Global Plastic Recycling Market Insights Forecasts to 2033.

• The Global Plastic Recycling Market Size was Valued at USD 46.6 Billion in 2023
• The Market Size is Growing at a CAGR of 3.88% from 2023 to 2033
• The Worldwide Plastic Recycling Market Size is Expected to Reach USD 68.2 Billion by 2033
• Europe Market is expected to grow the fastest during the forecast period

The Global Plastic Recycling Market Size is Anticipated to Exceed USD 68.2 Billion by 2033, Growing at a CAGR of 3.88% from 2023 to 2033.

Market Overview

Plastic recycling refers to the process of recovering waste or discarded plastic materials and converting them into reusable products. This involves collecting, sorting, cleaning, shredding, melting, and reforming plastic items to produce new materials for various applications. The goal of plastic recycling is to reduce the consumption of raw materials, minimize environmental pollution, conserve energy, and promote sustainable practices by giving new life to plastics that would otherwise end up in landfills or oceans. Plastic waste comes in various forms and types, each presenting unique challenges and opportunities for recycling and waste management efforts. Common types of plastic waste include polyethylene terephthalate (PET), which is primarily used in beverage bottles and food packaging due to its lightweight and durable properties. High-density polyethylene (HDPE) is another prevalent plastic waste type found in containers for household products and industrial packaging. Polyvinyl chloride (PVC) is widely used in construction materials, pipes, and packaging films, while low-density polyethylene (LDPE) is often employed in plastic bags and wraps. Additionally, polypropylene (PP) is common in food containers, packaging materials, and automotive components, while polystyrene (PS) is found in disposable cutlery, packaging foam, and insulation materials. The global plastic recycling market is driven by collaborative efforts among stakeholders, including government agencies, manufacturers, recyclers, and non-profit organizations, to facilitate knowledge sharing, technology transfer, and investment in sustainable solutions for plastic waste management.

Report Coverage

This research report categorizes the market for the global plastic recycling market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global anti-rheumatic market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global plastic recycling market.

Driving Factors

The global plastic recycling market is driven by various factors, including increased awareness about the main reasons propelling the market's expansion: growing public awareness of the detrimental effects of plastic waste on the environment, including damage to wildlife and ocean pollution. As a result, there is currently a greater need for plastic recycling in order to decrease plastic waste and lessen its negative effects on the environment. The plastic recycling sector is also fueled by the increased demand for sustainable and eco-friendly products from businesses and consumers. Businesses are using more and more recycled plastic in their products, which has raised the material's demand. According to the Verge, the primary source of the rise in demand for reasonably priced consumer electronics such as laptops, smartphones, modems, and other items is e-commerce websites. The need for recycled plastics in electrical and electronics as well as packaging applications has increased due to the rise in consumer electronics demand, and this trend is predicted to continue during the forecast period.

Restraining factor

The global plastic recycling market is hampered by a lack of efficient infrastructure for the collection and sorting of plastic waste. In many regions, especially developing countries, there is a deficiency in organized waste management systems, which hinders the collection and segregation of different types of plastics. Without proper infrastructure, the recycling process becomes costly and inefficient, discouraging investment and participation from both consumers and businesses. This limitation impedes the scalability and effectiveness of plastic recycling initiatives on a global scale.

Market Segmentation

The Global Plastic Recycling Market is divided into product, source and application.

• The polyethylene terephthalate (PET) segment is expected to hold the largest share of the global plastic recycling market during the forecast period.   

Based on the product type, the global plastic recycling market is divided into polyethylene (PE), polyethylene terephthalate (PET), polypropylene (PP), polyvinyl chloride (PVC), Polystyrene (PS) and others. Among these, the polyethylene terephthalate (PET) segment is expected to hold the largest share of the global plastic recycling market during the forecast period. It is most commonly used to make clear plastic water and soft drink bottles, as well as juice bottles. In addition, it is used in the manufacturing of films, trays, and other food packaging products. PET is one of the plastics that is recycled the most extensively around the globe. It is recycled widely and made into a variety of products, such as new bottles and containers and fibers for clothing, carpets, and insulation.

• The plastic bottles segment is expected to grow at the fastest pace in the global plastic recycling market during the forecast period.    

Based on the source type, the global plastic recycling market is divided into plastic bottles, plastic films, polymer foam and others. Among these, the plastic bottles segment is expected to grow at the fastest pace in the global plastic recycling market during the forecast period. Because plastic bottles are inexpensive and convenient, their use has increased globally. Because they are lightweight and very cheap to create, they are a popular choice for packing items like beverages. Despite all of their benefits, plastic bottles have a big negative influence on the environment, especially because they contribute to plastic pollution. As a result, numerous groups and governments have stepped up their efforts to recycle plastic bottles in order to address this issue. Recycling plastic bottles offers several benefits. As a result, less plastic trash ends up in landfills and the ocean, resources are conserved by reducing the demand for new plastic production, and energy is greatly reduced because producing recycled materials requires less energy than producing new materials.

• The packaging segment is expected to hold the largest share of the global myelodysplastic syndrome’s treatment market during the forecast period.        

Based on the application, the global plastic recycling market is divided into building and construction, packaging, electrical and electronics, textiles, automotive, others. Among these, the packaging segment is expected to hold the largest share of the global myelodysplastic syndrome’s treatment market during the forecast period.  An eco-friendly option for packaging is recycled plastic, which is being used more and more. Recycled plastic packaging has several benefits, including reduced waste, energy use, and carbon footprint. The production of recycled plastic produces fewer greenhouse gases and requires less energy than the production of virgin plastic. These elements are all involved in the packaging sub segment’s expansion.

Regional Segment Analysis of the Global Plastic Recycling Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA

Asia Pacific is anticipated to hold the largest share of the global plastic recycling market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the global plastic recycling market over the predicted timeframe. Asia Pacific is distinguished by the expanding packaging sector and technical improvements in the business. The region's packaging business is expanding because of strong demand for building and construction supplies, consumer goods, and electrical and electronics, particularly from China, India, and Southeast Asia. Furthermore, a flexible regulatory framework is intended to mitigate obstacles that are often seen in Western markets. The Asia Pacific construction industry is expected to grow significantly due to increased demand for non-residential construction projects such as hospitals, schools, and colleges, which will drive the demand for roofing tiles, insulation, fences, floor tiles, carpets, and other materials, propelling the market growth.

Europe is expected to grow the fastest during the forecast period. The market will be driven by the adoption of a circular economy to lower the carbon footprint associated with traditional methods of plastic manufacture by expanding plastic recycling in the region. Landfill prohibitions have resulted in a good increase in plastic recycling across Europe. Landfill charges in several European nations are exceptionally high, making dumping more expensive than plastic recycling. This scenario encourages Europeans to participate in the collection and recycling of plastic garbage.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global plastic recycling along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Veolia Environnement S.A.
• Suez Environment S.A.
• Waste Management, Inc.
• Republic Services, Inc.
• Stericycle, Inc.
• Clean Harbors, Inc.
• Biffa Group Limited
• Remondis SE & Co. Kg
• DS Smith Plc
• PLASTIC ENERGY Limited
• KW Plastics
• MBA Polymers
• CarbonLITE Industries LLC
• Recology
• TerraCycle
• Envision Plastics
• UltrePET LLC
• Jayplas
• Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In October 2021, ExxonMobil announced that it would build an advanced recycling facility for plastic garbage at its Baytown, Texas plant. By the end of 2022, the plastic recycling factory is expected to be operational. With an initial capacity of 30,000 metric tons of plastic garbage per year, the plant is intended to be one of North America's largest plastic waste recycling plants.

• In September 2021, Sumitomo Chemical launched Meguri a new brand that incorporates plastic goods made utilizing recycling technology. The brand offers a variety of recycled plastic goods, including acrylic resin, polyethylene, and polypropylene. The new launch enables the firm to meet the expanding industry need for sustainable solutions and the reduction of greenhouse gas emissions.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Plastic Recycling Market based on the below-mentioned segments: 

Global Plastic Recycling Market, By Product Type

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

Global Plastic Recycling Market, By Source Type

• Plastic Bottles
• Plastic Films
• Polymer Foam
• Others

Global Plastic Recycling Market, By Application

• Building And Construction
• Packaging
• Electrical And Electronics
• Textiles
• Automotive
• Others.

Global Plastic Recycling Market, By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa