Wilmington, Delaware, United States, March 24, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – As per a Transparency Market Research study, the Plastic Recycling Market stood at US$ 39.6 Bn by 2021 and is expected to grow at a CAGR of 7.0% during the forecast period from 2022 to 2031.
Plastic recycling refers to the process of recovering plastic waste during the manufacturing of plastic products or after the use of plastic products by consumers, and then processing for reuse. Plastic recycling process has gained popularity in the past few years, as it has helped decrease carbon emissions and is cost-effective compared to other procedures.
Overuse of plastics across the world has emerged as significant global challenge in terms of disposal of plastic products. Consequently, demand for efficient plastic recycling technologies has increased, thereby triggering market development. End-use industries that employ plastic recycling technologies include packaging, automotive, construction, and textiles.
Recycled PET plastic has emerged as the most suitable product for primary and secondary packaging of various products. Recycled PET plastic has also been used in the construction industry to manufacture products such as damp roof membranes, roadside curbs, plastic lumbers, and fences.
Prominent players are collaborating with other companies to expand market presence and increase revenue share. Additionally, well-established plastic recycling players are improving their recycling capacities to meet the demand for waste management.
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In September 2022, Novolex announced US$ 10 Mn investment at its U.S. establishment to improve the recycling capabilities for plastic bags and other polyethylene films.
Key Findings of Market Study
- Increase in Government Initiatives to Reduce Plastic Dumping in Water Bodies: There has been a rise in government initiatives and measures to develop programs, which focus on funneling plastic waste products into collection streams to reduce the chances of waste being dumped in water bodies. Additionally, these programs are designed to promote usage of recycling of plastic bags to reduce the harm that can be caused by plastic dumping in landfills. Rise in the number of initiatives by governments is likely to propel Plastic Recycling Market development
- Surge in Consumer Preference for Recycling Products: Consumer preference for recycling bottles and other plastic products to reduce the amount of plastic waste generated has increased in the past few years. This has led to rise in adoption of plastic recycling technologies, which are propelling market expansion. Increase in usage of drop-off recycling, deposit/refund centers, and curbing recycling technologies to collect large amount of waste for recycling purposes is fueling global plastic recycling business growth.
- Rise in Demand for HDPE: Based on material, the global market has been classified into PET, PP, HDPE, LDPE, PS, PVC, and others. The HDPE segment accounted for the dominant market share in 2021. Rise in demand for HDPE in packaging and residential applications is driving the segment. HDPE has emerged as the most commonly-used recycled plastic and has been termed safe for food contact by the Food and Drug Administration. Recycled HDPE can be transformed into various different products such as bottles, plastic fencing, plastic lumber, and pens. Additionally, it has been used to produce yogurt tubs, body wash bottles, toys, and milk containers, as it presents reduced risk of leaching into food or liquids.
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Plastic Recycling Market - Key Drivers
- Increase in measures to prevent running of plastic waste into landfills in several countries is driving the global Plastic Recycling Market
- Rise in awareness about the benefits of plastic recycling is likely to expand market size during the forecast period
Plastic Recycling Market - Regional Insights
- Asia Pacific accounted for dominant market share in 2021. The market in the region is expected to witness significant growth during the forecast period. Rise in plastic consumption and surge in investment by authorities toward plastic waste management in countries such as India and China are driving market development in the region.
- Europe is expected to witness significant growth in the next few years due to ban imposed by governments in countries such as Germany and the U.K. against the dumping of plastic waste in landfills to lower pollution levels.
Plastic Recycling Market - Key Players
The global Plastic Recycling Market is fragmented, with the presence of several international and local players. Entry of new players is likely to intensify competition in the next few years.
Key players operating in the Plastic Recycling Market are
- CarbonLite Industries LLC,
- Novolex,
- Dart Container Corporation,
- Plastipak Holdings, Inc.,
- Berry Global, Inc., and Wellpine Plastic Industrial Company Limited.
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The global market has been segmented as follows:
Material
- PET
- PP
- HDPE
- LDPE
- PS
- PVC
- Others
Application
- Packaging
- Food Contact
- Non-food Contact
- Automotive
- Construction
- Textiles
- Others
Regions Covered
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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