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Plastic Recycling Market Trends Driving Growth from US$ 45.5 billion to US$ 129.5 Billion by 2035 | TMR Research

01-16-2025 10:31 AM CET | Chemicals & Materials

Press release from: Transparency Market Research

Plastic Recycling Market

Plastic Recycling Market

The plastic recycling market has become a cornerstone of sustainable development, addressing the pressing issue of plastic waste and environmental pollution. Recycling plastic not only conserves resources but also reduces greenhouse gas emissions and landfill waste. The market is experiencing rapid growth, driven by stringent government regulations, increasing consumer awareness, and advancements in recycling technologies.

It is estimated to grow at a CAGR of 9.3% from 2024 to 2035 and reach US$ 129.5 Bn by the end of 2035

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Top Companies:

Kuusakoski
B&B Plastics Inc.
Custom Polymers, Inc.
Dart Container Corporation
Novolex
KW Plastics
MBA Polymers UK Ltd
PLASgran Ltd.
Plastipak Holdings, Inc.
WM Recycle America LLC
Wellpine Plastic, LTD
Others

Overview

Plastic recycling involves the reprocessing of post-consumer or post-industrial plastic waste into usable materials. The market is segmented by recycling type, such as mechanical and chemical recycling, and by polymer type, including polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), and others. Recycled plastics are widely used in packaging, construction, automotive, and textiles, contributing to a circular economy.

Key Drivers

Regulatory Push: Governments worldwide are implementing strict policies and bans on single-use plastics, creating a strong demand for recycled alternatives.
Corporate Commitments: Major corporations are pledging to use recycled plastics in their products and packaging, driving demand.
Technological Advancements: Innovations in sorting, cleaning, and recycling technologies are enhancing the efficiency and quality of recycled plastics.
Consumer Awareness: Increasing awareness about environmental sustainability is encouraging consumers to prefer products made from recycled plastics.
Cost-Effectiveness: Recycling plastics is often more economical than producing virgin plastics, especially when combined with government incentives.

Recent Trends

Chemical Recycling Growth: The adoption of chemical recycling technologies, which break plastics down into their monomers, is gaining traction due to its ability to handle mixed and contaminated waste.
Closed-Loop Systems: Companies are investing in closed-loop recycling, ensuring materials are reused within the same industry, particularly in packaging.
Global Expansion: Emerging markets in Asia-Pacific, Latin America, and Africa are witnessing increased investments in plastic recycling infrastructure.
Focus on Hard-to-Recycle Plastics: Efforts are intensifying to recycle traditionally difficult plastics like multilayered films and PVC.
Digital Solutions: AI and machine learning are being integrated into sorting and recycling processes to improve efficiency and accuracy.

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Challenges

The market faces challenges such as high initial investment costs, inconsistent supply of recyclable waste, and quality issues in recycled plastics. Additionally, the lack of consumer participation in proper segregation of waste can hinder recycling efforts.

Opportunities

Government Support: Subsidies, tax incentives, and grants for recycling projects create opportunities for market growth.
Expansion into Emerging Markets: Developing nations with high plastic consumption and inadequate waste management systems present significant growth potential.
Innovative Products: Developing high-quality recycled materials for advanced applications like automotive components and electronics can unlock new revenue streams.
Public-Private Partnerships: Collaborations between governments, NGOs, and private companies can help establish efficient recycling networks.

Conclusion

The plastic recycling market is poised for substantial growth as the world prioritizes sustainable practices and circular economies. With technological innovations, regulatory support, and increasing awareness, the market is set to transform how plastics are managed and reused globally. While challenges persist, strategic investments and collaborative efforts can drive the market toward a more sustainable future.

Key Segmentation:

By Product

PET
PP
HDPE
LDPE
PS
PVC
Others

By Application

Packaging
Food Contact
Non-food Contact
Automotive
Construction
Textiles
Others

By Region

North America
Europe
Asia Pacific
Middle East & Africa
South America

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453

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