Wilmington, Delaware, Oct. 30, 2023 (GLOBE NEWSWIRE) -- 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". The report states that the global market for plastic recycling is expected to garner $61.0 billion by the year 2031, having generated the revenue of $27.9 billion in the year 2021, with a Notable CAGR of 8.7% during the forecast period of 2022 to 2031.
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Drivers, restraints, opportunities:
The global market for plastic recycling is expanding rapidly due to an increasing awareness about the negative impact of plastic waste on the climate and surging need to reduce carbon emissions. Governments from different regions of the globe are implementing stringent norms and innovative activities to uplift plastic waste recycling. On the contrary, lower investment rate in plastic recycling initiatives in developing nations and lack of infrastructure for plastic recycling processes hamper the market growth to some extent. Nevertheless, innovative technologies like chemical recycling and pyrolysis for plastic waste recycling will provide remunerative growth opportunities in the upcoming future.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $27,900 million |
| Market Size in 2031 | $60,962.8 million |
| CAGR | 8.7 % |
| No. of Pages in Report | 260 |
| Segments covered | Product, source application, and region. |
| Drivers | The increasing awareness about the negative impact of plastic on the climate Governments around the world are implementing regulations and initiatives to encourage the recycling of plastic waste |
| Opportunities | Introduction of new technologies and processes to make recycling more efficient and effective |
| Restraints | The low value of recycled plastic compared to virgin plastic |
Polyethylene Terephthalate (PET) category to retain its dominance by 2031
On the basis of product, the polyethylene terephthalate (PET) segment garnered the major share of the global plastic recycling market and is projected to witness the fastest growth with 9.4% CAGR throughout the forecast timeframe. The growth is attributed to a surging demand for eco-friendly and sustainable packaging solutions. PET is prominently used plastic material in the packaging sector, specifically in the beverage sector, owing to its shatterproof, recyclable, and lightweight properties. With the growing awareness of environmental concerns, consumers are increasingly requesting packaging solutions that prioritize sustainability and minimize their environmental footprint.
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Plastic bottles segment to rule the roost by 2031
In terms of source, the plastic bottles category accounted for the largest share in 2021, due to a rising awareness of the adverse effect of plastic waste on the climate. The same category would cite the fastest growth with 9.5% CAGR throughout the forecast timeframe. Plastic bottles are commonly used product across the consumer, and they are responsible for the rising issue of plastic waste. There is a rising demand for recycled plastic bottles, which are the best eco-friendly alternative for new plastic bottles.
The packaging segment garnered the major share in 2021
Based on application, the packaging subsegment held the highest market revenue in 2021. The plastic recycling market is being significantly propelled by the packaging sub-sector, primarily due to the substantial contribution of packaging materials to the global plastic waste issue. The growth of the packaging sub-segment within the plastic recycling market is further fueled by the escalating demand for eco-friendly packaging solutions and the increasing awareness of environmental concerns.
APAC to grab the lion’s share by 2031
On the basis of regional analysis, the market across the Asia-Pacific generated the largest market revenue in 2021 and is anticipated to display the fastest growth with 9.2% CAGR throughout the forecast timeframe. Some of the environmental concerns like air pollution, waste management, and water pollution are prominent across this region. Due to this, consumers and governments are becoming more aware about the requirement of eco-friendly waste management practices, such as plastic recycling.
Top Market Players:
- Covetsro AG
- CLEAN HARBORS, INC.
- Waste Connections
- Shell International B.V.
- Veolia
- WM Intellectual Property Holdings, L.L.C.
- Republic Services, Inc.
- Stericycle
- Biffa
- REMONDIS SE & Co. KG
The report offers an in-depth analysis of the prominent stakeholders in the global plastic recycling market. These players have employed diverse strategies, including the introduction of new products, expanding operations, forming collaborations, establishing agreements, and entering into joint ventures, among other approaches, all with the aim of expanding their market share and retaining significant influence across various regions. The report proves to be of great value as it spotlights aspects such as operational divisions, business performance, strategic initiatives, and product offerings of market players, thereby providing a comprehensive view of the competitive landscape.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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