Global Plastic Recycling Market Set For 8.50% Growth, Reaching $62.56 Billion By 2028

The plastic recycling report describes and explains the plastic recycling market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and the major economies within each region.

The global plastic recycling market reached a value of nearly $41.60 billion in 2023, having grown at a compound annual growth rate (CAGR) of 4.74% since 2018. The market is expected to grow from $41.60 billion in 2023 to $62.56 billion in 2028 at a rate of 8.50%. The market is then expected to grow at a CAGR of 7.58% from 2028 and reach $90.13 billion in 2033.

What strategies are being adopted by key players in the plastic recycling market?
The key players in the market are adopting extensive strategies in the plastic recycling market such as:
Launch new products to enhance business offerings
Forge strategic partnerships to strengthen business offerings
Open new recycling facilities to expand business expertise

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To take advantage of opportunities, The Business Research Company suggests that plastic recycling companies enhance offerings:
Advancing chemical recycling for better efficiency, and sustainability
Expanding in the plastic recycling market
Launching new plants and technologies for improved sustainability
Investing in AI-enabled recycling equipment
Enhancing recycling with advanced facilities for better capacity and recovery

What Is Plastic Recycling: Market Definition?
Plastic recycling refers to the process of collecting, sorting, cleaning and reprocessing discarded plastic materials into new products. This process aims to divert plastic waste from landfills and incinerators and conserve natural resources by reducing the demand for new raw materials, such as petroleum-based plastics. It also helps to minimize environmental pollution, including littering, water and soil contamination and harm to wildlife.

The adoption of plastic recycling is characterized by a combination of factors that collectively influence its implementation and effectiveness. Among these factors, environmental concerns play a pivotal role, with heightened awareness regarding the impact of plastic pollution prompting individuals, communities and governments to embrace recycling as a crucial strategy to mitigate waste accumulation in landfills, oceans and natural habitats. Moreover, government regulatory measures, such as landfill bans, extended producer responsibility (EPR) schemes and recycling mandates, provide essential frameworks to incentivize and enforce recycling practices across industries and society. Additionally, growing consumer demand for eco-friendly products and packaging influences businesses to incorporate recycled materials, stimulating market demand and investment in recycling infrastructure.

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Who Are The Major Companies Operating In The Global Plastic Recycling Market?
The top ten competitors in the market made up to 17.96% of the total market in 2023. DS Smith Plc was the largest competitor with a 6.23% share of the market, followed by:
Republic Services, Inc.
Far Eastern New Century Corporation (Phoenix Technologies).
Krones AG.
Plastipak Holdings Inc.
BERRY GLOBAL INC.
Reliance Industries Limited.
Alpek S.A.B. de C.V.
Indorama Ventures Public Company Limited.
MBA Polymers.

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