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Plastic Recycling Market Exclusive Trends Analysis with Forecast to 2034
The global Plastic Recycling Market Size is valued at USD 46.8 Billion in 2024 and is predicted to reach USD 101.6 Billion by the year 2034 at a 8.1% CAGR during the forecast period for 2025-2034.
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The global plastic recycling market is anticipated to witness significant growth, driven by increasing awareness of the benefits of energy conservation and the urgent need to reduce carbon emissions. Beyond the environmental advantages of utilizing recycled plastics, their expanding applications across various industries-including packaging, electronics, textiles, construction, and automotive sectors-are further contributing to energy savings and sustainability efforts.
The market demand is anticipated to be fueled by rising government regulations and policies regulating the usage of single-use plastics in various nations as well as the increase in investment in the development of new technology leading to improved fuel efficiency.
The increased use of internet purchases increased the need for diverse packaging materials for goods including nursing grooming, electronics, and equipment for personal defense, among other things. As a result, the need for recycled plastics increased during this time period. Throughout the course of the forecast period, the market is anticipated to increase due to rising plastic use in the production of lightweight components used in a broad range of industries, including mechatronics, industrial equipment, and automobiles.
Recent Developments:
• In May 2021-Plastipak Packaging announced that it would establish a new PET recycling factory in Spain. Beginning in the summer of 2022, this new facility will assist Plastipak achieve its commitment to corporate social responsibility.
• In January 2020-Nestlé made a sizable investment to help with the transition from virgin polymers to food-grade plastic. Also, the business strives to advance cutting-edge environmentally friendly packaging options.
List of Prominent Players in the Plastic recycling Market:
• Kuusakoski
• Berry Global Inc.
• B&B Plastic Inc.
• Plastipak Holdings, Inc.
• WM Recycle America, LLC
• Carbonlite Industries LLC
• Custom Polymers, Inc.
• Dart Container Corporation
• Novolex
• KW Plastics
• MBA Polymers Inc.
• Wellpine Plastic Industrial Co., Ltd
Market Dynamics:
Drivers:
The expansion of the plastic recycling market is largely driven by the environmental consequences of plastic waste disposal. Conventional plastics contribute significantly to land and ocean pollution, prompting governments to introduce regulations aimed at minimizing plastic waste. These policy measures are boosting demand for recycled plastics and fostering market growth.
Furthermore, the increasing utilization of recycled plastics across various industries-including packaging, electronics, and automotive manufacturing-is expected to accelerate market expansion.
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Challenges:
Despite its growth, the plastic recycling industry faces notable challenges. A lack of awareness regarding the benefits of recyclable materials in reducing dependence on virgin plastics remains a key obstacle. Additionally, the high costs associated with plastic waste collection and recycling processes hinder widespread adoption. Further challenges include restrictions on raw plastic exports and policies such as the establishment of plastic waste banks, which affect the supply chain and market dynamics.
Regional Trends:
The North American plastic recycling market is anticipated to hold a major revenue share and register a high CAGR in the coming years. This growth is fueled by increasing demand for non-residential infrastructure projects, such as schools, universities, and commercial institutions. These projects, in turn, drive demand for recycled construction materials, including flooring, soundproofing, fencing, carpets, and roofing tiles. Additionally, government policies promoting recycled materials and the rising demand for packaged goods are expected to support market expansion. Europe also holds a significant market share, driven by a developed economy and increased adoption of sustainable products.
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Segmentation of Plastic Recycling Market-
By Material
• PET
• PP
• HDPE
• LDPE
• PS
• PVC
• Others
By Application
• Packaging
o Food Contact
o Non-food Contact
• Automotive
• Construction
• Textiles
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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