Plastic Recycling Market - Forecast(2022 - 2027)

Report Code: CMR 13887 Report Format: PDF + Excel

Plastic Recycling Market Overview

The plastic recycling market size is forecast to reach US$65.3 billion by 2027 after growing at a CAGR of 7.1% during 2022-2027. Plastic recycling refers to the process of collecting waste plastics and recycling them to produce new and useful plastic products. Recycling plastics has been a matter of serious concern globally due to the adverse impact of virgin plastics on the environment. Accordingly, governments are implementing regulations and initiatives regarding the efficient recycling of plastics to reduce the increasing pollution and this, in turn, is expected to contribute to the market’s growth during the forecast period. For instance, in November 2021, the US adopted the National Recycling Strategy that will focus on the proper collection and recycling of plastic materials. Furthermore, the demand for recycled plastic is growing in the packaging application of a wide variety of products owing to the high demand for safe and durable packaging materials, and this is projected to drive the market’s growth during the forecast period. For instance, as per the UK Plastics Pact report by Waste and Resources Action Programme (WRAP), 100% of plastics in packaging will be recyclable by 2025. Plastic materials such as high-density polyethylene, low-density polyethylene, and polyethylene terephthalate are collected and recycled for use in several end-use industries. However, the lack of proper plastic recycling infrastructure might hamper the market’s growth during the forecast period.

COVID-19 Impact

The plastic recycling market was badly hit due to the COVID-19 pandemic with challenges such as disruption in the supply chain and idling if factories surfaced. Market players have to adjust their working patterns to maintain a stable business operation. However, owing to the severity of the pandemic, the companies failed to implement the strategies effectively. As per the COVID-19 data by Veolia Environnement S.A., the company’s some recycling and sorting centres operated at a slower pace while others came to a complete standstill. The market witnessed decent growth owing to the increasing demand for recycled plastics in various end-use industries. Going forward, the market is projected to witness significant demand for plastic recycling in the packaging and automotive sector.

Report Coverage

The report: Plastic Recycling Market Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Plastic Recycling Industry. 

By Material Type: High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Polypropylene (PP), Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), Others
By Recycling Process: Mechanical Recycling, Energy Recycling, Chemical Recycling, Others
By End Use Industry: Packaging, Furniture, Industrial, Construction, Residential, Commercial, Office, Hotels and Restaurants, Concert Halls and Museums, Educational Institutes, Automotive, Passenger Vehicle, Commercial Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle, Textile, Electrical and Electronics, Others
By Geography: North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of Asia Pacific), South America (Brazil, Argentina, Colombia and Rest of South America), and RoW (Middle East and Africa).

Key Takeaways:

  • Polyethylene terephthalate dominated the plastic recycling market in 2021. PET plastics are accepted by most plants as these plastics are easy to recycle, making them a suitable choice in the market.
  • The increasing demand for recycled plastic in the packaging sector is expected to contribute to the market’s growth during the forecast period. For instance, as per the April 2019 report by the International Institute for Sustainable Development, The Coca Cola Company, a market leader in plastic recycling, aims to use minimum 50% recycled material in its packaging application by 2030.
  • The Asia-Pacific region will witness the highest demand for plastic recycling owing to the increasing initiative and regulations by the region’s governments regarding the higher recycling of plastics. For instance, as per the data by the Ministry of Economy, Trade and Industry (METI), in March 2021, the Japanese government adopted a bill to promote plastic recycling and reduce marine plastic litter issues.

Figure: Asia Pacific Plastic Recycling Market Revenue, 2021-2027 (US$ Billion)

Plastic Recycling Market Revenue

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Plastic Recycling Market - By Material Type

Polyethylene terephthalate dominated the plastic recycling market in 2021. This type of plastic is one of the most popular plastics that find its extensive use in food packaging, clothing, carpet, automotive parts, construction materials, and many other applications. PET is easy to recycle which makes it the most recycled plastic in the world. Owing to such diverse properties and a wide range of end-use applications, research organizations, and market players are actively participating in the expansion of recycled PET portfolios in the market. For instance, in September 2020, French plastic recycling company SUEZ announced its partnership with Loop Industries to build a new facility centre in Europe for the production of 100% recycled and infinitely recyclable PET plastic. Such increasing development regarding PET plastic recycling is expected to increase its demand during the forecast period.

Plastic Recycling Market - By End Use Industry

The packaging industry dominated the plastic recycling market in 2021 and is growing at a CAGR of 7.4% during the forecast period. A wide variety of plastic materials such as polyethylene terephthalate, high-density polyethylene, and polypropylene are recycled and used in different packaging applications globally. The demand for sustainable packaging is increasing owing to the increasing awareness among consumers regarding the benefits of recycled plastics and this is expected to contribute to the market’s growth during the forecast period. For instance, as per the December 2020 report by Waste & Resources Action Programme, the recycling of plastic packaging is exhibiting positive growth, accounting for 50% in 2019 which was at 44% in the previous year. This is attributed to the continuous efforts made by the citizens of the UK towards more recycling of plastics in packaging. Similarly, as per the data by The Coco Cola Company, 100% of its packaging will be recyclable by 2025 and the use of recycled plastics in food-grade packaging will be increased owing to the demand among consumers about sustainability. Such increasing demand for plastic recycling in the packaging sector is projected to stimulate higher recycling of plastics which in turn is expected to drive the growth of the market in the forecast period.

Plastic Recycling Market - By Geography

The Asia-Pacific region held the largest market share in the plastic recycling market in 2021 with a market share of up to 32%. The demand for plastic recycling is attributed to the increasing initiatives and regulations by different governments regarding the higher recycling of plastics in the region. The governments in the region, especially in the emerging economies are leaving no stone unturned to curb the marine pollution and overall adverse environmental impact caused by plastics. For instance, as per the November 2020 report by earth.org, Singapore aims to increase the overall recycling rate to 70% and reduce waste disposal in landfills by 30% by 2030. Similarly, as per the 2021 report by NITI Aayog, the Indian government announced Plastic Waste Management Amendment Rules 2021 that recommends proper recycling methods according to the type of plastics. Such increasing enforcement of various government regulations is expected to ramp up the demand for plastic recycling in the region in an efficient way during the forecast period.

Plastic Recycling Market Drivers

Growing demand for recycled plastics in the packaging sector will drive the market’s growth

The demand for recycling of several plastics materials such as high-density polyethylene, low-density polyethylene, and polyethylene terephthalate is growing in the packaging sector owing to the rising awareness among consumers about sustainability in packaging. This growing demand for recycled plastics in the packaging sector is expected to drive the market’s growth in the forecast period. For instance, in February 2021, The Coca-Cola Company unit in North America rolled out bottles made from 100% recycled polyethylene terephthalate to cater to the growing demand among consumers for sustainable and convenient packaging solutions. Similarly, as per the April 2019 report by International Institute for Sustainable Development, Nestle, The Coca Cola Company, Diageo, and Unilever formed an alliance to ramp up plastic recycling in their packaging applications and increase consumer recycling rates in the coming years. Such massive growing demand for plastic recycling in the packaging sector is expected to contribute to the growth of the market in the forecast period.

Increasing initiatives and regulations by governments will drive the market’s growth

The rising concern of environmental pollution caused by virgin plastics have forced multiple governing bodies globally to come up with stringent regulation regarding higher recycling of plastic and this is expected to contribute positively towards the growth of the market during the forecast period. For instance, as per the January 2021 report by KPMG, the European Union aims to achieve the goal of recycling 55% of plastic packaging waste by 2030. Similarly, as per the November 2021 report by the Environmental Protection Agency (EPA), the 2021 National Recycling Strategy was introduced by EPA that will deal with the enhanced recycling of municipal solid wastes consisting of plastics. Such increasing regulations by governments across the globe will help in the higher utilization of recycled plastics and this is anticipated to drive the market’s growth in the forecast period.

Plastic Recycling Market Challenges

Lack of proper plastic recycling infrastructure might hamper the market’s growth

Recycling plastics is an energy-intensive and complex procedure and requires high-end infrastructure for achieving the end goal of efficient recycling. However, there is a lack of better infrastructure for plastic recycling and this might affect the market’s growth in the forecast period. Plastic waste recycling is managed decently in industrial economies where recycling is done with well-developed infrastructure. But this scenario is still a dream for underdeveloped countries. As per the November 2020 report by AIChE.org, underdeveloped countries lack the infrastructure for better recycling and management of plastic wastes. Such a challenge of improper plastic recycling infrastructure might hamper the market’s growth during the forecast period.

Plastic Recycling Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in this market. Plastic Recycling top 10 companies include:

  1. KW Plastics
  2. Plastipak Packaging
  3. Jayplas
  4. Veolia Environnement S.A.
  5. SUEZ
  6. Custom Polymers
  7. B&B Plastics Inc.
  8. The Coca Cola Company
  9. Ultra Poly Corporation
  10. ReVital Polymers Inc.

Recent Developments

In May 2021, Plastipak Packaging announced its plan to open a new PET recycling facility in Spain. This new facility will come into operations in the summer of 2022 and it will help Plastipak in fulfilling its commitment to corporate social responsibility.

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1. Plastic Recycling Market- Market Overview
    1.1 Definitions and Scope
2. Plastic Recycling Market- Executive Summary
    2.1 Key Trends by Material Type
    2.2 Key Trends by Recycling Process
    2.3 Key Trends by End Use Industry
    2.4 Key Trends by Geography
3. Plastic Recycling Market- Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Plastic Recycling Market- Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Plastic Recycling Market– Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis - Major companies
6. Plastic Recycling Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of substitutes
7. Plastic Recycling Market-Strategic analysis
    7.1 Value chain analysis
    7.2 Opportunities analysis
    7.3 Product/Market life cycle
    7.4 Distributors Analysis - Major Companies
8. Plastic Recycling Market– By Material Type (Market Size -US$ Million, Billion)
    8.1 High-Density Polyethylene (HDPE)
    8.2 Low-Density Polyethylene (LDPE)
    8.3 Polypropylene (PP)
    8.4 Polyethylene Terephthalate (PET)
    8.5 Polyvinyl Chloride (PVC)
    8.6 Polystyrene (PS)
    8.7 Acrylonitrile Butadiene Styrene (ABS)
    8.8 Others
9. Plastic Recycling Market– By Recycling Process (Market Size -US$ Million, Billion)
    9.1 Mechanical Recycling
    9.2 Energy Recycling
    9.3 Chemical Recycling
    9.4 Others
10. Plastic Recycling Market– By End Use Industry (Market Size -US$ Million, Billion)
    10.1 Packaging
    10.2 Furniture
    10.3 Industrial
    10.4 Construction
        10.4.1 Residential
        10.4.2 Commercial
            10.4.2.1 Office
            10.4.2.2 Hotels and Restaurants
            10.4.2.3 Concert Halls and Museums
            10.4.2.4 Educational Institutes
            10.4.2.5 Others
    10.5 Automotive
        10.5.1 Passenger Vehicle
        10.5.2 Commercial Vehicle
            10.5.2.1 Light Commercial Vehicle
            10.5.2.2 Heavy Commercial Vehicle
    10.6 Textile
    10.7 Electrical and Electronics
    10.8 Others
11. Plastic Recycling Market - By Geography (Market Size -US$ Million / Billion)
    11.1 North America
        11.1.1 USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherlands
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of Asia Pacific
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 ROW
        11.5.1 Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 UAE
            11.5.1.3 Israel
            11.5.1.4 Rest of Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of Africa
12. Plastic Recycling Market-Entropy
    12.1 New Product Launches
    12.2 M&A’s, Collaborations, JVs and Partnerships
13. Plastic Recycling Market- Industry/Segment Competition Landscape Premium
    13.1 Company Benchmarking Matrix- Major Companies
    13.2 Market Share at Global Level- Major companies
    13.3 Market Share by Key Region- Major companies
    13.4 Market Share by Key Country- Major companies
    13.5 Market Share by Key Application - Major companies
    13.6 Market Share by Key Product Type/Product category- Major companies
14. Plastic Recycling Market- Key Company List by Country Premium Premium 
15. Plastic Recycling Market Company Analysis- Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global Plastic Recycling Value Analysis, by Material, Market 2019-2024 ($M)
2.Global Competition Landscape Market 2019-2024 ($M)
2.1 Kuusakoski Market 2019-2024 ($M) - Global Industry Research
2.2 PLASgran Ltd. Market 2019-2024 ($M) - Global Industry Research
2.3 KW Plastics Market 2019-2024 ($M) - Global Industry Research
2.4 Novolex Market 2019-2024 ($M) - Global Industry Research
3.Global Plastic Recycling Value Analysis, by Material, Market 2019-2024 (Volume/Units)
4.Global Competition Landscape Market 2019-2024 (Volume/Units)
4.1 Kuusakoski Market 2019-2024 (Volume/Units) - Global Industry Research
4.2 PLASgran Ltd. Market 2019-2024 (Volume/Units) - Global Industry Research
4.3 KW Plastics Market 2019-2024 (Volume/Units) - Global Industry Research
4.4 Novolex Market 2019-2024 (Volume/Units) - Global Industry Research
5.North America Plastic Recycling Value Analysis, by Material, Market 2019-2024 ($M)
6.North America Competition Landscape Market 2019-2024 ($M)
6.1 Kuusakoski Market 2019-2024 ($M) - Regional Industry Research
6.2 PLASgran Ltd. Market 2019-2024 ($M) - Regional Industry Research
6.3 KW Plastics Market 2019-2024 ($M) - Regional Industry Research
6.4 Novolex Market 2019-2024 ($M) - Regional Industry Research
7.South America Plastic Recycling Value Analysis, by Material, Market 2019-2024 ($M)
8.South America Competition Landscape Market 2019-2024 ($M)
8.1 Kuusakoski Market 2019-2024 ($M) - Regional Industry Research
8.2 PLASgran Ltd. Market 2019-2024 ($M) - Regional Industry Research
8.3 KW Plastics Market 2019-2024 ($M) - Regional Industry Research
8.4 Novolex Market 2019-2024 ($M) - Regional Industry Research
9.Europe Plastic Recycling Value Analysis, by Material, Market 2019-2024 ($M)
10.Europe Competition Landscape Market 2019-2024 ($M)
10.1 Kuusakoski Market 2019-2024 ($M) - Regional Industry Research
10.2 PLASgran Ltd. Market 2019-2024 ($M) - Regional Industry Research
10.3 KW Plastics Market 2019-2024 ($M) - Regional Industry Research
10.4 Novolex Market 2019-2024 ($M) - Regional Industry Research
11.APAC Plastic Recycling Value Analysis, by Material, Market 2019-2024 ($M)
12.APAC Competition Landscape Market 2019-2024 ($M)
12.1 Kuusakoski Market 2019-2024 ($M) - Regional Industry Research
12.2 PLASgran Ltd. Market 2019-2024 ($M) - Regional Industry Research
12.3 KW Plastics Market 2019-2024 ($M) - Regional Industry Research
12.4 Novolex Market 2019-2024 ($M) - Regional Industry Research
13.MENA Plastic Recycling Value Analysis, by Material, Market 2019-2024 ($M)
14.MENA Competition Landscape Market 2019-2024 ($M)
14.1 Kuusakoski Market 2019-2024 ($M) - Regional Industry Research
14.2 PLASgran Ltd. Market 2019-2024 ($M) - Regional Industry Research
14.3 KW Plastics Market 2019-2024 ($M) - Regional Industry Research
14.4 Novolex Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Plastic Recycling Market Revenue, 2019-2024 ($M)
2.Canada Plastic Recycling Market Revenue, 2019-2024 ($M)
3.Mexico Plastic Recycling Market Revenue, 2019-2024 ($M)
4.Brazil Plastic Recycling Market Revenue, 2019-2024 ($M)
5.Argentina Plastic Recycling Market Revenue, 2019-2024 ($M)
6.Peru Plastic Recycling Market Revenue, 2019-2024 ($M)
7.Colombia Plastic Recycling Market Revenue, 2019-2024 ($M)
8.Chile Plastic Recycling Market Revenue, 2019-2024 ($M)
9.Rest of South America Plastic Recycling Market Revenue, 2019-2024 ($M)
10.UK Plastic Recycling Market Revenue, 2019-2024 ($M)
11.Germany Plastic Recycling Market Revenue, 2019-2024 ($M)
12.France Plastic Recycling Market Revenue, 2019-2024 ($M)
13.Italy Plastic Recycling Market Revenue, 2019-2024 ($M)
14.Spain Plastic Recycling Market Revenue, 2019-2024 ($M)
15.Rest of Europe Plastic Recycling Market Revenue, 2019-2024 ($M)
16.China Plastic Recycling Market Revenue, 2019-2024 ($M)
17.India Plastic Recycling Market Revenue, 2019-2024 ($M)
18.Japan Plastic Recycling Market Revenue, 2019-2024 ($M)
19.South Korea Plastic Recycling Market Revenue, 2019-2024 ($M)
20.South Africa Plastic Recycling Market Revenue, 2019-2024 ($M)
21.North America Plastic Recycling By Application
22.South America Plastic Recycling By Application
23.Europe Plastic Recycling By Application
24.APAC Plastic Recycling By Application
25.MENA Plastic Recycling By Application