Plastic Recycling Market Size will Expand to $77.89 Billion by 2031 | States InsightAce Report

Jersey City, NJ, Jan. 30, 2024 (GLOBE NEWSWIRE) — “Plastic Recycling Market” in terms of revenue was estimated to be worth $43.62 billion in 2023 and is poised to reach $77.89 billion by 2031, growing at a CAGR of 7.7% from 2024 to 2031 according to a new report by InsightAce Analytic.

Latest Drivers Restraint and Opportunities Market Snapshot:

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Key factors influencing the global Plastic Recycling Market are:

  • The governments in the area are taking more action and enforcing more laws to encourage plastic recycling.
  • We are allocating funds towards research and development endeavors, acquiring new entities, and introducing products and technologies.
  • The increase in the manufacture of plastic, the notable expansion of recycling initiatives

The following are the primary obstacles to the plastic recycling market’s expansion:

  • Inadequate infrastructure for recycling plastics could impede the market’s expansion and governments’ efforts to increase plastic recycling.
  • The increasing focus on environmental sustainability has led to stricter regulations and consumer demands for eco-friendly packaging, which can pose challenges.
  • Logistical challenges can be a restraint for companies operating in vast distribution networks.

Future expansion opportunities for the global plastic recycling market include:

  • Advancements in recycling technologies designed for the automated processing and sorting of plastics are anticipated to create abundant opportunities.
  • The rising use of recycled polyester and the growing consumer attention on sustainability in packaging and products.
  • Plastic recycling plays a crucial role in achieving a circular economy, providing opportunities for market growth.

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Market Analysis:

The surge in plastic usage for manufacturing lightweight components, essential in diverse sectors such as building, automotive, electrical, and electronics, is anticipated to boost the demand for recycled plastics in the foreseeable future. Furthermore, there is a growing requirement for recycled plastics in various packaging applications, which is driving the market expansion.

List of Prominent Players in the Plastic Recycling Market:

  • Biffa
  • Stericycle
  • Republic Services, Inc.
  • WM Intellectual Property Holdings, L.L.C.
  • Veolia
  • Shell International B.V
  • Waste Connections
  • CLEAN HARBORS, INC.
  • Covestro AG

Plastic Recycling Market Report Scope

Report Attribute Specifications
Market size value in 2023 USD 43.62 Bn
Revenue forecast in 2031 USD 77.89 Bn
Growth rate CAGR CAGR of 7.7% from 2024 to 2031
Quantitative units Representation of revenue in US$ Billion, Volume (KT), and CAGR from 2024 to 2031
Historic Year 2019 to 2023
Forecast Year 2024-2031
Report coverage The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends
Segments covered By Material And Application
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Recent Developments:

  • October 2022- Indorama Ventures, in collaboration with Coca-Cola Beverages Philippines, announced the establishment of a PET Value bottle-to-bottle recycling facility in the Philippines.
  • February 2021- Indorama Ventures announced that it has acquired UCY Polymers CZ s.r.o. (UCY), a PET plastic recycler in the Czech Republic. As a result, by 2025, the Czech Republic will have recycled an extra 1.12 billion post-consumer PET (polyethylene terephthalate) plastic bottles annually.

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Plastic Recycling Market Dynamics:

Market Drivers: Increasing Growth of Construction Industry

The expansion of construction activity in developing nations like Mexico, Brazil, China, India, and others is anticipated to fuel demand for the manufacturing of various components, including insulation, fixtures, structural lumber, windows, fences, and many others. Because FDI regulations and standards for the rehabilitation of public and industrial infrastructure have been loosened, there has been a rise in foreign investment in these nations’ construction industries, which is responsible for the expansion of the recycled plastic market in the building and construction sector.

Challenges: High Cost in Recycling Process

The elevated cost associated with the plastic recycling process stands as a significant constraint in the Plastic Recycling Market. This financial burden arises from several factors within the recycling process, including collection, sorting, cleaning, and processing of plastic materials. The intricacies involved in these stages, combined with the need for advanced technologies and equipment, contribute to the overall high costs. Moreover, the cost of recycling can be impacted by the variety of plastics in circulation, as different types may require distinct and specialized recycling methods. Additionally, stringent quality standards for recycled plastic further necessitate sophisticated processing techniques, adding to the expenses.

Asia Pacific is Expected to Grow with The Highest CAGR During The Forecast Period

The Asia Pacific Plastic Recycling Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. The demand for non-residential construction projects, such as hospitals, schools, and colleges, is expected to increase significantly. This will drive demand for various products, including carpets, floor tiles, insulation, fencing, and roofing tiles, and will propel the market growth. The market is driven by the adoption of the circular economy, which aims to increase plastic recycling in the area while reducing the carbon footprint associated with conventional plastic manufacturing.

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Segmentation of Plastic Recycling Market –

By Packaging Material-

  • PET
  • PP
  • HDPE
  • LDPE
  • PS
  • PVC
  • Others

By Application-

  • Packaging
    • Food Contact
    • Non-food Contact
  • Automotive
  • Constructions
  • Textile

By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

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