According to the latest report by Reports and Data, the global plastic recycling market size was USD 37.88 Billion in 2022 and is predicted to grow at a revenue CAGR of 5.8% over the forecast period. The surge in plastic waste generated from the extensive use of plastic products in various industries has led to significant revenue growth in the plastic recycling industry. The growing push towards a circular economy and the demand for bioplastics, which are made from sustainable resources, are among the key drivers of the market's revenue expansion.
During the forecast period, the Polyethylene Terephthalate (PET) sector is expected to generate the majority of revenue due to its extensive use in the packaging industry. The packaging industry is projected to be the top revenue contributor, with increasing utilization of recycled plastic in packaging, notably in the domains of food, beverages, and personal care items.
The Asia Pacific market is expected to be the largest contributor to revenue growth due to the fast-growing construction industry and the increasing demand for recycled plastic in non-residential construction.
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Some of the prominent players profiling in the global plastic recycling market include VEOLIA, Waste Management, Inc., Clean Harbors, Inc., Suez SA, Stericycle, Inc., Republic Services, Inc., WM Intellectual Property Holdings, L.L.C., Plastic Recycling Inc., B. Schoenberg Co., Inc., Envision Plastics, and Avangard Innovative.
In 2021, Veolia acquired its competitor Suez for USD 15.6 billion to expand its global presence and strengthen its position in the plastic recycling industry. Waste Management, Inc. teamed up with Renmatix in 2021 to develop new plastic recycling technologies with the goal of producing valuable products using waste materials.
Factors Affecting of Plastic Recycling Market
The plastic recycling market is influenced by various factors, including:
- Increasing plastic waste: The growing use of plastic products in various industries has led to a surge in plastic waste, which has become a major concern worldwide. This has increased the demand for plastic recycling as a way to reduce waste.
- Environmental concerns: The increasing awareness about the impact of plastic waste on the environment has led to a greater focus on waste reduction and recycling. Governments and organizations are promoting sustainable practices, including plastic recycling, to reduce the environmental impact of plastic waste.
- Circular economy: The push towards a circular economy, which aims to reduce waste and promote sustainable practices, has increased the demand for recycled plastics.
- Cost-effectiveness: Recycling plastic is often more cost-effective than producing new plastic, as it reduces the amount of waste sent to landfills and saves energy.
- Demand for bioplastics: Bioplastics, which are made from sustainable resources and can be decomposed, are gaining popularity, leading to a surge in demand for plastic recycling.
- Growing end-use sectors: The packaging industry, particularly for bottles and containers, is a major end-use sector for plastic products, and the demand for recycled plastic in this industry is anticipated to grow.
- Regional construction industry: The construction industry in regions such as the Asia Pacific is growing rapidly, and the demand for recycled plastic in non-residential buildings such as schools, hospitals, and universities is increasing.
Overall, the plastic recycling market is expected to continue growing in the coming years due to increasing environmental concerns and the push towards a circular economy, among other factors.
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For the purpose of this report, Reports and Data has segmented the global plastic recycling market on the basis of Product Type Outlook, Source Outlook, Application Outlook, and Regional Outlook:
Product Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Polyethylene
- Polyethylene Terephthalate
- Polypropylene
- Polyvinyl Chloride
- Polystyrene
- Others
Source Outlook (Revenue, USD Billion; 2022 - 2032)
- Plastic Bottles
- Plastic Films
- Polymer Foam
- Others
Application Outlook (Revenue, USD Billion; 2022 - 2032)
- Construction
- Packaging
- Electrical Electronics
- Textiles
- Automotive
- Others
Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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Frequently Asked Questions Addressed in the Report:
- What is the forecast revenue growth rate and size of the global Plastic Recycling market?
- What are some of the key factors driving revenue growth of the global Plastic Recycling market over the forecast period?
- What are the latest trends opportunities influencing the industry revenue growth?
- Who are the prominent players in the global Plastic Recycling market?
- What are the imminent risks and challenges expected to restrain the Plastic Recycling industry growth in near future?
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