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Plastic Recycling Market Overview
The plastic recycling market size is forecast to reach US$80.20 billion by 2030 after growing at a CAGR of 7.1% during 2024-2030. 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. 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.
The global uptick in industrialization and commercialization has increased the consumption of plastics, which has led to the high production of plastic waste. This high-volume waste production and lack of proper disposal channels have contributed to the creation of high levels of land- and marine-based pollution , 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 (2024-2030)”, 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 2023. 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.
- 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.
Plastic Recycling Market - By Material Type
Polyethylene terephthalate dominated the plastic recycling market in 2023. 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.
Plastic Recycling Market - By End Use Industry
The packaging industry dominated the plastic recycling market in 2023 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. 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 2023 with a market share of up to 36%. 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. The 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. The 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. These 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, such challenges 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:
- Indorama Ventures
- Far Eastern New Century
- MBA Polymers
- DAK Americas
- Plastipak Holdings
- Longfu Recycling Energy Scientech
- Greentech
- KW Plastics
- Montello S.p. A.
- MTM Plastics GmbH and others
Acquisitions/ Technology Launches
- Indorama Ventures announced the opening of a PET Value bottle-to-bottle recycling plant in the Philippines in partnership with Coca-Cola Beverages Philippines in October 2022.
- Indorama Ventures also made an acquisition by purchasing UCY Polymers CZ s.r.o., a Czech Republic-based PET plastic recycler, in February 2022.
Relevant Reports
Plastic Coatings Market - Forecast(2022 - 2027)
Report Code: CMR 0112
Plastics & Polymers Market - Forecast(2022 - 2027)
Report Code: CMR 0490
For more Chemicals and Materials Market reports, please click here
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