Plastic Recycling Market Size & Share Worth USD 77.8 billion by 2030 by Registering a 7% CAGR: TMR Report
The global plastic recycling industry is being driven by the implementation of landfill prohibitions and limitations in various nations.
Wilmington, Delaware, United States, Sept. 25, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The plastic recycling market was estimated to have acquired US$ 39.6 billion in 2021. It is anticipated to register a 7% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 77.8 billion.
PET recycled plastic is widely utilized in the building and packaging industries. It is used in the initial and subsequent packaging of a variety of items. Low-value goods including plastic timber, roadside curbs, wet roof membranes, ducting, walkways, and flooring, and fences are produced from recycled plastics for use in the construction industry. The use of recycled plastic in food contact packaging applications requires FDA and other regulatory agency approval.
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To stop plastic debris from entering seas, governments and a number of private organizations are establishing major schemes to divert the material into collecting streams. To reduce the risks of landfills, these programs encourage recycling of plastic bags. Recycling bottles and other plastic items is becoming a preference among consumers as a way to cut waste.
Curbside recycling, drop-off recycling, buy-back facilities, and deposit/refund centers are just a few of the strategies that are being used by organizations to divert as much waste as possible to recycling. In order to reduce pollution, plastic banks exchange plastic waste for other goods, money, or services. Factors as these ae anticipated to boost the global demand in the coming years.
During the projected period, increased awareness of plastic recycling is anticipated to grow the global market. Mats, carpets, and swimsuits may all be produced with recycled plastic. In order to meet the rising demand for waste management, major industry participants are investing heavily to increase their recycling capacity.
Global Plastic Recycling Market: Key Players
The market for recycling plastics globally is very fragmented. Most businesses that are active in the market merely treat plastic scrap before supplying it to master batch makers or compounders.
To increase their worldwide presence, market players are concentrating on business and capacity growth, technical innovation and improvement, and merger and acquisition.
The following companies are well-known participants in the global plastic recycling market:
- Berry Global Inc.
- B&B Plastics Inc.
- Plastipak Holdings, Inc.
- WM Recycle America, LLC
- CarbonLite Industries LLC
- Custom Polymers, Inc.
- Dart Container Corporation
- Fresh-Pak Corporation
- KW Plastics
- MBA Polymers Inc.
- Wellpine Plastic Industrial Co., Ltd.
Key developments in the global plastic recycling market are:
Key Findings of the Market Report
- With a 32.8% market share in 2021, the HDPE sector led the whole world.
- Recent market research indicates that the plastic recycling market will expand at a CAGR of 7.7% during the projected period.
- The market is being driven by an increase in demand for high-density polyethylene (HDPE) in packaging and residential applications.
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Market Trends for Plastic Recycling
- The global plastic recycling market has been segmented by application into packaging, construction, automotive, textiles, and others. In 2021, the packaging sector accounted for a significant 38.4% of the global market, and over the forecast period, it is anticipated to increase at a CAGR of 7.5%.
- A significant end-user of recovered plastics is the packaging industry. There are typically two types of plastic packaging: rigid packaging as well as non-rigid packaging. Flexible packaging comprises plastic wraps, sachets, carrier bags, packages, and covers whereas rigid packaging often consists of containers, hard bottles, and boxes.
Global Market for Plastic Recycling: Regional Outlook
Various reasons are propelling the growth of the plastic recycling market in different countries. These are:
- In 2021, Asia Pacific held 69.6% of the global market share for plastic recycling, and it is predicted that it will expand at a CAGR of 6.5% over the next five years.
- In terms of revenue, the market for recycling plastic in Asia and the Pacific was worth US$ 27.6 billion in 2021 and is predicted to grow to US$51.7 billion by 2031. The market in the area is being driven by an increase in plastics use and an increase in investments in plastic waste management.
Global Plastic Recycling Market Segmentation
- Food Contact
- Non-food Contact
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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