Plastic Recycling Market to Hit USD 60.2 Bn by 2031, Growing at 8.9% CAGR Amid Rising Circular Economy Initiatives | Key Players: Plastipak industries Inc., CarbonLITE Industries, HUD Group, Plastima, Iavglobal Co., LTD., Nam Phong Industry, KW Plastics

The Plastic Recycling Market research study provides critical market data, such as growth-influencing factors, roadblocks, and opportunities and strategies for overcoming them. The study also includes industry data, such as market value, share, CAGR, size, and so on, to make market research easier for new entrants. The research also examines the economy, society, law, and the environment. The global Plastic Recycling Market research report utilizes both primary and secondary data sources. Government laws, market circumstances, competitive levels, historical data, market status, anticipated changes in linked firms, market volatility, and prospects are just a few of the industry-affecting elements studied during the research process.

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Plastic Recycling Market reached USD 28.3 billion in 2022 and is expected to reach USD 60.2 billion by 2031, growing with a CAGR of 8.9% during the forecast period 2024-2031.

The list of Key Players Profiled in the study includes:- Plastipak industries Inc., CarbonLITE Industries, HUD Group, Plastima, Iavglobal Co., LTD., Nam Phong Industry, KW Plastics, Custom Polymers, MBA Polymers Inc. and Wellpine Plastic Industrial Co.,Ltd.

United States: Recent Industry Developments

✅ In August 2025, Waste Management launched an advanced plastic recycling facility in Texas using AI-powered sorting and chemical recycling technologies. The plant aims to increase recycled output and reduce landfill waste.

✅ In July 2025, Nestlé USA partnered with local recyclers to implement closed-loop PET recycling for beverage packaging. The initiative supports sustainability goals and promotes circular economy practices.

✅ In June 2025, Loop Industries expanded production of recycled PET plastics for U.S. consumer goods manufacturers. The process converts waste plastics into high-purity materials suitable for packaging and textiles.

Japan: Recent Industry Developments

✅ In August 2025, Dai Nippon Printing developed a chemical recycling system for PET and mixed plastics in Japan. The innovation improves recovery rates and reduces environmental impact.

✅ In July 2025, Mitsubishi Chemical partnered with Japanese municipalities to implement large-scale mechanical and chemical recycling programs. The project targets urban plastic waste management and resource efficiency.

✅ In May 2025, Toyobo launched bio-based and recyclable plastics along with integrated recycling systems for domestic industrial applications. The initiative promotes sustainability in packaging and manufacturing.

Plastic recycling involves collecting, processing, and repurposing plastic waste into reusable raw materials, addressing environmental concerns and promoting circular economy practices. The market is expanding due to stricter regulations, consumer demand for sustainability, and innovations in chemical recycling. In the U.S., 2025 updates spotlight new federal funding for advanced recycling facilities, state-level bans on single-use plastics accelerating recycled plastic demand, and collaborations with consumer goods companies to scale closed-loop packaging solutions.

Market Dynamics:

✅Driver: Growing environmental concerns and regulations on single-use plastics drive recycling initiatives.
✅Restraints: High processing costs and poor quality of recycled plastics restrict large-scale adoption.
✅Opportunities: Innovations in chemical recycling and circular economy initiatives create growth opportunities.
✅Challenges: Collection inefficiencies and lack of global standardization remain hurdles.

Segmentation Analysis of the Market:

Global Plastic Recycling Market forecast report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market. Plastic Recycling Market, By Material (Polyethylene (PE), Polypropylene (PP), Polystyrene (PS), Polyethylene Terephthalate (PET)), By Application (Packaging, Automotive, Construction, Others)

Research Methodology:

- Primary Research: This method involves collecting new and original data for a specific purpose. Primary research is often conducted through surveys, interviews, focus groups, and observation. It enables researchers to obtain first-hand information directly from the target audience, which is especially useful when researching a new or emerging market.

- Secondary Research: This method involves analyzing and synthesizing existing data from various sources such as industry reports, government publications, academic research, and online databases. Secondary research can provide researchers with valuable insights into industry trends, consumer behavior, and Plastic Recycling market size and growth, without the need for extensive data collection.

Most research studies use a combination of both primary and secondary research methods to ensure comprehensive and accurate data analysis. The specific methodology used in a Plastic Recycling market research study will depend on various factors such as the research objectives, the target audience, and the available resources.

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Regional Outlook:

The following section of the report offers valuable insights into different regions and the key players operating within each of them. To assess the growth of a specific region or country, economic, social, environmental, technological, and political factors have been carefully considered. The section also provides readers with revenue and sales data for each region and country, gathered through comprehensive research. This information is intended to assist readers in determining the potential value of an investment in a particular region.

North America (U.S., Canada, Mexico)

Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)

Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)

South America (Brazil, Argentina, Rest of SA)

Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

The Report Includes:
➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.
➡ Go-to-market Strategy.
➡ Neutral perspective on the market performance.
➡ Customized regional/country reports as per request and country level analysis.
➡ Potential & niche segments and regions exhibiting promising growth covered.
The major points covered in the table of contents:

📌 Overview: This part provides a summary of the report, as well as a broad overview of the global Plastic Recycling Market, to offer an understanding of the nature and contents of the research study.

📌 Market Analysis: The research forecasts the market share of key segments of the Plastic Recycling Market with accuracy and reliability. This study may be used by industry participants to make strategic investments in key growth areas of the Plastic Recycling Market.

📌 Analysis of Leading Players' Strategies: This report can be used by market participants to acquire a competitive advantage over their rivals in the Plastic Recycling Market.

📌 Regional Growth Analysis: The report covers all of the key areas and countries. The regional analysis will assist market players in tapping into untapped regional markets, developing unique regional strategies, and comparing the growth of all regional markets.

📌 Market Forecasts: Report purchasers will get access to precise and validated estimations of the entire market size in terms of both value and volume. The study also includes estimates for the Plastic Recycling Market in terms of consumption, production, sales, and other factors.

Benefits of Plastic Recycling Market Reports:

➟ Make informed decisions: The growth of an organization depends on decisions made by management. Using our market research reports, management can make business decisions based on the results obtained that support their knowledge and experience. Plastic Recycling Market research helps to understand market trends and is therefore often performed to gain insight into customers.

➟ Get Accurate Information: Our market research provides true and accurate information, preparing organizations for any future mistakes that may occur.

➟ help you choose the right sales system: choose the precise sales system according to the Plastic Recycling market demand, to position the product/service in the market.

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The report answers a number of crucial questions, including:

- Which companies dominate the global Plastic Recycling market?

- What current trends will influence the market over the next few years?

- What are the market's opportunities, obstacles, and driving forces?

- What predictions for the future can help with strategic decision-making?

- What advantages does market research offer businesses?

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