Dublin, Feb. 23, 2024 (GLOBE NEWSWIRE) -- The "Plastic Recycling - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Plastic Recycling, initially recorded at US$48.9 Billion in 2022, is anticipated to achieve a revised size of US$86.7 Billion by 2030. The market is witnessing robust expansion with an impressive compound annual growth rate (CAGR) of 7.4% from 2022 to 2030.
An extensive analysis of various segments illustrates the PET category as a standout performer, poised to advance at a CAGR of 7.9%, ultimately garnering US$23.8 Billion by the conclusion of the analysis period. The Hdpe segment is not far behind, with projections estimating a growth rate of 7.1% CAGR over the next eight years.
The United States holds a considerable share of the market, valued at US$4.4 Billion in 2022, while China's market expansion outpaces with an 8.1% CAGR, anticipated to reach US$33.9 Billion by 2030. Globally, other significant markets such as Japan and Canada are forecasted to flourish with a CAGR of 5.6% and 5.9% respectively, within the same timeframe.
In Europe, Germany leads with a projected 6.4% CAGR, complementing the comprehensive growth pattern. The Asia-Pacific region, with contributing nations like Australia, India, and South Korea, is set to achieve a substantial market value of US$24.2 Billion by 2030. This report has meticulously identified 130 key players in the industry, including renowned entities such as BASF SE and Covestro AG.
Economic Outlook and Market Sentiments
Despite global economic volatility, a general improvement in the global economy is observed, with a lean towards growth recovery. The US is countering the recession threat successfully, while the Euro area witnesses a surge in economic activity due to the alleviation of headline inflation. Following the pandemic, China is set on a trajectory of strong GDP increases, and India is on the path to becoming a trillion-dollar economy by 2030.
Nevertheless, the stability of this economic revival is yet under duress from factors such as the ongoing conflict in Ukraine and persistent global inflation, which continue to challenge developing nations with food and fuel price hikes. Consumer confidence and spending are scrutinized amidst high retail inflation globally.
Governments are leveling the challenges, thus improving market sentiments. This includes aggressive measures against inflation and integrating climate considerations into economic strategies. On the corporate horizon, high-tech investments in areas like generative AI, quantum technologies, and climate-oriented innovations hold the promise to significantly contribute to the global GDP soon, offering a blend of challenges and opportunities in the short term.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 558 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $48.9 Billion |
| Forecasted Market Value (USD) by 2030 | $86.7 Billion |
| Compound Annual Growth Rate | 7.4% |
| Regions Covered | Global |
MARKET TRENDS & DRIVERS
- Growing Concerns for Minimizing Green House Emissions Fuel Demand for Plastic Recycling Technologies
- Plastic Recycling: Big Dreams with Potential, Mammoth Role of Microbes
- The Future Hinges on Molecular Recycling Techniques
- Increase in Plastic Production Volumes Contribute to Plastic Waste, Drives Need for Recycling
- Global Plastics Production by Region/Country (in %): 2022E
- Global Plastics Usage by Sector (in %): 2022E
- Key Important Facts about Plastic Production and Consumption Globally
- Rising Concerns over Environmental Implications of Plastics Waste Disposal Turns Focus onto Plastics Recycling
- Top Plastic Polluting Countries by Plastic Waste Production (in Million Tons): 2023E
- Global Percentage Breakdown of Plastic Waste Generation by End-Use Sector: 2023E
- OECD Recommendations for Reducing Plastic Pollution
- Increasing Impetus on Curtailing Pollution Levels Propel Demand for Recycled Plastic Waste
- Will the Plastic Economy Not Let Recycling Succeed?
- Growing Awareness about Energy Savings and Energy Recovery Attributes to Support Plastics Recycling Efforts
- Government Regulations & Efforts to Promote Use of Recycled Plastic Products Drives Market Growth
- Global Share of Countries with Regulations Restricting the Usage of Single-Use Items: 2023E
- Share of Single-Use Plastic Items Banned by Regulations: 2023E
- MultiCycle Pilot Project in EU for Recycling Hard-to-Recycle, Multi-Material Plastics
- As Packaging Industry Becomes the Largest Producer of Plastic Waste, Recycling Becomes an Inevitable Option
- Recycled Plastic: Ambitious Efforts
- Global Packaging Market Reset & Trajectory - Growth Outlook (In %) For Years 2019 Through 2025
- Recycled Packaging Market by Material (in %): 2023(E)
- Growing Sales of Packaged Foods & Beverages Contribute to Rise in Plastic Waste, Driving Need for Recycling: Global Packaged Food Sales in US$ Trillion: 2015, 2017, 2019, 2021 & 2023E
- Global Packaged Beverages Market by Material Type: Percentage Share Breakdown by Beverage Volume (2023E)
- Automotive Industry: A Major Market for Recycled Plastics
- Post COVID-19 Recovery in Automobile Production to Spur Growth in Recycled Plastics Market: World Automobile Production in Million Units for 2008-2022
- Post-COVID-19, Long-term Outlook for Plastic Recycling in Construction Industry Remains Promising
- Recycled Plastics Continue to Hold Significance for the Textile Industry
- Environmental Concerns and Awareness for Sustainable Practices Push for Technological Evolution in Recycling
- Advent of Innovative Systems Streamline Plastics Recycling Process
- Ongoing Technological Advancements in Plastic Recycling Market: A Brief Overview
- Streamlining Recycling using IoT
- Innovative Processes being Used by a Few Companies for Recycling and Returning Hard-to-Recycle Polypropylene to its Original Use Cases
- Advanced Recycling Technologies
- Challenges Facing Plastic Recycling Market
- Major Challenges in Controlling and Working with Recycled Plastic Material
- Plastic Recycling Market Faces Stiff Challenge as Manufacturers Incline Towards Virgin Plastics
- Oil Prices Impact Plastic Recycling Market
- Complications of Recycling Plastic: A Brief Review
- Difficulties in Raw Material Collection Affects Plastics Recycling Market
- Select Regulations Governing Plastic Recycling
FOCUS ON SELECT PLAYERS(Total 130 Featured)
- BASF SE
- Covestro AG
- Cascades, Inc.
- Dart Container Corporation
- Custom Polymers, Inc.
- Berry Global, Inc.
- Advanced Drainage Systems, Inc.
- B&B Plastics Inc.
- B. Schoenberg & Co., Inc.
- Cabka Group GmbH
- ALBA Group plc & Co. KG
- Banyan Sustainable Waste Management Pvt. Ltd.
- Butler-MacDonald, Inc.
- ACI Plastics, Inc.
- Clean Tech U.K. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/g1f74k
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