Global Plastics Recycling Market Thrives: Empowering a Greener Future Through Innovation and Community Action
Plastic recycling is a crucial sustainability solution that transforms used plastics into new materials to reduce carbon emissions, save resources, minimize waste, and reduce dependence on fossil fuels. While mechanical recycling leads the way, chemical recycling shows promising growth ahead.
BOSTON, June 25, 2024 /PRNewswire/ -- "According to the latest BCC Research study, the demand for "Plastics Recycling: Global Markets" is expected to grow from $42.4 billion in 2024 to $57.9 billion by the end of 2029, at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2029."
This report provides an in-depth analysis of the global plastic recycling market, with 2023 as the base year and revenue forecasts from 2024 to 2029. The market revenue includes earnings from plastic recycling services and sales of recycled plastics. The market is segmented by type, including polyethylene terephthalate (PET), high-density polyethylene (HDPE), low-density polyethylene (LDPE), linear low-density polyethylene (LLDPE), polypropylene (PP), and others. It also examines the end-use industries such as packaging, construction, transportation, etc. Additionally, the report distinguishes between mechanical and chemical recycling technologies. The market is analyzed geographically across Asia-Pacific, Europe, North America, and the Rest of the World.
The following factors drive the global market for plastic recycling:
Rising Interest in Lowering Environmental Footprint: Awareness of the environmental impact of plastic products is on the rise, leading both industries and consumers to seek ways to reduce their plastic footprint. This growing interest is driven by a desire to minimize plastic waste and promote sustainable practices. As a result, there is an increasing demand for effective recycling solutions that can help mitigate the negative environmental effects of plastic usage.
Advancements in Plastic Recycling Practices: Technological innovations have significantly improved plastic recycling methods. Mechanical recycling, which involves physical modifications like separation and grinding, and chemical recycling, which returns plastics to their original chemical units, are at the forefront of these advancements. These innovations enhance the efficiency, quality, and scalability of the recycling process, making it more feasible and effective on a larger scale.
Asia-Pacific as an Investment Hub: The Asia-Pacific region has become a significant player in the plastics recycling industry. Factors such as population growth, industrialization, and urbanization have led to increased plastic consumption in this area. Recognizing this potential, investors are directing substantial resources toward developing plastic recycling infrastructure in the region, further bolstering its role as a key investment hub.
Stringent Regulatory Environment: Governments around the world are implementing stricter regulations on plastic waste management. These regulations are designed to encourage recycling and discourage landfill disposal. Compliance with these recycling targets and adherence to circular economy principles are driving industry growth, as companies strive to meet these new standards and contribute to a more sustainable future.
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Report Synopsis
Report Metrics |
Details |
Base year considered |
2023 |
Forecast Period considered |
2024-2029 |
Base year market size |
$41.9 billion |
Market Size Forecast |
$57.9 billion |
Growth rate |
CAGR of 6.4% from 2024 to 2029 |
Segment Covered |
By Type, Technology, End-use Industry, and Region |
Regions covered |
North America, Asia-Pacific, Europe, and Rest of the World (RoW) |
Countries covered |
China, India, France, Germany, U.S., Canada, Mexico, and Brazil |
Key Market Drivers |
• Rising interest in lowering the environmental footprint of plastic products • Advancements in plastic recycling practices • Asia-Pacific emerging as a hub for attracting investments • Growing stringency in the regulatory environment for plastic recycling |
Key Interesting Facts About the Global Market for Plastic Recycling:
- Many countries face inadequate waste management, leading to environmental issues like illegal dumping and littering, complicating plastic recycling efforts.
- Startups and small to mid-sized companies struggle with high costs for equipment, labor, logistics, and plastic separation and purification.
- In developing economies, the informal sector dominates waste collection and sorting, often exploiting workers with unsafe conditions, lack of formal benefits, and low wages.
- Southeast Asia, especially Indonesia, Vietnam, Malaysia, and Thailand, has become a significant hub for plastic recycling following China's 2018 plastic waste import ban, attracting private investments in plastic circularity.
The global market for plastic recycling report includes in-depth data and analysis addressing the following important queries:
1. What is the projected market size and growth rate?
The market is projected to reach $57.9 billion by 2029, growing at a CAGR of 6.4% from 2024 to 2029.
2. What are the key factors driving the growth of the market?
- Rising interest in lowering the environmental footprint of plastic products.
- Advancements in plastic recycling practices.
- Asia-Pacific emerging as a hub for attracting investments.
- Growing stringency in the regulatory environment for plastic recycling.
3. What segments are covered in the market?
By type, end-use industry, technology, and region.
4. By end-use, which segment will dominate the market by the end of 2029?
The packaging segment will continue to dominate the market by the end of 2029.
5. Which region has the highest market share?
Asia-Pacific has the highest market share. It holds almost 51% of the global market share.
Some of the Key Market Players Are:
- BERRY GLOBAL INC.
- CUSTOM POLYMERS
- INDORAMA VENTURES PUBLIC CO. LTD.
- LOOP INDUSTRIES INC.
- MBA POLYMERS INC.
- PLASTIPAK HOLDINGS INC.
- REVALYU RESOURCES GMBH
- THE SHAKTI PLASTIC INDUSTRIES
- VANDEN GLOBAL LTD.
- VEOLIA ENVIRONNEMENT S.A.
Browse Related Reports:
Recycled Ocean Plastics Market: The report analyzes various recycled resin types, including PET, HDPE, L/LDPE, PP, PUR, PS, and PVC, focusing on their recycling outputs and market trends. It covers global technological advancements, economic conditions, and standards, with an emphasis on recycled ocean plastics for end-users like consumers, and building, industrial, and automotive sectors. The study reviews regional policies and regulations to ensure environmental sustainability. Forecasting from 2022 to 2027 with 2021 as the base year, the report includes a competitive analysis of key market players. Financial data is in U.S. dollars, using average annual conversion rates for non-U.S. currencies, detailed within the report.
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