Plastic Recycling Market Synopsis:
Plastic Recycling Market Size Was Valued at USD 51.12 Billion in 2023, and is Projected to Reach USD 108.31 Billion by 2032, Growing at a CAGR of 8.7 % From 2024-2032.
The Plastic Recycling Market could be described as the market that encompasses the industries that collect, separate and reuse waste plastic products in a new form or as materials for use in other sectors. This is alongside a pledge to reduce environmental footprint, preserve resources, and champion sustainability alongside manufacturing effective post-consumer or industrial waste plastics into reusable products such as rPET, rPE, and other recycled polymers.
The market for plastic recycling on a global level, as it has been presented in the work, is expected to rise even higher as public concern for the environment and the need for green solutions in handling wastes grows gradually. A lot of countries have been trying to give legal standards and compelling other individuals to minimize the usage of plastic products and try to recycle. Secondly, the stewardship concerning the raise of awareness of the consumer over the vices of the plastics pollution has made industries, especially packaging, automobile, and construction industries embrace recycled plastic in their production process.
Chemical recycling and other technologies employing the use of Artificial intelligence in the sorting processes have improved the recycling of plastics in its processes. These innovations enable enhanced sorting and processing of the postconsumer mixed plastics to lofty purity for sectors. This market has also been realized due to the circular economy advancement through closed-loop recycling in firms to reduce virgin plastics and wastes.
Plastic Recycling Market Trend Analysis:
Increasing Demand for Recycled Plastics in Packaging
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This industry takes recycled papers and plastics in large quantities, for example, the packaging industry adapts the use of involved recycled materials because of their cheapness and their environmentally friendly nature. More and more industrial packs, bottles, shipments etc. are being packaged with used plastics to conform to legal provisions and market trends.
- Major international retail and fast-moving consumer goods firms are pledging to incorporate post-consumer recycled content into their packaging, which will drive the market ahead. That shift towards lightweight, durable and environment friendly packaging materials makes recycled plastics an important player in the packaging business.
Growth in Asia-Pacific’s Recycling Infrastructure
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The plastic recycling market in the Asia-Pacific region presents a highly attractive investment opportunity due to several compelling factors. The region’s immense and growing population, along with rapid urbanization, contributes significantly to the high consumption of plastic products, thereby generating a considerable volume of plastic waste. In response, many governments in the region are prioritizing sustainable waste management through supportive policies and environmental regulations. This has led to a surge in investment aimed at developing robust recycling infrastructure.
- The formation of collaborative public-private partnerships is driving improvements in waste collection systems and increasing recycling rates, especially in emerging economies. Another promising aspect is the expanding export market for recycled plastic materials, particularly to developed countries with mature recycling industries, which adds a lucrative dimension to the recycling sector’s economic viability in Asia-Pacific.
Plastic Recycling Market Segment Analysis:
Plastic Recycling Market is Segmented on the basis of Type, Application, Source, and Region.
By Type, Polyethylene Terephthalate (PET), segment is expected to dominate the market during the forecast period
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Polyethylene terephthalate (PET) is projected to lead the recycled plastic market during the forecast period due to its extensive use in beverage bottles, food packaging, and a wide range of non-food applications. It is widely favored in recycling efforts thanks to its high recyclability rate and consistent global demand. PET recycling has seen notable technological advancements, particularly in chemical depolymerization methods that break down polymers into monomers, allowing for nearly virgin-grade material recovery.
- Enhanced washing techniques help remove contaminants and improve the purity of recycled PET (rPET). These innovations ensure that rPET meets stringent quality standards, making it suitable for high-performance applications such as premium food-grade packaging and textiles. As sustainability becomes a greater priority across industries, the adoption of recycled PET is likely to grow significantly, reinforcing its dominance in the market.
By Application, Non-Food Packaging segment expected to hold the largest share
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The Non-Food Packaging segment is poised to receive the highest level of consumer recognition due to its association with widely used categories such as personal care products, household items, and industrial goods. Within this sector, post-consumer recycled (PCR) plastics have emerged as a preferred material because they offer multiple advantages chiefly, lower production costs, enhanced durability, and greater environmental sustainability.
- Companies are increasingly aligning their packaging strategies with eco-conscious branding efforts, aiming to appeal to a growing base of environmentally aware consumers. This shift has led to a notable increase in the incorporation of recycled content in non-food packaging formats. The versatility of PCR plastics allows manufacturers to meet functional performance standards while promoting a circular economy, reinforcing their commitment to sustainable development and corporate responsibility.
Plastic Recycling Market Regional Insights:
Asia Pacific is Expected to Dominate the Market Over the Forecast Period
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The plastic recycling market in Asia-Pacific is expected to hold the largest market share throughout the forecasting period. The leadership comes from high consumption rates, high generation, and growing governmental solicitousness to reduce plastic pollution in the region. China, India, Japan, and South Korea are improving their recycling systems by passing new policies, constructing more recycling facilities and increasing people’s awareness of recycling.
- This is perceived through placing emphasis on the collection of post-industrial plastics especially by countries such as China that recently placed a ban on the importation of foreign waste. These regulations have contributed to development and innovations of sorting and recycling markets in the domestic recycling sector. India is also showing significant potential due to its long-term vision of managing plastic waste and fast growing recycling industry.
Active Key Players in the Plastic Recycling Market:
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Advanced Environmental Recycling Technologies Inc. (United States)
- Biffa plc (United Kingdom)
- Clean Harbors, Inc. (United States)
- Covestro AG (Germany)
- Indorama Ventures Public Company Limited (Thailand)
- KW Plastics (United States)
- MBA Polymers, Inc. (United States)
- Phoenix Technologies International, LLC (United States)
- Plastipak Holdings, Inc. (United States)
- Suez Recycling & Recovery (France)
- TerraCycle, Inc. (United States)
- The Shakti Plastic Industries (India)
- Trex Company, Inc. (United States)
- UltrePET LLC (United States)
- Veolia Environnement S.A. (France), and Other Active Players
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Global Plastic Recycling Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
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Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 51.12 Billion |
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Forecast Period 2024-32 CAGR: |
8.7 % |
Market Size in 2032: |
USD 108.31 Billion |
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Segments Covered: |
By Type |
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By Application |
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By Source |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Plastic Recycling Market by Product Type
4.1 Plastic Recycling Market Snapshot and Growth Engine
4.2 Plastic Recycling Market Overview
4.3 Plastic Boxes Baskets Bins Chests Other
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.3.3 Key Market Trends, Growth Factors and Opportunities
4.3.4 Plastic Boxes Baskets Bins Chests Other: Geographic Segmentation Analysis
Chapter 5: Plastic Recycling Market by Application
5.1 Plastic Recycling Market Snapshot and Growth Engine
5.2 Plastic Recycling Market Overview
5.3 Toys Arts & Crafts Clothing Sporting Goods Others
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 Toys Arts & Crafts Clothing Sporting Goods Others: Geographic Segmentation Analysis
Chapter 6: Plastic Recycling Market by End User
6.1 Plastic Recycling Market Snapshot and Growth Engine
6.2 Plastic Recycling Market Overview
6.3 Residential Commercial Institutional Others
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.3.3 Key Market Trends, Growth Factors and Opportunities
6.3.4 Residential Commercial Institutional Others: Geographic Segmentation Analysis
Chapter 7: Company Profiles and Competitive Analysis
7.1 Competitive Landscape
7.1.1 Competitive Benchmarking
7.1.2 Plastic Recycling Market Share by Manufacturer (2023)
7.1.3 Industry BCG Matrix
7.1.4 Heat Map Analysis
7.1.5 Mergers and Acquisitions
7.2 ADVANCED ENVIRONMENTAL RECYCLING TECHNOLOGIES INC. (UNITED STATES)
7.2.1 Company Overview
7.2.2 Key Executives
7.2.3 Company Snapshot
7.2.4 Role of the Company in the Market
7.2.5 Sustainability and Social Responsibility
7.2.6 Operating Business Segments
7.2.7 Product Portfolio
7.2.8 Business Performance
7.2.9 Key Strategic Moves and Recent Developments
7.2.10 SWOT Analysis
7.3 BIFFA PLC (UNITED KINGDOM)
7.4 CLEAN HARBORS INC. (UNITED STATES)
7.5 COVESTRO AG (GERMANY)
7.6 INDORAMA VENTURES PUBLIC COMPANY LIMITED (THAILAND)
7.7 KW PLASTICS (UNITED STATES)
7.8 MBA POLYMERS INC. (UNITED STATES)
7.9 PHOENIX TECHNOLOGIES INTERNATIONAL LLC (UNITED STATES)
7.10 PLASTIPAK HOLDINGS INC. (UNITED STATES)
7.11 SUEZ RECYCLING & RECOVERY (FRANCE)
7.12 TERRACYCLE INC. (UNITED STATES)
7.13 THE SHAKTI PLASTIC INDUSTRIES (INDIA)
7.14 TREX COMPANY INC. (UNITED STATES)
7.15 ULTREPET LLC (UNITED STATES)
7.16 VEOLIA ENVIRONNEMENT S.A. (FRANCE)
7.17 OTHER ACTIVE PLAYERS
Chapter 8: Global Plastic Recycling Market By Region
8.1 Overview
8.2. North America Plastic Recycling Market
8.2.1 Key Market Trends, Growth Factors and Opportunities
8.2.2 Top Key Companies
8.2.3 Historic and Forecasted Market Size by Segments
8.2.4 Historic and Forecasted Market Size By Product Type
8.2.4.1 Plastic Boxes Baskets Bins Chests Other
8.2.5 Historic and Forecasted Market Size By Application
8.2.5.1 Toys Arts & Crafts Clothing Sporting Goods Others
8.2.6 Historic and Forecasted Market Size By End User
8.2.6.1 Residential Commercial Institutional Others
8.2.7 Historic and Forecast Market Size by Country
8.2.7.1 US
8.2.7.2 Canada
8.2.7.3 Mexico
8.3. Eastern Europe Plastic Recycling Market
8.3.1 Key Market Trends, Growth Factors and Opportunities
8.3.2 Top Key Companies
8.3.3 Historic and Forecasted Market Size by Segments
8.3.4 Historic and Forecasted Market Size By Product Type
8.3.4.1 Plastic Boxes Baskets Bins Chests Other
8.3.5 Historic and Forecasted Market Size By Application
8.3.5.1 Toys Arts & Crafts Clothing Sporting Goods Others
8.3.6 Historic and Forecasted Market Size By End User
8.3.6.1 Residential Commercial Institutional Others
8.3.7 Historic and Forecast Market Size by Country
8.3.7.1 Russia
8.3.7.2 Bulgaria
8.3.7.3 The Czech Republic
8.3.7.4 Hungary
8.3.7.5 Poland
8.3.7.6 Romania
8.3.7.7 Rest of Eastern Europe
8.4. Western Europe Plastic Recycling Market
8.4.1 Key Market Trends, Growth Factors and Opportunities
8.4.2 Top Key Companies
8.4.3 Historic and Forecasted Market Size by Segments
8.4.4 Historic and Forecasted Market Size By Product Type
8.4.4.1 Plastic Boxes Baskets Bins Chests Other
8.4.5 Historic and Forecasted Market Size By Application
8.4.5.1 Toys Arts & Crafts Clothing Sporting Goods Others
8.4.6 Historic and Forecasted Market Size By End User
8.4.6.1 Residential Commercial Institutional Others
8.4.7 Historic and Forecast Market Size by Country
8.4.7.1 Germany
8.4.7.2 UK
8.4.7.3 France
8.4.7.4 The Netherlands
8.4.7.5 Italy
8.4.7.6 Spain
8.4.7.7 Rest of Western Europe
8.5. Asia Pacific Plastic Recycling Market
8.5.1 Key Market Trends, Growth Factors and Opportunities
8.5.2 Top Key Companies
8.5.3 Historic and Forecasted Market Size by Segments
8.5.4 Historic and Forecasted Market Size By Product Type
8.5.4.1 Plastic Boxes Baskets Bins Chests Other
8.5.5 Historic and Forecasted Market Size By Application
8.5.5.1 Toys Arts & Crafts Clothing Sporting Goods Others
8.5.6 Historic and Forecasted Market Size By End User
8.5.6.1 Residential Commercial Institutional Others
8.5.7 Historic and Forecast Market Size by Country
8.5.7.1 China
8.5.7.2 India
8.5.7.3 Japan
8.5.7.4 South Korea
8.5.7.5 Malaysia
8.5.7.6 Thailand
8.5.7.7 Vietnam
8.5.7.8 The Philippines
8.5.7.9 Australia
8.5.7.10 New Zealand
8.5.7.11 Rest of APAC
8.6. Middle East & Africa Plastic Recycling Market
8.6.1 Key Market Trends, Growth Factors and Opportunities
8.6.2 Top Key Companies
8.6.3 Historic and Forecasted Market Size by Segments
8.6.4 Historic and Forecasted Market Size By Product Type
8.6.4.1 Plastic Boxes Baskets Bins Chests Other
8.6.5 Historic and Forecasted Market Size By Application
8.6.5.1 Toys Arts & Crafts Clothing Sporting Goods Others
8.6.6 Historic and Forecasted Market Size By End User
8.6.6.1 Residential Commercial Institutional Others
8.6.7 Historic and Forecast Market Size by Country
8.6.7.1 Turkiye
8.6.7.2 Bahrain
8.6.7.3 Kuwait
8.6.7.4 Saudi Arabia
8.6.7.5 Qatar
8.6.7.6 UAE
8.6.7.7 Israel
8.6.7.8 South Africa
8.7. South America Plastic Recycling Market
8.7.1 Key Market Trends, Growth Factors and Opportunities
8.7.2 Top Key Companies
8.7.3 Historic and Forecasted Market Size by Segments
8.7.4 Historic and Forecasted Market Size By Product Type
8.7.4.1 Plastic Boxes Baskets Bins Chests Other
8.7.5 Historic and Forecasted Market Size By Application
8.7.5.1 Toys Arts & Crafts Clothing Sporting Goods Others
8.7.6 Historic and Forecasted Market Size By End User
8.7.6.1 Residential Commercial Institutional Others
8.7.7 Historic and Forecast Market Size by Country
8.7.7.1 Brazil
8.7.7.2 Argentina
8.7.7.3 Rest of SA
Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies
Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research
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Global Plastic Recycling Market |
|||
|
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
|
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 51.12 Billion |
|
Forecast Period 2024-32 CAGR: |
8.7 % |
Market Size in 2032: |
USD 108.31 Billion |
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Segments Covered: |
By Type |
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By Application |
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By Source |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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