Plastic Recycling Market to Reach USD 60.2 Billion by 2031 | CAGR 8.9% | Asia-Pacific Leads with 42% Share | Key Players: Plastipak Industries, CarbonLITE Industries, HUD Group

Market Overview

The global plastic recycling market reached USD 28.3 billion in 2022 and is projected to grow to USD 60.2 billion by 2031, expanding at a CAGR of 8.9% during the forecast period 2024-2031. Rising environmental awareness and growing concerns about plastic pollution, particularly its impact on marine life and ecosystems, are driving increased emphasis on recycling plastic waste. Governments worldwide are enforcing stringent regulations to promote plastic recycling, further reducing plastic waste. The Asia-Pacific region is expected to witness the highest CAGR over the forecast period, fueled by heightened awareness of environmental impacts and proactive initiatives for sustainable plastic management. China, in particular, leads in recycling capacity and output, with over 15,000 companies and 900,000 individuals engaged in comprehensive plastic recycling efforts, supported by technological innovation and circular economy strategies. Global initiatives such as World Environment Day, observed on 5 June 2023, also contribute to raising awareness and promoting actions against plastic pollution.

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Recent Developments:

✅ January 2026: Veolia launched a state-of-the-art chemical recycling facility in Germany, capable of converting mixed plastic waste into high-quality raw materials for packaging and industrial applications.

✅ November 2025: SUEZ Recycling & Recovery expanded its automated sorting operations in France, introducing AI-powered optical sorting systems to improve the purity of recycled plastics and reduce contamination rates.

✅ August 2025: Waste Management, Inc. partnered with Dow Chemical to supply post-consumer recycled (PCR) plastics for use in new consumer packaging, supporting circular economy initiatives.

✅ June 2025: Borealis launched a pilot project in Austria for advanced polyolefin recycling, aiming to convert low-quality plastic waste into feedstock for high-performance engineering plastics.

✅ March 2025: Indorama Ventures inaugurated a PET recycling plant in Thailand with enhanced mechanical recycling technology to produce food-grade recycled PET for beverage bottles.

✅ January 2025: China National Chemical Corporation (ChemChina) rolled out an integrated recycling and upcycling program for industrial plastic waste, emphasizing sustainability and reducing landfill dependency.

Mergers & Acquisitions:

✅ December 2025: Veolia completed the acquisition of EcoPlast, a European recycling company specializing in hard-to-recycle plastics, to expand its portfolio in advanced recycling technologies.

✅ October 2024: SUEZ Recycling & Recovery acquired PolyRecycle Solutions, enhancing its capabilities in chemical and mechanical plastic recycling across Europe.

✅ July 2024: Indorama Ventures purchased a majority stake in Circular Polymers, a startup focused on sustainable polymer recycling solutions for packaging industries.

✅ March 2024: Borealis acquired EcoCycle Technologies, a company specializing in next-generation plastic recovery and purification systems, to strengthen its recycled-content product offerings.

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Key Players:

• Plastipak Industries Inc. - Holds a 14% share, driven by its global PET recycling operations and extensive packaging solutions.

• CarbonLITE Industries - Holds a 12% share, supported by its focus on sustainable PET bottle-to-bottle recycling and high-quality PCR products.

• HUD Group - Holds a 10% share, providing a wide range of recycling solutions across Asia and Europe.

• Plastima - Holds an 8% share, specializing in plastic compounding and advanced recycling services.

• IAVGlobal Co., LTD. - Holds a 7% share, contributing through large-scale mechanical and chemical recycling operations in Asia.

• Nam Phong Industry - Holds a 6% share, focusing on PET and HDPE recycling and local industrial supply chains.

• KW Plastics - Holds a 13% share, known for its innovative bottle-to-bottle recycling capabilities in North America.

• Custom Polymers - Holds a 9% share, providing specialized recycled polymer solutions to packaging and industrial customers.

• Wellpine Plastic Industrial Co., Ltd. - Holds a 10% share, serving the Asia-Pacific market with both mechanical and chemical recycling solutions.

Market Segmentation:

By Material
The market is segmented based on material type: Polyethylene (PE) holds around 35% of the market share due to its widespread use in packaging and consumer goods, making it highly recyclable. Polypropylene (PP) contributes approximately 25%, driven by its extensive application in automotive components, packaging, and industrial parts. Polystyrene (PS) accounts for about 10%, largely from packaging and disposable products, while Polyethylene Terephthalate (PET) holds roughly 30%, supported by bottle-to-bottle recycling and demand in beverage and food packaging.

By Application
In terms of application, Packaging dominates the market with around 45% share, fueled by the global emphasis on recycling beverage bottles, containers, and flexible packaging. Automotive applications account for 20%, driven by lightweight plastic components and circular economy initiatives in vehicle manufacturing. Construction applications represent about 15%, including pipes, insulation materials, and panels, while the Other Applications segment, including electronics, consumer goods, and industrial equipment, contributes roughly 20% of the market.

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Regional Insights:

The Asia-Pacific region leads the global plastic recycling market with a dominant share of approximately 42%, driven by high population density, rapid industrialization, and strong government initiatives promoting sustainable waste management. Countries like China, India, Japan, and South Korea are at the forefront, with China being the largest contributor due to its comprehensive waste plastic recycling systems and high recycling capacity.

Europe holds the second-largest share at around 28%, supported by stringent environmental regulations, advanced recycling technologies, and widespread adoption of circular economy practices in countries such as Germany, France, and Italy.

The North American market accounts for roughly 20%, fueled by corporate sustainability initiatives, investments in advanced recycling technologies, and strong demand from packaging, automotive, and construction sectors.

Rest of the World (RoW) contributes about 10%, including regions such as Latin America, the Middle East, and Africa, where growing awareness of environmental sustainability and rising plastic consumption are gradually driving recycling initiatives.

Market Dynamics:

Drivers:
The global plastic recycling market is being driven by several key factors, starting with rising collaboration within the automotive industry. Automotive manufacturers are increasingly adopting closed-loop recycling systems, where plastic waste generated during production is collected, sorted, and recycled into new components. This approach reduces the consumption of virgin plastic and keeps valuable feedstocks in a circular loop. For example, on 28 November 2022, LyondellBasell and Audi partnered on the PlasticLoop project to recycle mixed automotive plastic waste. Audi now uses plastic seatbelt buckle covers made from recycled materials that were previously suitable only for energy recovery, reducing reliance on fossil-based plastics in the production of the Audi Q8 e-tron.

Government initiatives are also playing a major role in accelerating market growth. Nations are collaborating with international organizations, industries, and research institutions to develop effective recycling systems, share best practices, and advance technology adoption. In India, for instance, the Department of Science & Technology (DST) actively supports projects aimed at recycling plastic waste and developing innovative technologies. A notable example is a process developed by the Indian Institute of Technology, Hyderabad, which uses citrus peel extract to recycle polystyrene (thermocol) into non-woven fabrics suitable for oil absorption, flexible packaging, and kitchen applications.

Despite these drivers, the market faces challenges related to contamination and collection inefficiencies. Plastics of different types or with residual materials often get mixed during collection, sorting, and processing, reducing the quality and value of recycled products. Inadequate collection systems in many regions further restrict the volume of plastic waste that can be effectively recycled, limiting the overall growth of the plastic recycling market.

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