Plastic Recycling Market Size Growth to Fuel Lucrative Revenues in the Future

Allied Market Research has recently released a report titled "Plastic Recycling Market by Product (Polyethylene (PE), Polyethylene Terephthalate (PET), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), and Others), Source (Plastic Bottles, Plastic Films, Polymer Foam, and Others), Application (Building and Construction, Packaging, Electrical and Electronics, Textiles, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". The report forecasts the global market for plastic recycling to reach $61.0 billion by 2031, growing from $27.9 billion in 2021 at a notable Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period of 2022 to 2031.

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Key Drivers, Restraints, and Opportunities:

The market growth for plastic recycling is being propelled by an increasing global awareness of the detrimental effects of plastic waste on the environment and a growing need to minimize carbon emissions. Many governments worldwide are also implementing strict regulations and innovative initiatives to promote plastic waste recycling. However, lower investment rates in plastic recycling ventures in developing nations and a lack of infrastructure for plastic recycling processes are hindering market growth to some extent. Nonetheless, the development of innovative technologies such as chemical recycling and pyrolysis for plastic waste recycling will present lucrative growth opportunities in the near future.

Key Report Coverage & Details:

- Forecast Period: 2022-2031
- Base Year: 2021
- Market Size in 2021: $27,900 million
- Market Size in 2031: $60,962.8 million
- CAGR: 8.7%
- Number of Pages in Report: 260
- Segments Covered: Product, source application, and region
- Drivers: Increasing awareness of plastic's negative climate impact; government initiatives to encourage plastic waste recycling
- Opportunities: Introduction of new recycling technologies and processes
- Restraints: Low value of recycled plastic compared to virgin plastic
Polyethylene Terephthalate (PET) to remain dominant product category by 2031

Product Segment Insights:

Polyethylene Terephthalate (PET) captured the largest share of the global plastic recycling market and is anticipated to experience the highest growth rate with a 9.4% CAGR over the forecast period. This growth is driven by a rising demand for sustainable and eco-friendly packaging solutions. PET is a widely used plastic material in the packaging sector, particularly in beverages, due to its recyclability, shatterproof nature, and lightweight properties. With increasing environmental awareness, consumers are demanding packaging solutions that prioritize sustainability and reduce their environmental footprint.

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Source Segment Insights:

Plastic bottles constituted the largest source category in 2021 due to growing awareness of the environmental impacts of plastic waste. The plastic bottles category is expected to exhibit the fastest growth with a 9.5% CAGR over the forecast period. Plastic bottles are commonly used consumer products that contribute significantly to plastic waste. There is an increasing demand for recycled plastic bottles as an eco-friendly alternative to new plastic bottles.

Application Segment Insights:

In terms of applications, the packaging subsegment contributed the most to market revenue in 2021. The packaging industry plays a significant role in the plastic recycling market, driven by the substantial contribution of packaging materials to global plastic waste. The packaging sub-segment's growth is further fueled by the increasing demand for eco-friendly packaging solutions and rising environmental awareness.

Regional Insights:

The Asia-Pacific region led the market in 2021 and is expected to grow the fastest with a 9.2% CAGR over the forecast period. Environmental concerns such as air and water pollution and waste management are prominent in this region. As a result, consumers and governments are becoming more aware of the need for eco-friendly waste management practices such as plastic recycling.

Top Market Players:

- Covetsro AG
- CLEAN HARBORS, INC.
- Waste Connections
- Shell International B.V.
- Veolia
- WM Intellectual Property Holdings, L.L.C.
- Republic Services, Inc.
- Stericycle
- Biffa
- REMONDIS SE & Co. KG

These key market players have utilized various strategies, including the introduction of new products, expansion of operations, partnerships, agreements, and joint ventures, to expand their market share and influence across different regions. The report provides valuable insights into the operational divisions, business performance, strategic initiatives, and product offerings of these market players, offering a comprehensive view of the competitive landscape.

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

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