Plastic Recycling Market Size Projected to Generate a Revenue of $60,962.8 Million by 2031

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The Global Plastic Recycling Market Size is predicted to be valued at $60,962.8 million by 2031, surging from $27,900.0 million in 2021, at a noteworthy CAGR of 8.7%.

Impact Analysis of COVID-19 on the Plastic Recycling Market

Plastic recycling market has been significantly impacted by the COVID-19 pandemic. There was an increase in the production of plastic waste due to the rising demand for single-use items like gloves, masks, and packaging. The problem has been made worse by the closing of recycling facilities and the decline in waste collection services. The import and export of garbage was restricted in many nations, which made it challenging for recycling facilities to run effectively. Also, as a result of the pandemic, oil costs have declined, making it more affordable to make new plastic rather than recycle old. As a result, during the pandemic, more plastic garbage ended up in landfills and oceans. However, after the COVID-19 pandemic, the plastic recycling market recovered significantly and is anticipated to keep growing as governments place more attention on sustainability and reducing plastic waste. As a result, there may be an increase in consumer demand for recycled plastic, which might lead to new market and investment opportunities.

Global Plastic Recycling Market Analysis

The rising environmental concerns and the increasing focus on sustainability are major drivers of the plastic recycling market. As the world becomes more aware of the environmental impact of plastic waste, there is a growing demand for recycling. Plastic recycling reduces the need for new raw materials, conserves resources, and reduces waste. Moreover, incentives and policies from governments from all over the world are promoting the expansion of the plastic recycling sector. Government regulations significantly affect how the market for recovered plastic grows. Around the world, numerous countries have put regulations in place to support sustainable practices and the expansion of the recycling sector.

However, the lack of adequate funding and policies for plastic recycling in developing nations is anticipated to limit the growth of the market. It is important to have regulations in place that mandate the proper disposal of plastic waste to ensure that they are not disposed of in landfills, which can have harmful environmental consequences. Without clear regulations and policies, companies and consumers may not prioritize plastic recycling, which can lead to lower demand for plastic recycling services and ultimately, hinder the growth of the market.

The plastic recycling market offers numerous opportunities for growth and development, driven by the rising demand for eco-friendly and sustainable products. Due to the growing number of businesses aiming to lessen their environmental impact and achieve sustainability objectives, recycled plastic is in higher demand. This development offers the recycling sector chances to grow and introduce fresh goods and services. Moreover, the partnership between various stakeholders in the plastic value chain, such as retailers, manufacturers, and recyclers, can develop new opportunities for the recycling industry to grow and develop innovative solutions.

Global Plastic Recycling Market, Segmentation

The global plastic recycling market is segmented based on product, source, application, and region.

Product:

The product segment is further classified into polyethylene (PE), polyethylene terephthalate (PET), polypropylene (PP)), polyvinyl chloride (PVC), polystyrene (PS), and others. Among these, the PET sub-segment is expected to show the fastest growth rate during the forecast period. Many factors contribute to the rising need for recycling PET. It is one of the polymers that is most frequently used to package goods like water bottles, soft drink bottles, and food containers. As a result, there is a large amount of PET trash that must be treated globally.

Source:

The source segment is further classified into plastic bottles, plastic films, polymer foam, and others. Among these, the plastic bottles sub-segment accounted for the largest market share in 2021. Recycled plastic is increasingly in demand from producers that are interested in producing more environmentally friendly goods. In addition to other items, recycled plastic can be used to make packaging materials, garment fibers, and carpet fibers. The sector for recycling plastic bottles is expanding as a result of this demand. Moreover, regulations and initiatives are being introduced by governments and organizations all over the world to encourage the recycling of plastic bottles and lower plastic waste.

Application:

The application segment is further classified into building & construction, packaging, electrical & electronics, textiles, automotive, and others. Among these, the packaging sub-segment accounted for the largest market share in 2021. Recycled plastic is increasingly used in the packaging industry due to growing consumer awareness and ecological concerns. Compared to virgin plastic, recycled plastic is more environmentally friendly because less of it ends up in landfills and the ocean. The use of recycled plastic in packaging can help companies meet their sustainability targets and reduce their carbon footprint.

Region:

The plastic recycling market in the Asia-Pacific region is projected to show the fastest growth. Numerous factors are causing the Asia-Pacific region’s plastic recycling market to expand rapidly. The region contains some of the largest consumers of plastic goods in the world, including China, India, Japan, and Indonesia, which produces a sizeable amount of plastic garbage that needs to be managed. Recycling plastic offers a long-term approach to handling this garbage. Moreover, governments are establishing rules and measures to promote plastic recycling and reduce plastic waste as there is growing awareness of the negative environmental effects of plastic trash in this region.

Key Players in the Global Plastic Recycling Market

Some of the leading plastic recycling market players are

• 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.
• Covetsro AG