The Global Plastic Recycling Market is Set to Exhibit a 5.82% CAGR by 2028
The Plastic recycling market was valued at USD 38.51 billion in 2021. The plastic recycling market industry is projected to grow from USD 41.24 Billion in 2022 to USD 66.66 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.10% during the forecast period (2022–2030). Increasing the use of plastic in the manufacturing of lightweight components utilized in many different industries, including electrical and electronic, building and construction are the key market drivers enhancing the market growth.
Plastic recycling is a process of recovering various classes of plastic material to be reused in other items, such as their original form. Items made from recycled plastic will typically not be recycled again. Before recycling, plastics undergo four separate phases — sorting, washing, shredding, and extruding. It is passed through these stages to ensure that it can be used for the production of different types of products. Plastic recycling is primarily carried out by two processes — heat compression and monomerization.
Plastic recycling helps save non-renewable fossil fuels, decreases the energy use used in the manufacture of new plastics, minimizes solid waste to landfill sites, and reduces emissions of gases such as carbon dioxide into the atmosphere. This exercise is primarily performed in the packaging, construction, textile, automotive, and other industries.
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The industry giants in the global plastic recycling market are Envision Plastics (US), Custom Polymers, Inc. (US), KW Plastics, Inc. (US), Plastic Recycling Inc. (US), UltrePET, LLC (US), Green-O-Tech India (India), CarbonLITE Industries (US), MBA Polymers Inc. (US), Seraphim Plastics (US), and Kuusakoski Group Oy (Finland).
The global market for plastic recycling is expected to see significant growth in the forecast period. Factors such as increasing the use of plastic in the packaging sector, government support for recycling plastic, and the environmental effects of plastic disposal are driving the market. However, lack of awareness of recycling is likely to hinder the market.
The global plastic recycling market has been segmented based on material, recycling process, and application.
By material, the global plastic recycling market has been segmented into polyethylene terephthalate (PET), low-density polyethylene (LDPE), high-density polyethylene (HDPE), polypropylene (PP), and others. The polyethylene terephthalate (PET) segment dominates the market, owing to widely used applications such as packaging, electronics, construction, and others.
Based on the recycling process, the global plastic recycling Technological Assessment has been segmented into mechanical and chemical. The mechanical segment is the leading market, owing to its recyclability process.
Based on the application, the global plastic recycling market has been segmented into packaging, construction, automotive, textile, and others. The packaging segment has the maximum market share due to plastic packaging, with its long shelf life, delivers protection against light, oxygen, and bacteria, and is an excellent solution for the modern lifestyle.
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Region-specific analysis of the global plastic recycling market spans across the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa.
The Asia Pacific is marked by rapid economic growth, a rise in population, and a range of policies and regulations to promote environmental protection and waste management. China has been the receiving center of plastic waste from all over the world and has been seen as the pioneer of scrap consumers. With increasing awareness and positive economic health in the Asia Pacific, there is a strong set of frameworks for waste management.
China is a leading country in imports of plastic waste as it receives about 56% of global imports of plastic waste. Between 2006 and 2012, imports of plastic scrap in China rose from 5.9 million tons to 8.9 million tons.
In 2018, the Americas captured the second largest market share in the plastics recycling market. The region has seen tremendous growth due to advances in recycling technologies and awareness of recycling. In addition, numerous waste management regulations are driving the growth of the industry.
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