Plastic Recycling Market Analysis, Industry Overview, Growth & Forecast 2032

Plastic Recycling Market

Global Plastic Recycling Market Overview

According to a research survey conducted by ChemView Consulting, in 2022, the Global Plastic Recycling Market was worth US$ 24,756.9 Mn and is expected to grow at a CAGR of 10.8% over the forecast period. While the historical CAGR is 9.7%, the market is expected to hit US$ 69,038.9 Mn by 2032 end.

Because of advancements in superior recycling technologies, the applications of recycled plastics are increasing. However, the density of waste plastic is expected to increase at the same time. Furthermore, modern recycling technologies are generally applicable to waste streams that are relatively well defined, such as packaging waste.

Post-consumer PET (polyethylene terephthalate) is the most recycled plastic worldwide, thanks to improved recovery infrastructure in developed countries. Post-consumer polyethylene is the second most recycled plastic on the planet. Nearly 70% of total post-consumer plastics recycling was made up of recycled PET and polyethylene.

Market Dynamics

The need for recycled materials is rising in many sectors, including food and beverage and consumer products. Due to the strong demand for packaging materials that are safe for use in food and beverages, the consumption of recyclable polymers is rising in this sector of the economy. As a barrier between food goods and environmental variables, these materials can efficiently replace traditional plastics, expanding the market.

The production of automotive components and food packaging are just two uses for virgin plastics. In terms of quality, they outperform their recycled counterparts by a wide margin. Although regulatory organizations have created directives to promote, the producers are hesitant to utilize PCR plastics in the packaging of their products because of the possibility of contaminants.

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Segments Covered in Report

By Product Type:

  • Polyethylene (PE)
  • Polyethylene Terephthalate (PET)
  • Polypropylene (PP)
  • Polyvinyl Chloride (PVC)
  • Polystyrene (PS)
  • Others

By Application:

  • Building & Construction
  • Packaging
  • Electrical & Electronics
  • Textiles
  • Automotive
  • Others

By Region and Country:

  • North America (U.S., Canada)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
  • Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
  • Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Key Takeaways

  • The largest segment is Polyethylene Terephthalate, widely used in food packaging and bottling. Given that it is safe, light, strong, and easily recyclable, it is in high demand for use in food and beverage packaging. The restrictions imposed by numerous countries worldwide have made bottled water more expensive, and beverage makers have switched from using virgin PET to recycled PET for making packaging bottles.
  • Due to the significant demand for recycled PET in the production of bottles and other packaging goods like films and wraps, the packaging segment is anticipated to continue being the largest throughout the projection period. The fact that these polymers are typically less expensive than virgin plastics increases demand for the production of packaging products.
  • Due to China and India being the top two consumers of recycled plastic, the market in the Asia Pacific now has a market share of 8% and is anticipated to continue to grow over the projected period. Numerous bottled water producers in the area lead to widespread plastic bottle consumption.

Competition Summary

Businesses compete in the market because of the technology used to recycle plastic trash. Major firms are expanding their plastic recycling and R&D facilities and developing their infrastructure, and they are also looking for ways to integrate throughout the value chain vertically.

Key Global Plastic Recycling Market players are REMONDIS SE & Co. KG, Biffa, Stericycle, Republic Services, Inc., WM Intellectual Property Holdings, LLC, Veolia, Shell International BV, and Waste Connections.

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Report Key Highlights and Coverage

  • Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
  • Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
  • The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
  • Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
  • Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
  • Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
  • Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
  • Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
  • Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
  • Strategic market analysis, recommendations, and future headways on crucial winning strategies.