Global Plastic Recycling Market By Overview
The plastic recycling market accounted for US$ 42.6 billion in 2020 and is estimated to be US$ 79.9 billion by 2030 and is anticipated to register a CAGR of 6.6%.
Plastic recycling is process within which plastic wastes turn into useful products. Large production of non-biodegradable plastic across the globe is supporting plastic recycling to reduce soil pollution, water pollution, and air pollution which ultimately lowers carbon dioxide emissions and waste quantities. Recycle plastic is subdivided into two main categories; thermoplastic and thermosets, in which thermoplastic plastic can be easily recycled than the thermosets because of its chemical bond. Plastic isn’t that easy to recycle, only 9% of plastic waste is reusable. It is important to recycle plastic, for every ton of plastic that is recycled, 7.4 cubic yards of landfill spaced is saved. Instead of burning out plastic, recycle it up to greater extent to saved more landfills. PET is mostly widely used plastic among all others across the globe. It is primarily used as fiber and for bottling or packaging. For instance, PET is the plastic used for bottled water and is highly recyclable. High density polyethylene plastic is much safer to reuse with any causes.
Global Plastic Recycling Market By Drivers & Restraints
Rising initiatives by government bodies
Growing awareness associated with energy saving benefits in the manufacturing of recycled plastics over virgin plastics is a major factor driving growth of the plastic recycling market. In addition, huge demand for plastics across various end use industries and negative environmental impact of plastic disposal are also major factors propelling growth of the plastic recycling market. Furthermore, Plastics Recyclers Europe (PRE), Association of Plastic Recyclers (APR), and Institute of Scrap Recycling Industries (ISRI) are some associations promoting plastic recycling is in turn boosting growth of the plastic recycling market.
However, stringent competition from virgin plastics and lack of awareness regarding recycled products are major factors anticipated to hamper growth of the plastic recycling market over the forecast period. Government support to use of recycled plastics in developed countries and increasing use of recycled plastic in textile industry can create lucrative opportunity for players operating in the plastic recycling market.
Global Plastic Recycling Market By Segmentations & Regional Insights
The plastic recycling market is segmented based on material, recycling process, source, application, and region.
On the basis of material, the target market is classified into PET, PP, PVC, and others. On the basis of recycling process, the target market is bifurcated into mechanical and chemical. On the basis of source, the target market is bifurcated into bottles, films, foams, and others. On the basis of application, the target market is bifurcated into packaging, building and construction, automotive, and other.
Regional Insights:
The plastic recycling market accounted for US$ 42.6 billion in 2020 and is estimated to be US$ 79.92 billion by 2030 and is anticipated to register a CAGR of 6.6%. On region the plastic recycling market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific plastic recycling market is accounted for major revenue share in the plastic recycling market, followed by other regions. This is owing to increasing usage of cheaper substitutes of virgin plastics in the form of recycled plastics in the end-use industries in the countries of the Asia Pacific region. Europe plastic recycling market accounted for second-highest market share, owing to rising awareness regarding the need to recycle for the protection of environment in the European countries. North America plastic recycling market is expected to grow at the slow rate during the forecast period, due to the complexity of sorting and processing, unfavorable economics, and consumer confusion about which plastics can actually be recycled in the countries of the region.
Report Scope:
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Attribute |
Details |
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Base year for estimation |
2020 |
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Forecast period |
2020 – 2030 |
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Market representation |
Revenue in USD Million & CAGR from 2020 – 2030 |
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Market Segmentation |
By Material- PET, PP, PVC, and Others By Recycling Process– Mechanical and Chemical By Source- Bottles, Films, Foams, and Others By Application– Packaging, Building and Construction, Automotive, and Other |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the plastic recycling market report based on material, recycling process, source, application, and region.
Plastic Recycling Market, By Region:
- North America
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Europe
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- U.S.
- Canada
- Middle East & Africa
Global Plastic Recycling Market By Competitive Landscape & Key Players
The key players operating in the plastic recycling market includes PLASgran Ltd., UltrePET, LLC, MBA Polymers, Inc., Envision Plastics Industries LLC, RJM International Inc., B&B Plastics, Inc., KW Plastics, Inc., Veolia Environment SA, Suez SA, Schoenberg & Co., and Plastipak Holdings, Inc.
MBA Polymers:
They have acquired new recycling plant for electronic equipment waste in Saxony, Germany. It will be MBA Polymers 5th recycling site using its patented process producing a state-of- the art post-customer plastic.
Global Plastic Recycling Market By Company Profile
- PLASgran Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- UltrePET, LLC
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- MBA Polymers, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Envision Plastics Industries LLC
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- RJM International Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- B&B Plastics, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- KW Plastics, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Veolia Environnement SA
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Suez SA
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Schoenberg & Co.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Plastipak Holdings, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
Global Plastic Recycling Market By Highlights
FAQs
The Global Plastic Recycling market is segmented into basis of material, recycling process, source, application, and region.
Growing awareness associated with energy saving benefits in the manufacturing of recycled plastics over virgin plastics is major factor driving growth of the global plastic recycling market.
By region, Asia Pacific plastic recycling market accounted for major revenue share of the global plastic recycling market and is further anticipated to maintain its dominance over the forecast period.
The Key players operating in the global Plastic Recycling market include PLASgran Ltd., UltrePET, LLC, MBA Polymers, Inc., Envision Plastics Industries LLC, RJM International Inc., B&B Plastics, Inc., KW Plastics, Inc., Veolia Environnement SA, Suez SA, Schoenberg & Co., and Plastipak Holdings, Inc.