Plastic Recycling Market Size Opportunities and Challenges for the Future

According to the report, the global market for plastic recycling is anticipated to reach $61.0 billion by 2031, up from $27.9 billion in 2021, with a notable CAGR of 8.7% from 2022 to 2031.

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Key Market Dynamics

Drivers:

Rising Environmental Awareness: Growing awareness about the negative impact of plastic waste on the environment is significantly driving the market.

Government Regulations: Stringent regulations and innovative initiatives by governments worldwide are promoting plastic waste recycling.

Restraints:

- Low Investment in Developing Nations: Developing countries often lack the necessary investment and infrastructure for effective plastic recycling.

- Value Disparity: Recycled plastic generally has a lower value compared to virgin plastic, hindering market growth.
Opportunities:

- Technological Advancements: Innovations in recycling technologies, such as chemical recycling and pyrolysis, are expected to create lucrative opportunities.

Report Highlights

- Forecast Period: 2022-2031

- Base Year: 2021

- Market Size in 2021: $27.9 billion

- Market Size in 2031: $61.0 billion

- CAGR: 8.7%

- Segments Covered: Product, Source, Application, and Region

- Number of Pages: 260

Key Players: Covestro 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.

Segment Analysis

- Product: The polyethylene terephthalate (PET) segment held the largest market share and is expected to grow at a 9.4% CAGR. The demand for sustainable packaging solutions is driving this growth, especially in the beverage sector due to PET's shatterproof, recyclable, and lightweight properties.

- Source: Plastic bottles accounted for the largest share in 2021 and are projected to grow at a 9.5% CAGR. The increasing demand for recycled plastic bottles as eco-friendly alternatives is a major factor.

- Application: The packaging segment dominated the market in 2021. The need for eco-friendly packaging solutions due to environmental concerns is a primary growth driver.

Regional Insights

Asia-Pacific (APAC): APAC generated the highest market revenue in 2021 and is expected to grow at a 9.2% CAGR. The region's significant environmental challenges, such as air pollution and waste management, are pushing consumers and governments towards eco-friendly waste management practices, including plastic recycling.

Competitive Landscape

The report provides an in-depth analysis of the leading stakeholders in the plastic recycling market, highlighting their strategic initiatives, business performance, and product offerings. Key strategies include the introduction of new products, expansion of operations, collaborations, agreements, and joint ventures.

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

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