Plastic Recycling Market Size to Expand Lucratively and Reach USD 77.19 Billion to 2031 - Explained Details | Updated InsightAce Study

JERSEY CITY, N.J., March 28, 2023 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Plastic Recycling Market Size, Share & Trends Analysis Report By Material (PET, PP, HDPE, LDPE, PS, PVC), Application (Packaging, Automotive, Construction, Textiles) - Market Outlook And Industry Analysis 2031"

The global plastic recycling market is estimated to reach over USD 77.19 billion by 2031, exhibiting a CAGR of 7.17% during the forecast period 2023-2031.

The demand for the worldwide plastic recycling market is projected to rise as a result of rising awareness of the advantages of energy conservation and the growing need to lessen carbon emissions. In addition to the benefits of using recycled plastics, the expanding applications of recycled plastics in the packaging, electrical & electronics, textile, and construction, car, and other industries helps to reduce energy consumption.

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The market demand is anticipated to be fueled by rising government regulations and policies regulating the usage of single-use plastics in various nations as well as the increase in investment in the development of new technology leading to improved fuel efficiency.

The increased use of internet purchases increased the need for diverse packaging materials for goods including nursing grooming, electronics, and equipment for personal defense, among other things. As a result, the need for recycled plastics increased during this time period. Throughout the course of the forecast period, the market is anticipated to increase due to rising plastic use in the production of lightweight components used in a broad range of industries, including mechatronics, industrial equipment, and automobiles. 

Recent Developments:

• In May 2021-Plastipak Packaging announced that it would establish a new PET recycling factory in Spain. Beginning in the summer of 2022, this new facility will assist Plastipak achieve its commitment to corporate social responsibility.
• In January 2020-Nestlé made a sizable investment to help with the transition from virgin polymers to food-grade plastic. Also, the business strives to advance cutting-edge environmentally friendly packaging options.

List of Prominent Players in the Plastic recycling Market:

• Kuusakoski
• Berry Global Inc.
• B&B Plastic Inc.
• Plastipak Holdings, Inc.
• WM Recycle America, LLC
• Carbonlite Industries LLC
• Custom Polymers, Inc.
• Dart Container Corporation
• Novolex
• KW Plastics
• MBA Polymers Inc.
• Wellpine Plastic Industrial Co., Ltd

Plastic Recycling Market Report Scope

Market Dynamics:

Drivers:

The market is expanding due to the negative effects on the environment of disposing of plastic waste, which result from the use of traditional plastics, which pollute the oceans and the land. As a result, the government has taken measures to minimize the amount of plastic that is disposed of into the environment, which is having an effect on the demand for plastics.

The market size is anticipated to be driven by this factor. The market size is expected to increase due to the increased use of recycled plastics in a variety of industrial sectors, such as package design, communications device components, and automotive interior parts.

Challenges:

Lack of knowledge about the value of recyclable materials in reducing the need for virgin plastics, combined with the high cost of recycled goods since collecting plastic garbage is a challenging process, are impeding the expansion of the plastic recycling industry. A further obstacle to the market's expansion is the establishment of a bank for plastic trash or the prohibition of the export of raw polymers from China.

Regional Trends:

The North America plastic recycling market is expected to register major market share in terms of revenue and projected to grow at a high CAGR in the near future. because there is a developing need for non-residential infrastructure projects including institutions, colleges, and colleges. This will increase demand for numerous construction materials, including flooring, soundproofing, fences, carpets, and roofing tiles.

The implementation of many rules to encourage the use of recyclable paper and the increase in demand for packed and packaged foods are the main drivers anticipated to support market expansion. Besides, Europe had a substantial share in the market. due to developed economy and growing adoption of the product. This is due to the adoption of new strategies by the major players in the plastic recycling market. Moreover, the presence of key market players and increasing collaboration among major players for market penetration in the region provides the opportunity for growth of the global plastic recycling market.

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Segmentation of Plastic Recycling Market-

By Material

• PET
• PP
• HDPE
• LDPE
• PS
• PVC
• Others

By Application

• Packaging
• Food Contact
• Non-food Contact
• Automotive
• Construction
• Textiles
• Others

By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa

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Read Related Reports:

Biodegradable Plastics Market

Thermoformed Plastics Market

Molded Plastic Market

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