New York, USA, June 27, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global plastic recycling market. According to the report, the global market is projected to surpass $60,962.8 million and grow at a CAGR of 8.7% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the plastic recycling market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Plastic Recycling Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global plastic recycling market. The outbreak impacted the overall state of the economy, the supply chain, and the need for recycled plastic. In addition, the pandemic resulted in delayed transportation, labor shortages, and closure of recycling facilities. As a result, there was less plastic waste that could be collected and processed. These factors significantly hindered the market growth amidst the pandemic.
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Factors Impacting the Plastic Recycling Market Growth
The key factor boosting the growth of the global plastic recycling market is a significant rise in the need for plastic recycling due to expanding government initiatives around the world to reduce plastic waste. Furthermore, increased awareness about the harmful environmental effects of plastic waste and the necessity to reduce carbon emissions are estimated to unlock lucrative opportunities for market growth in the forecast period. However, a lack of infrastructure and insufficient funding for developing countries are anticipated to deter the market’s growth.
The report segments the global plastic recycling market into product, source, application, and region.
Polyethylene Terephthalate (PET) Sub-Segment to Grab a Foremost Share of the Market
The polyethylene terephthalate (PET) sub-segment of the product segment is foreseen to observe leading growth in the forecast period. This growth is mainly because PET plastic is extensively used in the packaging industry since it is affordable, light, and strong.
Plastic Bottles Sub-Segment to Witness Rapid Growth
The plastic bottles sub-segment of the source segment is predicted to grow enormously in the forecast period. This growth is mainly because plastic bottle recycling is becoming more efficient and cost-effective due to advancements in technology for sorting, washing, and processing.
Packaging Sub-Segment to Observe Rapid Growth
The packaging sub-segment of the application segment is projected to grow enormously in the forecast period. This growth is mainly due to the use of recycled plastic in making packaging materials, which significantly reduces the cost of raw materials.
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Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the global plastic recycling market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth in the estimated period. This growth is mostly due to the growing corporate sustainability initiatives and rising need from consumers for sustainable products in this region.
Key Players of the Global Plastic Recycling Market
The report states some of the foremost players operating in the global market including
- Biffa
- Stericycle
- REMONDIS SE & Co. KG
- Republic Services Inc. L.L.C.
- Veolia
- Shell International B.V.
- Covetsro AG.
- WM Intellectual Property Holdings
- Waste Connections
- Clean Harbours Inc.
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
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For instance, in October 2022, SI Group, a prominent global innovator and manufacturer of performance additives, process solutions, medicines, and chemical intermediates, announced its EVERCYCLE™ additives platform for plastic recycling at the K 2022 trade show in Düsseldorf, Germany.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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