New York (US), May 16, 2023 (GLOBE NEWSWIRE) -- Plastic Recycling Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Plastic Recycling Market Information by Material, Recycling Process, Application, and Region - Forecast till 2030”, Plastic Recycling Market Size 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).
Market Synopsis
Plastic recycling plays a crucial role in reducing the amount of plastic waste that ends up in landfills and the environment. The process helps to conserve natural resources, such as oil, which is a primary raw material used in the production of plastics. Recycling also reduces greenhouse gas emissions, which are produced during the production of new plastics. In addition, plastic recycling helps to mitigate the impact of plastic waste on the environment, including marine life and ecosystems.
Recycled plastic has a wide range of applications and uses in various industries, including packaging, construction, automotive, and textiles. The packaging industry is one of the largest consumers of recycled plastics, where recycled plastic is used to manufacture containers, bottles, and bags. Recycled plastic is also used in the construction industry to produce products such as decking, piping, and insulation materials. In the automotive industry, recycled plastic is used to manufacture parts such as bumpers and dashboards, while in the textiles industry, recycled plastic is used to produce fabrics and clothing.
Get a Free Sample PDF Brochure:
https://www.marketresearchfuture.com/sample_request/2859
Market Competitive Landscape:
The affluent companies in the Plastic Recycling industry include
- JayplasJoe’s Plastics Inc
- Kuusakoski Group
- KW Plastics
- Montello
- MTM Plastics
- Plasgran Ltd
- Plastipak Holdings Inc
- Recycled Plastics
- RJM International Inc
- Seraphim Plastics
- Shakti Plastics Industries
- Teijin Limited
- Ultra Poly Corporation
- UltrePETVeolia
- Custom Polymers Inc
- Envision Plastics
- Plastic Recycling Inc
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size 2030 | USD 66.66 billion |
| Compound Annual Growth Rate (CAGR) | 7,10% (2022-2030) |
| Base Year | 2021 |
| Market Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Dynamics | Increasing adoption in the packaging industry |
Browse In-depth Market Research Report ( 188 Pages) Plastic Recycling -
https://www.marketresearchfuture.com/reports/plastic-recycling-market-2859
March 2021
LyondellBasell announced the acquisition of a 50% stake in Quality Circular Polymers (QCP), a leading European supplier of recycled plastics. This acquisition is expected to strengthen LyondellBasell's position in the circular economy and expand its product portfolio of recycled and renewable products.
Market USP Covered:
Market Drivers:
The plastic recycling market is driven by several factors, including the increasing demand for sustainable packaging solutions, the growing awareness of plastic waste management, and the stringent regulations on plastic waste disposal. The demand for sustainable packaging solutions is growing rapidly, driven by the increasing concern about the environmental impact of plastic waste. Companies are increasingly adopting eco-friendly packaging solutions, such as recycled plastic packaging, to reduce their carbon footprint. Moreover, the growing awareness of plastic waste management and the need to reduce plastic waste in landfills is driving the demand for plastic recycling.
Another market-driving factor is the stringent regulations on plastic waste disposal. Governments worldwide are implementing regulations and policies to reduce plastic waste and promote sustainable practices. The European Union's Circular Economy Package, for instance, aims to increase the recycling rate of plastic packaging waste to 50% by 2025. Such regulations are expected to drive the demand for plastic recycling in the coming years.
Market Restraints:
One of the market restraints for plastic recycling is the high cost of the recycling process. The process of collecting, sorting, cleaning, and processing plastic waste requires significant investments in machinery, labor, and energy. The high cost of the recycling process makes it challenging to achieve profitability in the plastic recycling market.
Share Your Queries:
https://www.marketresearchfuture.com/enquiry/2859
COVID 19 Analysis
The COVID-19 pandemic has had a mixed impact on the plastic recycling market. On the one hand, the pandemic has led to a significant increase in the use of single-use plastics, such as masks, gloves, and packaging, increasing plastic waste. On the other hand, the pandemic has disrupted the global supply chain, leading to a decline in the demand for recycled plastic. Post-COVID-19, the plastic recycling market is expected to grow, driven by the increasing demand for sustainable packaging solutions and the growing awareness of plastic waste management.
Market Segmentation
By Material
The Material in the market includes Polyethylene Terephthalate (PET), High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE)), Polypropylene (PP), and Others.
By Recycling Process
The Recycling Process in the market includes Mechanical and Chemical.
By Application
The Application in the market includes Packaging, Construction, Textile, Automotive, and Others.
Ask for Customization:
https://www.marketresearchfuture.com/ask_for_customize/2859
Regional Insights
In terms of regional analysis, North America, Europe, and Asia Pacific are the top three regions for the plastic recycling market. Europe is the largest market, driven by stringent regulations on plastic waste disposal and the increasing demand for sustainable packaging solutions. North America and Asia Pacific are also growing markets, driven by the increasing awareness of plastic waste management and the growing demand for sustainable packaging solutions. The plastic recycling market in these regions is expected to grow rapidly in the coming years, driven by the increasing focus on sustainability and circular economy practices.
Discover more research Reports on Packaging Industry, by Market Research Future:
Returnable Packaging Market By Material (Plastic, Metal, Wood and Others), Product Type (Pallets, Crates, Intermediate Bulk Container (IBC), Dunnage, Drums & Barrels, Bottles and Others), End Use (Automotive, Food & Beverages, Pharmaceuticals & Healthcare, and Consumer Goods) - Global Forecast till 2030
Dispensing Pharmacy Packaging Machine Market Research Report: Information by Product Type (Fully Automatic, Semi-Automatic), Speed (Low Speed, Standard Speed, High Speed), Function (Filling, Wrapping, Mixing & Split, others) and Region (North America, Asia-Pacific, Europe, Middle East & Africa and South America) - Forecast till 2030
Dangerous/Hazardous Goods Logistics Market Research Report Information By Type of Goods (Flammable Liquids, Compressed Gases, Corrosives, Oxidizing Substances, Others), Service Type (Transportation, Warehousing & Distribution, Value Added Services), Destination (Domestic, International), End-use Industry (Industrial, Healthcare/Medical, Others), And By Region (North America, Europe, Asia-Pacific, Rest of World) - Forecast Till 2030
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
