A move to environmentally friendly packaging and government
policies will drive the plastics recycling market.
WILMINGTON, Del., July 18,
2024 /PRNewswire/ -- The plastic recycling
industry was worth US$ 45.5
billion in 2023. By the end of 2035, the industry is
projected to grow at a CAGR of 9.3% and reach
US$ 129.5 billion by the
end of the year. Through ongoing improvements in recycling
technologies, like chemical and pyrolysis, plastics of all types
may be recycled, including mixed and contaminated ones. Recycling
rates could increase with these technologies, and recycled
materials could be of higher quality.
Plastic, a versatile and affordable material that is widely used
today. The main issue with plastic is its end-of-life disposal.
Since last 70 years, nearly half of world's used plastic has been
landfilled or dumped, with only 10% properly recycled. Annually,
about 0.5% of global plastic waste enters the oceans, causing
significant environmental harm. Plastic recycling has become a
crucial process and is essential in mitigating the impacts of
plastic waste on our environment.
Leading market players highlight the trend of increasing
recycled plastic usage in industrial applications to save on costs
and reduce carbon footprints. For example, the automotive industry
uses recycled plastic for parts and components, while packaging and
construction industries prefer it for boxes, bags, containers, and
building materials. Consumer products like water bottles,
eco-friendly sneakers, and outdoor furniture are also made from
recycled plastic.
Various recycling techniques exist, but the traditional methods
often result limitations due to property variations in recycled
plastic. This is driving the advancements of chemical technologies
like pyrolysis. The future of plastic recycling looks promising
with these advancements.
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Favorable regulatory policies also drive the industry.
Europe, for example, aims to
recycle about 55% of plastic packaging waste by 2030 through
improved practices, increased infrastructure investment, and
extended producer responsibility. Governments' proactive approach
is evident in the growing investments in recycling infrastructure
and technology for better efficiency and effectiveness.
Over the past 20 years, plastic recycling has grown
significantly, especially in Asia
Pacific and Europe.
China and India have been crucial contributors to this
growth in the Asia Pacific
region.
Increasing consumer demand for sustainable packaging and
products could make recycled plastics a more valuable raw material,
resulting in increased investments in recycling infrastructure.
Incentives and regulations may be implemented by governments
worldwide to reduce plastic waste and promote plastic recycling.
Recycling targets may be strengthened, extended producer
responsibility programs implemented, and extended producer
responsibility programs for composting may be implemented for
companies that use recycled materials in their products.
Sustainable packaging solutions could become more popular with
consumer awareness of plastic pollution. Recycling plastics,
utilizing biodegradable materials, and developing alternatives to
packaging, such as reusable containers and alternatives without
packaging, are all ways to achieve these objectives.
Plastic Recycling Market Report Scope:
Report
Coverage
|
Details
|
Forecast
Period
|
2024-2035
|
Base
Year
|
2022-2027
|
Size in 2023
|
US$ 45.5 Bn
|
Forecast (Value) in
2035
|
US$ 129.5 Bn
|
Growth Rate
(CAGR)
|
9.3 %
|
No. of
Pages
|
203
Pages
|
Segments
covered
|
By Product, By
Application
|
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Key Findings of the Market Report
- Based on product, HDPE occupies a dominant position in the
plastic recycling industry.
- Recycling initiatives have been centered around packaging,
propelling its growth and dominance worldwide
- Plastic recycling is the most popular recycling method in
Asia Pacific.
- Recycling technologies have evolved greatly over the years,
allowing for more efficient handling of plastic trash.
Global Plastic Recycling Market: Growth Drivers
- Environmentally friendly alternatives like plastic recycling
are in high demand due to growing public awareness of the harm
plastic pollution causes to the environment.
- The government and international organizations are implementing
stricter laws and policies to reduce plastic waste. Due to resource
scarcity concerns and fluctuating resin prices, recycled plastics
are becoming more popular as a cost-effective alternative. In
addition to reducing dependency on fossil fuels, recycling reduces
pollution.
- Sustainable business strategies are increasingly being adopted
by companies as a means of meeting consumer expectations, complying
with regulations, and improving their brand image. These
sustainability initiatives emphasize the use of recycled plastics
in manufacturing processes.
- As recycling technologies advance, plastic recycling processes
become more efficient. Increasing recycling rates, chemical
recycling methods, and material recovery technologies are allowing
us to recycle more and more.
- The demand for recycled plastic products is growing because
people are becoming eco-friendlier and preferring recycled
plastics. A greater number of companies are offering recycled
materials as sustainable alternatives.
Global Plastic Recycling Market: Regional Landscape
- Plastic recycling market demand is expected to be driven by
Asia Pacific.
- As consumers become more aware of plastic pollution,
sustainable products and packaging are becoming more popular. The
shift in consumer behavior is prompting businesses to invest in
eco-friendly packaging solutions.
- Throughout Asia-Pacific,
governments have been promoting plastic recycling, recognizing its
importance.
- The government is also introducing several initiatives, such as
initiatives to reduce plastic waste and incentives to encourage
recycling.
- As awareness about plastic pollution increases, Asia-Pacific countries increasingly invest in
recycling infrastructure. Recycling infrastructure, waste
management systems, and sorting centers are needed to manage the
huge amount of waste that is generated by the increasing use of
plastics.
- New recycling technologies are needed to improve plastic
recycling in the region. Sorting technologies mechanical and
chemical recycling methods have been developed to handle different
types of plastic waste.
Global Plastic Recycling Market: Competitive
Landscape
With numerous players present, the global plastic recycling
market has a high degree of fragmentation. Manufacturers are
undertaking research and development activities in a significant
way.
The collaboration of many players in regional and international
markets is leading to rapid innovation and expansion of business
lines. Some prominent players operating in the plastic recycling
landscape are as follows:
- Kuusakoski
- B&B Plastics Inc.
- Custom Polymers Inc.
- Dart Container Corporation
- Novolex
- KW Plastics
- MBA Polymers UK Ltd
- PLASgran Ltd.
- Plastipak Holdings Inc.
- WM Recycle America LLC
- Wellpine Plastic LTD
- Others
Key Developments
- In February 2023, Kuusakoski
announced the opening of the nation's first facility for processing
composite materials. Located in Southern
Finland, Kuusakoski's Hyvinkää site featured a new composite
processing plant that will effectively and safely shred composite
material.
- In addition to the new processing line, the investment will
renovate an on-site building. Business Finland will finance 35% of the investment
with RRF (Recovery and Resilience Facility) funds. The investment
is likely to be worth more than 4 million
euros.
- In December 2023, Novolex
introduced a food packaging container made from 10% recycled
plastic. This new product expanded the recycling line and added to
the growing number of recycled products. Companies are dedicated to
creating new products to reinforce the circular economy and improve
sustainability.
Global Plastic Recycling Market: Segmentation
By Product
- PET
- PP
- HDPE
- LDPE
- PS
- PVC
- Others
By Application
- Packaging
- Food Contact
- Non-food Contact
- Automotive
- Construction
- Textiles
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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