UK Plastic Recycling Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues USD Million
      2. Market Share & Analysis
        1. By Source- Market Size & Forecast 2019-2030, USD Million
        2. By Type- Market Size & Forecast 2019-2030, USD Million
        3. By Application- Market Size & Forecast 2019-2030, USD Million
    5. France Plastic Recycling Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues USD Million
      2. Market Share & Analysis
        1. By Source- Market Size & Forecast 2019-2030, USD Million
        2. By Type- Market Size & Forecast 2019-2030, USD Million
        3. By Application- Market Size & Forecast 2019-2030, USD Million
    6. Spain Plastic Recycling Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues USD Million
      2. Market Share & Analysis
        1. By Service- Market Size & Forecast 2019-2030, USD Million
        2. By Type- Market Size & Forecast 2019-2030, USD Million
        3. By End-User Market Size & Forecast 2019-2030, USD Million
    7. Italy Plastic Recycling Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues USD Million
      2. Market Share & Analysis
        1. By Source- Market Size & Forecast 2019-2030, USD Million
        2. By Type- Market Size & Forecast 2019-2030, USD Million
        3. By Application- Market Size & Forecast 2019-2030, USD Million
  14. The Middle East & Africa Plastic Recycling Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues USD Million
    2. Market Share & Analysis
      1. By Source- Market Size & Forecast 2019-2030, USD Million
      2. By Plastic Type- Market Size & Forecast 2019-2030, USD Million
      3. By Type- Market Size & Forecast 2019-2030, USD Million
      4. By Process- Market Size & Forecast 2019-2030, USD Million
      5. By Application- Market Size & Forecast 2019-2030, USD Million
      6. By Country
        1. The UAE
        2. Saudi Arabia
        3. South Africa
        4. Rest of Middle East & Africa
    3. The UAE Plastic Recycling Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues USD Million
      2. Market Share & Analysis
        1. By Source- Market Size & Forecast 2019-2030, USD Million
        2. By Type- Market Size & Forecast 2019-2030, USD Million
        3. By Application- Market Size & Forecast 2019-2030, USD Million
    4. Saudi Arabia Plastic Recycling Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues USD Million
      2. Market Share & Analysis
        1. By Source- Market Size & Forecast 2019-2030, USD Million
        2. By Type- Market Size & Forecast 2019-2030, USD Million
        3. By Application- Market Size & Forecast 2019-2030, USD Million
    5. South Africa Plastic Recycling Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues USD Million
      2. Market Share & Analysis
        1. By Source- Market Size & Forecast 2019-2030, USD Million
        2. By Type- Market Size & Forecast 2019-2030, USD Million
        3. By Application- Market Size & Forecast 2019-2030, USD Million
  15. Asia-Pacific Plastic Recycling Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues USD Million
    2. Market Share & Analysis
      1. By Source- Market Size & Forecast 2019-2030, USD Million
      2. By Plastic Type- Market Size & Forecast 2019-2030, USD Million
      3. By Type- Market Size & Forecast 2019-2030, USD Million
      4. By Process- Market Size & Forecast 2019-2030, USD Million
      5. By Application- Market Size & Forecast 2019-2030, USD Million
      6. By Country
        1. China
        2. Japan
        3. India
        4. South Korea
        5. Rest of Asia-Pacific
    3. China Plastic Recycling Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues USD Million
      2. Market Share & Analysis
        1. By Source- Market Size & Forecast 2019-2030, USD Million
        2. By Type- Market Size & Forecast 2019-2030, USD Million
        3. By Application- Market Size & Forecast 2019-2030, USD Million
    4. Japan Plastic Recycling Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues USD Million
      2. Market Share & Analysis
        1. By Source- Market Size & Forecast 2019-2030, USD Million
        2. By Type- Market Size & Forecast 2019-2030, USD Million
        3. By Application- Market Size & Forecast 2019-2030, USD Million
    5. India Plastic Recycling Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues USD Million
      2. Market Share & Analysis
        1. By Source- Market Size & Forecast 2019-2030, USD Million
        2. By Type- Market Size & Forecast 2019-2030, USD Million
        3. By Application- Market Size & Forecast 2019-2030, USD Million
    6. South Korea Plastic Recycling Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues USD Million
      2. Market Share & Analysis
        1. By Source- Market Size & Forecast 2019-2030, USD Million
        2. By Type- Market Size & Forecast 2019-2030, USD Million
        3. By Application- Market Size & Forecast 2019-2030, USD Million
  16. Global Plastic Recycling Market Key Strategic Imperatives for Success & Growth
  17. Competitive Outlook
    1. Company Profiles 
      1. Veolia
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      2. Suez
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      3. KW Plastic
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      4. Jayplas
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      5. B. Schoenberg & Co.
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      6. B&B Plastics
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      7. Green Line Polymers
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      8. Clear Path Recycling                  
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      9. Custom Polymers
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      10. Plastipak Holdings.
        1. Business Description
        2. Type Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      11. Others
  18. Disclaimer


Global Plastic Recycling Market Segmentation