Plastic Recycling Market to Garner $61 Billion, Globally, By 2031 at 8.7% CAGR, Says Allied Market Research

The increasing awareness about the negative impact of plastic on the environment is expected to drive the growth of the global plastic recycling market. The market is expected to gain traction by 2031. The Asia-Pacific region is projected to garner the highest revenue by 2031.

PORTLAND, Ore., May 16, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Plastic Recycling Market by Product (Polyethylene (PE), Polyethylene Terephthalate (PET), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), and Others), Source (Plastic Bottles, Plastic Films, Polymer Foam, and Others), Application (Building and Construction, Packaging, Electrical and Electronics, Textiles, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global plastic recycling market generated $27,900.0 million in 2021 and is anticipated to generate $60,962.8 million by 2031, growing at a CAGR of 8.7% from 2022 to 2031.

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Prime Determinants of Growth

Rising awareness about the adverse impacts of plastic waste on the environment and the growing need to curb carbon emissions are some of the key factors boosting the growth of plastic recycling market. Governments from various parts of the world are enforcing strict regulations and taking up innovative initiatives to encourage plastic waste recycling. However, dearth of infrastructure for plastic recycling procedures and limited investments in plastic recycling initiatives in developing countries is expected to restrain the growth of the plastic recycling market in the forecast period. On the other hand, invention of advanced technologies such as pyrolysis and chemical recycling for recycling plastic waste is likely to offer lucrative opportunities for the plastic recycling market growth in the coming years.

Report Coverage & Details:

Covid-19 Scenario

• The outbreak of the Covid-19 pandemic had a negative impact on the global plastic recycling market.
• The demand for recycled plastic has decreased due to the closure of many businesses and the decrease in the production of plastic products. This has led to a reduction in the price of virgin plastics, which has made it more difficult for recyclers to compete. The pandemic has also led to an increase in the use of single-use plastic products, such as gloves, masks, and packaging for online deliveries. This has created more plastic waste, which has highlighted the need for improved recycling infrastructure and technologies.

Polyethylene Terephthalate (PET) Sub-segment to Maintain its Leadership Status throughout the Forecast Period

Based on product, the polyethylene terephthalate (PET) sub-segment of the plastic recycling market held the highest market share in 2021. This sub-segment is projected to manifest the highest CAGR of 9.4% from 2022 to 2031. This growth is mainly owing to the increasing demand for sustainable and eco-friendly packaging solutions. PET is a widely used plastic material in the packaging industry, particularly in the beverage industry, due to its lightweight, shatterproof, and recyclable properties. As consumers become more environmentally conscious, they are demanding more sustainable packaging solutions that have a lower environmental impact.

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Plastic Bottles Sub-segment to Witness the Highest Growth by 2031

Based on source, the plastic bottles sub-segment held the highest market share in 2021, owing to increasing awareness of the negative impact of plastic waste on the environment. This sub-segment is projected to manifest the highest CAGR of 9.5% from 2022 to 2031. Plastic bottles are one of the most used consumer products, and they contribute significantly to the growing problem of plastic waste. There is an increasing demand for recycled plastic bottles, which are a more sustainable alternative to new plastic bottles.

Packaging Sub-segment to Maintain its Leading Position by 2031

Based on application, the packaging segment accounted for the largest share in 2021. The packaging sub-segment is one of the major drivers in the plastic recycling market as packaging materials account for a significant portion of plastic waste generated globally. The increasing demand for sustainable packaging solutions and the rising awareness about environmental issues are driving the growth of the plastic recycling market's packaging sub-segment.

Asia-Pacific to Maintain its Dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021. The Asia-Pacific plastic recycling market is expected to witness the fastest CAGR of 9.2% from 2022 to 2031. This region is home to some of the most significant environmental challenges globally, such as air pollution, water pollution, and waste management. As a result, governments and consumers in the region are becoming more aware of the need for sustainable waste management practices, including plastic recycling.

Leading Plastic Recycling Market Players: -

• REMONDIS SE & Co. KG
• Biffa
• Stericycle
• Republic Services, Inc.
• WM Intellectual Property Holdings, L.L.C.
• Veolia
• Shell International B.V.
• Waste Connections
• CLEAN HARBORS, INC.
• Covetsro AG

The report provides a detailed analysis of these key players in the global plastic recycling market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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