Plastic Recycling Market: Industry Emerging Trend, Driving Factors, Outlook and Future Scope Analysis 2031

Allied Market Research recently dropped a knowledge bomb on us with a report on the Plastic Recycling Market. Brace yourself for some numbers: they predict the global market for plastic recycling to hit a whopping $61.0 billion by 2031. That's a significant jump from the $27.9 billion it raked in during 2021, showcasing a notable CAGR of 8.7% from 2022 to 2031.

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So, what's fueling this plastic recycling bonanza, you ask? Well, it seems like the world is finally waking up to the environmental impact of plastic waste. Governments worldwide are tightening the screws with regulations and initiatives to push for more plastic recycling. However, there are a couple of roadblocks slowing down this plastic parade-developing nations aren't investing as much in plastic recycling, and there's a lack of infrastructure for the recycling process. But fear not, innovative technologies like chemical recycling and pyrolysis are riding to the rescue, promising a greener future.

If you're into specifics, the report breaks down the plastic recycling party into segments. Polyethylene Terephthalate (PET) is the cool kid on the block, expected to dominate the market with a growth spurt of 9.4% CAGR. Why? Well, it turns out PET is the go-to material for eco-friendly and sustainable packaging solutions, especially in the beverage sector. Shatterproof, recyclable, and lightweight-sounds like PET's got it all.

Speaking of bottles, the plastic bottles category ruled the roost in 2021 and is predicted to keep its crown with a 9.5% CAGR. With the growing awareness of the environmental havoc wreaked by plastic bottles, there's a rising demand for recycled alternatives. Enter the eco-friendly plastic bottle, here to save the day.

Now, let's talk applications. In 2021, the packaging subsegment was the hero, contributing significantly to the plastic recycling market. The demand for eco-friendly packaging solutions and increased environmental awareness are the driving forces behind this packaging revolution.

In the regional showdown, the Asia-Pacific region takes the crown, generating the largest market revenue in 2021 and expected to display the fastest growth with a 9.2% CAGR. Environmental concerns like air and water pollution are pushing consumers and governments to hop on the plastic recycling bandwagon.

Finally, the report introduces us to the MVPs of the plastic recycling game-market players like Covestro AG, CLEAN HARBORS, INC., and Veolia. These heavy-hitters are making moves with new products, collaborations, and strategic initiatives to secure their spots at the top.

If you want to dive into the nitty-gritty details, you can check out the full report. It's a hefty 260 pages, but it's got all the statistical data, graphs, and key player strategies you could ever dream of. Get ready to be enlightened!

Obtain Report Details: https://www.alliedmarketresearch.com/plastic-recycling-market-A08207

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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