Plastic Recycling Market 2023 Global Key Country Analysis: Berry Global Group Inc, biffa, Clean Harbors, Covetsro AG, Custom Polymers Inc., Montello S.p.A

Plastic Recycling Market: by Product (Polyethylene (PE), Polyethylene Terephthalate (PET), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Others), by Source (Plastic Bottles, Plastic Films, Polymer Foam, Others), by Application (Building and Construction, Packaging, Electrical and Electronics, Textiles, Automotive, Others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).

The global Plastic Recycling market size was estimated at USD 67.3 billion in 2023 and is projected to reach USD 114.5 billion in 2030 at a CAGR of 7.9% during the forecast period 2023-2030.

The prominent players in the Plastic Recycling market are Berry Global Group Inc, biffa, Clean Harbors, Covetsro AG, Custom Polymers Inc., Envision Plastics, Jayplas, Joe plastics, Kuusakoski Group, KW plastics, Montello S.p.A, MTM Plastics GmbH, Plasgran Ltd., Plastic Recycling Inc., Plastipak Holdings Inc., Recycled Plastics UK, RJM International Inc., Seraphim Plastics, Shakti Plastics Industries, Shell international b.v., Teijin Limited, Ultra Poly Corporation, Veolia, Waste Connections and others.

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The first factor is the rising awareness of the negative impacts of plastic waste on the environment, such as ocean pollution and harm to wildlife. This has led to an increased demand for plastic recycling as a means of reducing plastic waste and lowering its environmental impact. The second factor is the growing desire by consumers and businesses for environmentally friendly and sustainable goods. This has led to an increase in the use of recycled plastic in goods by many businesses, which has further increased the demand for the material. The negative impacts of plastic waste on the environment have been a major concern for many years, and the increasing awareness of these impacts has led to a greater focus on plastic recycling as a solution. Consumers and businesses are becoming more conscious of their environmental impact and are actively seeking out sustainable alternatives. This has created a market for recycled plastic, which is being used in a wide range of products, from packaging to furniture.

The highlighted text talks about the rising demand for recycled materials in various sectors, including food and beverage and consumer products. The demand for packaging materials that are safe for use in food and beverages is increasing, which is driving the consumption of recyclable polymers in this sector of the economy. Recyclable polymers can efficiently replace traditional plastics as a barrier between food goods and environmental variables, which is expanding the market for these materials. Recycled polyethylene terephthalate is a highly preferred material in water and beverage packaging bottles due to its properties such as durability, strength, and resistance to moisture and chemicals.

Plastic Recycling Market Recent Developments:

In September 2022, It was announced by WM Recycle America, LLC that it would buy Avangard Innovative's U.S. Operations. The company will be known as Natura PCR. In five years, it is anticipated to scale up and increase its recycling capacity to create 400 billion pounds of post-cutomer resin (PCR) annually.

In January 2022, A large investment was made by plastipak holdings, Inc., a leader in the design, production, and recycling of plastic containers, to increase the capacity of PET recycling at its production facility in Bascharage, Luxembourg. The development is anticipated to raise the manufacturing capacity annually.

Delvens Industry Expert's Standpoint

The plastic recycling industry has several factors that drive its growth, such as the increasing demand for environmentally friendly and sustainable goods by consumers and businesses. However, there are also significant barriers that can impede the expansion of the plastic recycling market, particularly in developing nations. One of the major obstacles is the lack of infrastructure and funding for plastic recycling facilities in these countries, which makes it difficult to gather, sort, and treat plastic waste. This lack of infrastructure and funding can also lead to inadequate waste management practices, which can further exacerbate the plastic waste problem. Despite these challenges, government policies and programs aimed at boosting recycling and reducing plastic waste offer ample opportunities for the plastic recycling industry.

Governments worldwide are implementing laws and policies that encourage businesses to use recycled plastics and reduce their plastic waste, which can help drive demand for recycled plastic. Industry players are also investing in research and development to sustain their growth in the market, with strategies such as product launches, mergers and acquisitions, collaborations, partnerships, and refurbishing of existing technology.

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Scope of the Report:

The Plastic Recycling Market is segmented into various segments such as source, plastic type, process, type, end-user, and region:

Based on Source, the Plastic Recycling Market is segmented into:

Bottles
Films
Foams
Fibers
Others

Based on the Plastic Type, the Plastic Recycling Market is segmented into:

Polyethylene Terephthalate
Polyethylene
Polypropylene
Polyvinyl Chloride
Polystyrene
Others

Based on the Process, the Plastic Recycling Market is segmented into:

Mechanical
Chemical

Based on Type, the Plastic Recycling Market is segmented into:

Post-Consumer Recyclate
Industrial Recyclate

Based on End-User, the Plastic Recycling Market is segmented into:

Packaging
Building & Construction
Textiles
Automotive
Electrical & Electronics
Others

Based on region, the Plastic Recycling Market is segmented into:

Asia Pacific

Japan
China
India
Australia
South Korea
Vietnam
New Zealand
Philippines
Thailand
Malaysia
Hong Kong
Taiwan
Singapore
Indonesia
Sri Lanka
Rest of Asia-Pacific

North America

U.S.
Canada
Mexico

Europe

Germany
U.K.
France
Italy
Spain
Sweden
Austria
Finland
Belgium
Turkey
Russia
Poland
Hungary
Czech Republic
Switzerland
Netherlands
Rest of Europe

South America

Brazil
Argentina
Chile
Colombia
Rest of South America

Middle East & Africa

South Africa
U.A.E.
Saudi Arabia
Oman
Qatar
Iran
Egypt
Rest of Middle East and Africa

Plastic Recycling Market Regional Analysis:

North America to Dominate the Market

Asia-Pacific region had the highest sales or revenue in the plastic recycling industry compared to other regions such as North America, Europe, and the Middle East.

This has significantly increased awareness and demand for sustainable waste management practices, including plastic recycling in the Asia-Pacific region. Moreover, the demand for recycled plastic is boosting in this region, due to the growth of the consumer goods and packaging industries.

Plastic Recycling Market Reasons to Acquire:

Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.

Gain authentic and granular data access for the Plastic Recycling Market to understand the trends and the factors involved in changing market situations.

Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.

In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

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