Press release
Plastic Recycling Market Driven by Strategic Joint Ventures to Reach USD 60.2 Billion by 2031 at 8.9% CAGR | Key Players -Plastipak Industries Inc., CarbonLITE Industries, HUD Group
Plastic Recycling
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Key Industry Developments
United States: Key Industry Developments
✅ November 2025: Lindner, in collaboration with P&G, launched the "Flexloop" mechanical-recycling solution at K 2025, featuring mechanical/solvent-assisted cleaning and sorting technology to produce higher-purity recyclates for sensitive packaging applications.
✅ May 2025: NOVA Chemicals inaugurated its first polyethylene (PE) film recycling facility, SYNDIGO1, in Connersville, Indiana, converting post-consumer PE films into high-quality recycled resin to advance circular economy and sustainable packaging initiatives.
✅ April 2025: Nestlé Purina PetCare and Berry Global introduced new 20oz and 30oz Friskies® Party Mix® cat treat canisters made from 100% mechanically recycled PET (excluding label and lid), aimed at eliminating over 500 metric tons of virgin plastic annually across the U.S.[? wait, from fetch page content]
Japan / Asia Pacific: Key Industry Developments
✅ October 2025: Lotte and Resonac announced the launch of chemical recycling for used plastic packaging via gasification at Lotte's Sayama Plant, with full-scale operations beginning that month to process 10 tons of waste into chemical products like hydrogen and ammonia.
✅ July 2025: ENEOS and Mitsubishi Chemical completed a plastic-to-oil recycling facility at MCC's Ibaraki Plant using Hydro-PRT technology, chemically breaking down external waste plastics into oil for reuse as feedstock in refineries and crackers.
✅ September 2025: Investments in PET bottle recycling machines projected between USD 225-375 million to enhance bottle-to-bottle efficiency, supporting Japan's advanced recycling infrastructure amid circular economy goals.
Key M&A Deals
✅ Toyota Tsusho America acquired Radius Recycling - March 2025
Toyota Tsusho America agreed to purchase all shares of Radius Recycling in a US$1.34 billion cash deal, significantly expanding its footprint in the automotive recycling space and leveraging Radius's recycling know-how and processing capabilities.
✅ Agilyx to acquire 44% stake in GreenDot Global - Expected September 2025
Agilyx received regulatory approval in Germany for its planned acquisition of a 44% stake in GreenDot Global, one of Europe's largest advanced plastic recycling platforms (approx. €52 million), boosting its feedstock processing and sorting capacity across key EU markets.
Key Players:-
Plastipak Industries Inc. | CarbonLITE Industries | HUD Group | Plastima | IAV Global Co., Ltd. | Nam Phong Industry Co., Ltd. | KW Plastics | Custom Polymers | MBA Polymers Inc. | Wellpine Plastic Industrial Co., Ltd.
Key Segments
By Type:
The plastic recycling market is segmented into polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS), and others. PET holds a significant share due to its widespread use in beverage bottles and packaging. Polyethylene and polypropylene are also widely recycled because of their extensive applications in films, containers, and industrial packaging materials.
By Source:
Based on source, the market is divided into bottles, films, foams, fibers, and others. Bottles dominate the segment due to established collection systems and high recyclability rates, particularly for PET bottles. Plastic films are increasingly recycled with improvements in sorting technologies, while foam and fiber recycling is gradually expanding with industrial demand.
By Process:
The market is categorized into mechanical recycling, chemical recycling, and others. Mechanical recycling leads the market as it is cost-effective and widely adopted for post-consumer plastics. Chemical recycling is gaining traction due to its ability to process mixed and contaminated plastics, producing higher-quality recycled materials and supporting circular economy goals.
By End-Use Industry:
Based on end-use, the market includes packaging, construction, automotive, electrical & electronics, textiles, and others. Packaging accounts for the largest share due to high plastic consumption and regulatory pressure for recycled content. The automotive and construction sectors are increasingly adopting recycled plastics to reduce carbon footprints and comply with sustainability standards.
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Market Drivers
• Growing Environmental Awareness and Sustainability Initiatives: Increasing public concern about pollution and plastic waste is driving demand for recycling solutions and encouraging adoption of circular economy practices.
• Government Regulations and Policy Support: Implementation of strict environmental regulations, extended producer responsibility (EPR) laws, and incentives for recycling infrastructure are boosting investments in plastic recycling technologies.
• Rising Demand for Recycled Plastic in Manufacturing: Manufacturers across packaging, automotive, and construction sectors are increasingly using recycled plastics to reduce costs and comply with sustainability goals.
• Technological Advancements in Recycling Processes: Development of advanced sorting, chemical recycling, and energy-efficient processing technologies is improving recovery rates and expanding the range of recyclable plastic types.
• Corporate Sustainability Commitments: Major brands and corporations are committing to increase recycled content in products and packaging, supporting growth in the plastic recycling value chain.
• Increasing Plastic Waste Generation: Rapid urbanization, population growth, and consumption patterns are contributing to higher plastic waste volumes, creating demand for efficient recycling solutions.
• Investment in Recycling Infrastructure: Rising private and public funding for recycling plants, waste collection systems, and material recovery facilities is expanding market capacity and accessibility.
Regional Insights
Asia Pacific: 48.9% (Largest share, driven by massive manufacturing base, rapid urbanization, and strong government initiatives in China, India, Japan, and South Korea).
Europe: 31.2% (Second largest share, supported by ambitious EU recycling mandates, circular economy policies, and advanced collection/sorting systems).
North America: 13.7% (Significant share driven by advanced recycling technology adoption, corporate sustainability commitments, and expanding infrastructure).
Middle East & Africa: 4.2% (Emerging share with growing investments in waste management and recycling infrastructure, especially in GCC markets).
Latin America: 2.0% (Smaller segment, growing with infrastructure investments and rising recycling awareness).
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