Plastic Recycling Market Trends, Size And Forecast To 2024-2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Plastic Recycling Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $61.56 billion In 2028 At A CAGR Of 8.1%.

The plastic recycling market size has grown strongly in recent years. It will grow from $41.71 billion in 2023 to $45.16 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to environmental awareness, regulatory initiatives, resource scarcity, waste management challenges, incentive programs, market competition..

The plastic recycling market size is expected to see strong growth in the next few years. It will grow to $61.56 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to single-use plastic bans, consumer education, extended producer responsibility (epr), waste-to-energy solutions, global supply chains. Major trends in the forecast period include innovation in sorting technologies, eco-friendly packaging solutions, plastic-to-fuel technologies, collaborations and partnerships, innovation in collection systems..

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Plastic Recycling Market Major Segments
The plastic recycling market covered in this report is segmented -

1) By Type: Polyethylene Terephthalate, Polyethylene, Polystyrene, Polyvinyl Chloride, Polypropylene, Other Types
2) By Source: Bottles, Films, Foams, Fibers, Other Sources
3) By End Use: Packaging, Automotive, Building And Construction, Electrical And Electronics, Other End Uses

Key Driver - Rising Plastic Consumption Drives Expansion Of The Plastic Recycling Market

The increase in the consumption of plastics is expected to propel the growth of the plastic recycling market going forward. Plastics refer to synthetic organic polymers derived primarily from fossil fuels widely used in almost every sector of the modern economy due to their lightweight, low cost, durability, and versatility. Through plastic recycling processes waste or can be recovered into functional and useful products. For instance, in 2022, according to an article published by World Economic Forum, a Switzerland-based organization, estimated that 400 million tons of plastic waste are generated yearly across the world, and packaging accounts for approximately 36% of all plastic produced, with 85% ending up in landfills. Therefore, the increased consumption of plastics is propelling the growth of the plastic recycling market.

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Prominent Trend - Technological Innovations Drive Progress In The Plastic Recycling Market

Technological advancements are gaining popularity as a key trend in the plastic recycling market. Major market players are introducing innovations in recycling technologies for easier and cost-effective plastic recycling processes to strengthen their position in the market. For instance, in November 2021, Honeywell International Inc., a US-based multinational conglomerate corporation providing smart building solutions, launched UpCycle Process Technology to advance the circular economy of plastics that can be recycled. It will provide feedstock for recovered plastics with a lower carbon impact using recycled resources. UpCycle Process Technology converts waste plastic into Honeywell recovered polymer feedstock, which is then used to produce new plastics using cutting-edge molecular conversion, pyrolysis, and pollutants management technology. 90% of worldwide plastic trash may be recycled with UpCycle Process Technology.

Plastic Recycling Market Players
Major companies operating in the plastic recycling market report are Kuusakoski Group Oy, Berry Global Inc, B & B Plastics Inc., Plastipak Packaging Inc., CarbonLite Industries LLC, Custom Polymers Inc, MBA Polymers Inc, Clear Path Recycling LLC, Veolia Environnement S.A, Plasgran Ltd, Jayplas Limited, Envision Plastics Industries LLC, Fresh-Pak Corporation, WM Intellectual Property Holdings LLC, Green Line Polymers Inc, Biffa, Republic Services, Clean Harbors, Stericycle, Advanced Environmental Recycling Technologies, KW Plastics, The Coca-Cola Company, LyondellBasell, Indorama Ventures, Loop Industries, Nova Chemicals, Agilyx, The Procter & Gamble Company, PreZero, GreenMantra Technologies, EFS-plastics Inc., Preserve, Next Generation Recyclingmaschinen GmbH, Interseroh .

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Largest And Fastest Growing Region In The Market
North America was the largest region in the plastic recycling market in 2023. The regions covered in the plastic recycling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Plastic Recycling Market Report Structure
3. Plastic Recycling Market Trends And Strategies
4. Plastic Recycling Market - Macro Economic Scenario
5. Plastic Recycling Market Size And Growth
…..
27. Plastic Recycling Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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