Plastic Recycling Market: Application, Industry & Regional Analysis with Segment Forecasts to 2031

Growing awareness of the environmental hazards posed by plastic waste is expected to significantly propel the growth of the global plastic recycling market over the coming years. According to Allied Market Research, the market is projected to gain substantial traction by 2031, with Asia-Pacific anticipated to generate the highest revenue during the forecast period.

Allied Market Research published a report titled "Plastic Recycling Market by Product, Source, and Application: Global Opportunity Analysis and Industry Forecast, 2021-2031." As per the study, the global plastic recycling market was valued at $27.9 billion in 2021 and is expected to reach $60.96 billion by 2031, registering a robust CAGR of 8.7% from 2022 to 2031.

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Key Growth Drivers:

- The increasing awareness of the adverse environmental impact of plastic waste, along with the rising need to reduce carbon emissions, is driving market expansion. Governments worldwide are implementing stringent regulations and launching initiatives to promote plastic recycling and circular economy practices.

- However, limited recycling infrastructure and insufficient investments in developing economies remain key challenges that could restrain market growth. Conversely, the emergence of advanced recycling technologies-such as chemical recycling and pyrolysis-is expected to unlock lucrative growth opportunities in the coming years.

Market Highlights:

- Polyethylene Terephthalate (PET) dominated the market in 2021 and is expected to witness the highest CAGR of 9.4% during the forecast period, driven by rising demand for sustainable packaging, especially in the beverage industry.

- Plastic bottles emerged as the leading source segment in 2021 and are projected to grow at a CAGR of 9.5%, supported by increasing consumption and growing adoption of recycled bottles.

- The packaging application segment accounted for the largest share in 2021, owing to the significant contribution of packaging waste to global plastic pollution and the rising shift toward eco-friendly packaging solutions.

- Asia-Pacific held the dominant market share in 2021 and is expected to grow at the fastest CAGR of 9.2%, fueled by increasing environmental concerns, government regulations, and rapid industrialization.

Key Market Players:

Major players operating in the global plastic recycling market include:

- REMONDIS SE & Co. KG
- Biffa
- Stericycle
- Republic Services, Inc.
- WM Intellectual Property Holdings, L.L.C.
- Veolia
- Shell International B.V.
- Waste Connections
- Clean Harbors, Inc.
- Covestro AG

These companies are actively pursuing strategies such as partnerships, expansions, technological advancements, and acquisitions to strengthen their market position and expand their global footprint.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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