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Plastic Recycling Market to Reach USD 129.5 Bn by 2035, Expanding at a CAGR of 9.3%: Transparency Market Research
Plastic Recycling Market
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Analysts' Viewpoint
Growing environmental concerns and increasing public pressure to minimize plastic waste are shaping the industry landscape. Governments worldwide are intensifying regulations around landfill bans, extended producer responsibility (EPR), and restrictions on single-use plastics. These initiatives are pushing corporations and industries to adopt recycled materials at scale.
Advanced recycling technologies such as optical sorting, AI-driven separation, and NIR spectroscopy are enhancing yield quality and enabling recycling of diverse plastic streams. Surge in investment in recycling infrastructure, rising demand for high-quality recycled resins, and collaborations among manufacturers are reinforcing market expansion.
Market Overview
The global plastic recycling ecosystem is rapidly evolving, supported by technological advancements, sustainability commitments, and regulatory reforms. The market is primarily driven by the urgent need to combat the growing plastic waste crisis, with approximately 8% of global crude oil consumption directed toward virgin plastic production.
Recycling not only reduces dependence on virgin materials but also supports energy conservation. For instance, 1,000 kg of recycled plastic saves 685 gallons of oil, 5,800 kWh of electricity, and over 30 cubic yards of landfill space, underscoring the cost and environmental advantages of recycling.
Widespread adoption of curbside collection, buy-back centers, deposit-refund systems, and plastic banks is strengthening the plastic waste collection network across key regions.
Key Market Drivers
Ban on Landfills in Developed Countries
Governments worldwide are implementing robust programs to divert plastic waste from landfills and redirect it toward recycling.
Recycling reduces the environmental hazards associated with landfill disposal and lowers dependency on virgin materials.
Economic benefits due to lower cost of recycled plastics compared to virgin plastic are accelerating adoption.
Rising Environmental Awareness
Increasing consumer preference for sustainable packaging solutions is reshaping industry behavior.
Brands and retailers are transitioning to eco-friendly packaging, driving demand for recycled materials.
Corporate sustainability goals and public awareness campaigns are further supporting market expansion.
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Market Segmentation Insights
By Product
HDPE Dominates the Market
High Density Polyethylene (HDPE) leads due to:
Strong recyclability
Robust recycling infrastructure
Wide use in packaging, pipelines, containers, automotive components
HDPE maintains quality even after multiple recycling cycles, making it highly preferred.
By Application
Packaging Segment Leads the Global Market
Packaging accounts for the highest recycling activity due to:
High usage across FMCG, e-commerce, food & beverages, healthcare
Strong consumer pressure for sustainable packaging
Significant investments in recycling capabilities for packaging materials
Regional Insights
Asia Pacific Leads the Global Plastic Recycling Market
Asia Pacific is the fastest-growing and dominant region due to:
Large population and expanding middle-class consumer base
Rapid industrialization and urbanization
Growing emphasis on sustainability across manufacturing hubs
The region generates a significant share of global plastic waste but also drives innovation in plastic circularity.
Competitive Landscape
The global plastic recycling market is highly fragmented, with numerous regional and international players investing in advanced recycling technologies, partnerships, and business expansion.
Key players include:
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
Manufacturers focus on M&A strategies, capacity expansion, and development of food-grade recycled resins.
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Recent Industry Developments
April 2023: Indorama Ventures and Evertis collaborated to produce PET film using recycled tray flakes, supporting Evertis' goal of using 50% post-consumer recycled content by 2025.
February 2023: Loop Industries, SUEZ, and SK geo centric selected the Grand Est region (France) for a facility producing virgin-quality PET from 100% recycled content, with commissioning expected in 2027.
November 2022: Plastipak Holdings, Inc. inaugurated a recycling plant in Toledo, Spain, producing food-grade rPET pellets for new packaging applications.
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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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