The global plastic recycling market size was USD 37.88 Billion in 2022 and is expected to register a revenue CAGR of 5.8% over the forecast period, according to the latest report by Reports and Data.
The plastic recycling industry is experiencing significant revenue growth due to the surge in plastic waste generated from the widespread use of plastic products in various industries. Disposing of plastic waste has become a major concern, leading governments and organizations to prioritize waste reduction and recycling. Additionally, there is a growing push towards a circular economy, which aims to reduce waste and promote sustainable practices, further fueling the demand for recycled plastics.
Additionally, the plastic recycling sector is experiencing growth owing to a surge in demand for bioplastics. Bioplastics are made from sustainable resources such as corn starch or sugar cane and are capable of being decomposed. These factors are among the key drivers of the market's revenue expansion.
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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.
Some Key Highlights from the Report
- During the forecast period, the Polyethylene Terephthalate (PET) sector is expected to generate the majority of revenue in the coming years, largely due to its extensive use in the packaging industry, particularly for bottles and containers. As PET plastic continues to be adopted by various end-use sectors like food and beverage, personal care, and pharmaceuticals, the demand for PET recycling is anticipated to grow. PET's excellent properties, such as high durability, transparency, and flexibility, make it suitable for a wide range of applications. Many companies prefer using recycled PET as it is cheaper and has a lower environmental impact by reducing the amount of waste sent to landfills and saving energy. These factors are expected to drive revenue growth in this segment.
- During the forecast period, the packaging industry is projected to be the top revenue contributor. The requirement for plastic recycling is anticipated to surge because of the increasing utilization of recycled plastic in packaging, notably in the domains of food, beverages, and personal care items. Recycled plastic is a popular substance for numerous packaging purposes due to its cost-effectiveness and reduced environmental footprint. These factors are propelling the revenue growth of the packaging sector.
- The Asia Pacific market is expected to be the largest contributor to the revenue growth in the near future. This is mainly due to the fast-growing construction industry in the region. The demand for recycled plastic is also increasing in this area, particularly in non-residential buildings such as schools, hospitals, and universities. Recycled plastic is commonly used in these buildings for various purposes such as roofing tiles, fences, carpets, and insulation. As a result, the revenue growth in this region is primarily driven by the growing demand for recycled plastic in non-residential construction.
- In 2021, Veolia, a French company that deals with waste management, will acquire its competitor Suez for USD 15.6 billion. This acquisition will help Veolia expand its global presence and strengthen its position in the plastic recycling industry.
- In 2021, Waste Management, Inc., a US-based company specializing in waste management, teamed up with Renmatix, a producer of cellulosic sugars, with the goal of developing new plastic recycling technologies. The aim of this collaboration is to create methods for producing valuable products using waste materials.
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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?
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- 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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