Overview and Scope
Plastic recycling refers to the process of recycling and recovering waste or scrap plastic into functional and useful products. It reduces high rates of plastic pollution, helps conserve resources, and diverts plastics from landfills or unintended destinations such as the oceans.
Sizing and Forecast
The plastic recycling market size has grown strongly in recent years. It will grow from $41.71 billion in 2023 to $45.16 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to environmental awareness, regulatory initiatives, resource scarcity, waste management challenges, incentive programs, market competition..
The plastic recycling market size is expected to see strong growth in the next few years. It will grow to $61.56 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to single-use plastic bans, consumer education, extended producer responsibility (epr), waste-to-energy solutions, global supply chains. Major trends in the forecast period include innovation in sorting technologies, eco-friendly packaging solutions, plastic-to-fuel technologies, collaborations and partnerships, innovation in collection systems..
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Segmentation & Regional Insights
The plastic recycling market covered in this report is segmented –
1) By Type: Polyethylene Terephthalate, Polyethylene, Polystyrene, Polyvinyl Chloride, Polypropylene, Other Types
2) By Source: Bottles, Films, Foams, Fibers, Other Sources
3) By End Use: Packaging, Automotive, Building And Construction, Electrical And Electronics, Other End Uses
North America was the largest region in the plastic recycling market in 2023. The regions covered in the plastic recycling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increase in the consumption of plastics is expected to propel the growth of the plastic recycling market going forward. Plastics refer to synthetic organic polymers derived primarily from fossil fuels widely used in almost every sector of the modern economy due to their lightweight, low cost, durability, and versatility. Through plastic recycling processes waste or scrap plastic can be recovered into functional and useful products. For instance, in 2022, according to an article published by World Economic Forum, a Switzerland-based organization, estimated that 400 million tons of plastic waste are generated yearly across the world, and packaging accounts for approximately 36% of all plastic produced, with 85% ending up in landfills. Therefore, the increased consumption of plastics is propelling the growth of the plastic recycling market.
Key Industry Players
Major companies operating in the plastic recycling market are focused on developing innovative products, such as recycling additives, to gain a competitive edge in the market. Recycling additives are substances that are added to recycled plastics to improve their properties and make them more suitable for use in new products. For instance, in May 2023, Evonik Industries AG, a Germany-based specialty chemicals company, launched the TEGO Cycle. The additives are designed to help reduce energy consumption during the mechanical recycling process and improve the flowability and appearance of recycled plastics. TEGO® Cycle additives can help to make recycled plastics more compatible with other materials, such as metals and glass, making them easier to use in a variety of applications. TEGO® Cycle additives can play a significant role in helping to increase the use of recycled plastics in a variety of applications.
The plastic recycling market report table of contents includes:
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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