[187 Pages Report] The Plastic Recycling Market size was estimated at USD 39.11 billion in 2023 and expected to reach USD 41.95 billion in 2024, at a CAGR 7.73% to reach USD 65.88 billion by 2030.
Plastic recycling is the method of recovering waste or scrap plastic materials and reprocessing it into useful products. Plastic recycling is a key element of waste reduction and sustainability efforts owing to the material's high durability and prevalence in everyday products. Major factors driving the expansion of plastic recycling include growing environmental awareness, technological advancements in recycling processes, and governmental policies to reduce waste and promote a circular economy. The increasing demand for sustainable materials from consumers and businesses contributes to the growth of the plastic recycling sector. However, incomplete sorting and the presence of non-recyclable materials lead to lower-quality recycled products. Additionally, recycling plastic requires energy-intensive processes that contribute to carbon emissions. Improvements can be made to address these concerns by enhancing waste collection and sorting systems, investing in advanced recycling technologies, and developing markets for recycled products. Moreover, there is potential for integrating AI and ML to sort plastic waste more efficiently and accurately. The development of biodegradable plastics and the increasing adoption of recycling within the plastic industry are expected to drive the potential for plastic recycling, which is driven by ongoing investment and policy support.
In the Americas, particularly the United States and Canada, initiatives toward curbing plastic waste have led to an uptick in the domestic recycling infrastructure, with companies investing in new technologies such as chemical recycling. The APAC region, spearheaded by countries such as China and Japan, has been pivotal in global plastic recycling due to its large manufacturing base. Historically, APAC nations handled a significant portion of the world's recyclable waste. However, recent policy shifts, such as China's National Sword policy, have prompted a reevaluation of domestic recycling capacities, highlighting the need for improved internal processing facilities and sustainable practices. The reliance on informal waste collection systems remains a challenge for the region. The EMEA region, particularly the European Union (EU), has witnessed major improvements in plastic recycling efforts due to rigorous environmental regulations and a strong focus on circular economy principles. The EU's ambitious targets and policies have fostered a robust and technologically advanced recycling sector, with companies heavily investing in recycling facilities and setting higher recycled content goals in their products. Moreover, the diversity within EMEA in terms of economic development and policy integration affects the overall cohesiveness and efficiency of recycling efforts across the entire region.
Polyethylene is one of the most commonly manufactured plastics, known for its versatility and recyclability. Polyethylene terephthalate is famous for its use in beverage bottles, food containers, and synthetic fibers. Polyethylene Terephthalate (PET's) lightweight, clarity, and ability to contain carbonated drinks make it highly valuable in the beverage industry. It is one of the most recycled plastics due to its high demand and the relatively efficient recycling process. Polypropylene, characterized by its heat, chemicals, and fatigue resistance, is utilized in packaging, automotive components, and textiles. Its resilience and versatility make it preferable to a tough yet flexible material. However, due to sorting and processing challenges, Polypropylene (PP) has been comparatively less recycled. Polystyrene is widely used for its insulation properties, as well as for disposable food containers and appliance housing. It is preferred when rigidity and cost-effectiveness are key considerations. Polystyrene (PS) recycling is complex due to its low density and food contamination in consumer waste, which poses a challenge in reprocessing. Polyvinyl chloride (PVC) is heavily present in construction materials such as pipes, flooring, and window frames. It is used in healthcare for medical devices and bags. Polyvinyl chloride (PVC) is chosen for its durability, resistance to environmental degradation, and versatility. However, PVC recycling is limited due to concerns over harmful additives and the presence of chlorine.
The commercial & institutional sector includes plastic waste sourced from establishments, including offices, schools, hospitals, and shops. In these settings, plastics commonly used include packaging materials, food containers, and disposable items. Effective recycling in this sector requires systematic collection strategies, such as designated recycling bins and regular educational programs to encourage recycling habits among staff and the public. The industrial sector contributes significantly to plastic waste, mainly from manufacturing processes. This includes scrap material from producing plastic goods, such as off-cuts, defective products, and old machinery. Recycling in this sector is more streamlined since it deals with large volumes of similar plastics, making the sorting and processing relatively efficient. Residential sources pertain to plastic waste generated in homes, which includes packaging, bottles, bags, and assorted household goods. Municipal collection programs, clear labeling of recyclable materials, and public awareness campaigns are critical to enhancing the recycling rates in residential areas.
The chemical recycling method involves breaking down polymer chains in plastics into their essential chemical components, which can be rebuilt into new plastic materials or other chemical products. It enables the recycling of complex plastics that are difficult to recycle through different methods. The depolymerization method targets polymers that can be reversed to their original monomers. The monomers can later be repolymerized into new plastic, potentially of the same quality as the original. Plastic waste is converted into synthetic gas in gasification by reacting the material at high temperatures with a controlled amount of oxygen and steam. The syngas produced can then be used as a fuel or primary chemical feedstock. Pyrolysis involves heating plastic waste without oxygen and breaking it into smaller molecules. The output includes liquid oil, gas, and char, which can be used to produce energy or as feedstock for making new plastics. The energy recycling method involves converting waste plastics directly into energy. Plastics are burned, and the heat developed is used to produce electricity or heat buildings; however, this method creates pollutants. Mechanical recycling is one of the most common and straightforward processes, where plastic waste is physically processed without altering its chemical structure. The plastics are sorted, cleaned, shredded, melted, and remolded into new products. Recycled plastic granules in the compounding method are mixed and melted with additives and colorants to enhance the properties of the end products, which are then used to manufacture new plastic goods. Post-cleaning, plastic materials need to be dried to remove any moisture. Moisture in plastics causes poor product quality during the remelting process. Plastic waste is ground into small flakes or particles. This is one of the initial steps in many recycling processes, as it prepares materials for further washing and melting. The re-granulating step involves melting plastic flakes or pellets and cutting them into smaller granules. Before actual recycling, separating plastics based on their type and color is crucial, as different plastics require different processing treatments. Washing removes impurities and contaminants from plastic waste, such as labels, adhesives, and food residues, which are crucial for maintaining the quality of recycled plastics.
Plastics are shredded into smaller pieces, known as flakes, after being collected and cleaned. These flakes are easier to handle and process than large, bulky plastics. The size and quality of these flakes can vary, and they are generally uniform in shape, making them suitable for further processing. Flakes are used as raw material to manufacture other plastic goods, including fibers for clothing, containers, and even new plastic bottles. Granules are slightly processed forms of flakes. After the plastic waste has been shredded into flakes, these flakes may be further processed to create a more uniform and refined product, the granules. These are small, consistent pieces of plastic that are usually cylindrical or spherical in shape. Granules are used in plastic manufacturing processes requiring precise melt flow properties. They are commonly used in injection molding and other molding techniques to create a wide array of products. Pellets are the final product of the recycling process and are used as the standard form for plastic manufacturing. Pellets are small, less than an inch in diameter, and uniform in shape and size, making them highly versatile for production. They are used in various products, including plastic films and automotive components.
The automotive industry's preference for recycled plastics stems from the need to reduce vehicle weight, enhance fuel efficiency, and lower greenhouse gas emissions. Recycled plastics are used in the manufacture of dashboard components, under-the-hood parts, and interior furnishings. Within the building and construction sector, recycled plastics are favored for their durability and lower cost when compared to traditional building materials. They are used in applications such as insulation, pipes, and paneling. The furniture industry utilizes recycled plastics to produce items due to their malleability and the trending appeal of eco-friendly furniture designs. The packaging industry heavily utilizes recycled plastics due to the high volume of packaging waste and the pressure to adopt sustainable practices. Recycled plastics make bottles, jars, containers, and wrapping films. Recycled plastics in the textiles industry are converted into synthetic fibers used to manufacture clothing, bags, and accessories. The demand for recycled plastics in this sector is driven by the fashion industry's increasing focus on reducing its environmental footprint.
The market dynamics represent an ever-changing landscape of the Plastic Recycling Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Plastic Recycling Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Plastic Recycling Market.
The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Plastic Recycling Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.
The value chain of the Plastic Recycling Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.
The pricing analysis comprehensively evaluates how a product or service is priced within the Plastic Recycling Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Plastic Recycling Market.
The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Plastic Recycling Market.
The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Plastic Recycling Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.
The trade analysis of the Plastic Recycling Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.
The regulatory framework analysis for the Plastic Recycling Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Plastic Recycling Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Plastic Recycling Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
BASF Propels Plastic Sustainability Forward with New Recycling Technology Enhancements
BASF announced significant advancements in plastic recycling technology, underscoring its commitment to environmental sustainability. The company has developed innovative processes that enhance the efficiency and effectiveness of recycling plastics, aiming to significantly reduce waste and improve the use of recycled materials in manufacturing. This technology supports the global movement towards sustainable material usage and aligns with circular economy principles, helping close the loop on plastic use. [Published On: 2024-04-22]
SABIC Forms Strategic Alliance with Pashupati Group to Boost Plastic Recycling in India
SABIC entered a Memorandum of Understanding (MoU) with the Pashupati Group to advance plastic recycling efforts. This collaboration aims to enhance the sustainability of plastic products by focusing on the development and use of recycled plastics in various manufacturing processes. Under the agreement, both companies leverage their technologies and expertise to promote circular economy principles and reduce environmental impact by improving India's waste management and recycling processes. [Published On: 2024-03-25]
Strategic Collaboration Between Mura Technology and Neste Aims to Advance Plastic Recycling Technologies
Mura Technology partnered with Neste and focuses on integrating Neste's expertise in renewable hydrocarbons derived from waste plastics with Mura's innovative Hydrothermal Plastic Recycling Solution (HydroPRS). HydroPRS is an advanced recycling process designed to convert hard-to-recycle plastic waste into raw materials, offering a promising solution to tackle the global plastic waste issue. [Published On: 2024-03-11]
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Plastic Recycling Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
The report delves into recent significant developments in the Plastic Recycling Market, highlighting leading vendors and their innovative profiles. These include Advanced Drainage Systems, Inc., Agilyx ASA, Alpek S.A.B. de C.V., B & B Plastics Inc., B. Schoenberg & Co., Inc., BASF SE, Berry Global Inc., Biffa Ltd, Borealis AG, Casella Waste Systems, Inc., Clean Harbors, Inc., Consolidated Container Company, Covestro AG, Honeywell International Inc., Indorama Ventures Public Company Limited, J&A Young (Leicester) Ltd., Kuusakoski Oy, KW Plastics, Loop Industries, Inc., LyondellBasell Industries Holdings B.V., MBA Polymers Inc., Montello S.p.A., Plastipak Holdings, Inc., PreZero Stiftung & Co. KG, Recology Inc., Reconomy (UK) Ltd, Recycled Plastic UK Ltd, Rehrig Pacific Company, Republic Services, Inc., Reworld Holding Corporation, Seraphim Plastics LLC, Shakti Plastic Industries, Stericycle, Inc., Suez SA, Teijin Limited, TerraCycle, Inc., TOMRA Systems ASA, Ultra-Poly Corporation, Veolia Environnement SA, and Waste Management Holdings, Inc..
This research report categorizes the Plastic Recycling Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Type
- Polyethylene
- Polyethylene Terephthalate
- Polypropylene
- Polystyrene
- Polyvinyl Chloride
- Source
- Commercial & Institutional
- Industrial
- Residential
- Recycling Method
- Chemical Recycling
- Depolymerization
- Gasification
- Pyrolysis
- Energy Recycling
- Mechanical Recycling
- Compounding
- Drying
- Grinding
- Re-granulating
- Separating
- Washing
- Chemical Recycling
- End-User
- Automobile
- Building & Construction
- Furniture
- Packaging
- Textiles
- Recycled Product Form
- Flakes
- Granules
- Pellets
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
- Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
- Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
- Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
- Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
- Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.
- What is the current market size and projected growth?
- Which products, segments, applications, and regions offer promising investment opportunities?
- What are the prevailing technology trends and regulatory frameworks?
- What is the market share and positioning of the leading vendors?
- What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Plastic Recycling Market, by Type
- Plastic Recycling Market, by Source
- Plastic Recycling Market, by Recycling Method
- Plastic Recycling Market, by End-User
- Plastic Recycling Market, by Recycled Product Form
- Americas Plastic Recycling Market
- Asia-Pacific Plastic Recycling Market
- Europe, Middle East & Africa Plastic Recycling Market
- Competitive Landscape
- Competitive Portfolio
- List of Figures [Total: 26]
- List of Tables [Total: 660]
- List of Companies Mentioned [Total: 40]
In the modern world, plastic is everywhere. From packaging to appliances, it has become an integral part of daily life. However, this convenience comes at a staggering cost to the environment. Plastic pollution has reached its maximum level, and the need for plastic recycling has never been greater.
The Great Pacific Garbage Patch, a swirling mass of plastic waste in the Pacific Ocean, is a glaring instance of a plastic problem. The production of plastic continues to surge, with over 300 million tons produced annually, which is expected to double by 2035, increasing the need for plastic recycling at an alarming rate.
`
Recycling offers a glimmer of hope in this gloomy scenario. The recycling process involves collecting, sorting, cleaning, and processing plastic waste into new products. Recent innovations in sorting technologies, such as AI-powered optical scanners & robotic systems, are greatly improving the efficiency and accuracy of plastic recycling.
Investments in plastic recycling infrastructure are rising as businesses and governments recognize the importance of sustainability. State-of-the-art recycling facilities equipped with advanced machinery are being established to meet the growing demand for recycled materials.
Only by collectively acknowledging the problem and taking concrete steps toward recycling and reducing plastic consumption there is a ray of hope to safeguard the environment for future generations.
There are countless benefits of recycling plastic. For instance, it reduces waste in landfills, conserves natural resources, and saves energy. Globally, manufacturers and companies have identified the potential applications of recycled plastics. As a result, there is an extraordinary growth in end-use markets for recycled plastics. These include creating new products like outdoor furniture, textiles, PET bottles, and packaging materials. With the increased end-use application, recycling plastic reduces the amount of plastic going into landfills, preserving resources, and reducing carbon footprints.
Furthermore, plastic recycling creates job opportunities in different stages of the recycling chain, including collection, sorting, processing, and manufacturing end products. Recycling has shown an average job creation number of 10-15 per ton of plastics recycled. This provides job opportunities for different skill and qualification levels, expands economies, and reduces unemployment rates.
Another reason why plastic recycling should be prioritized is it considerably reduces greenhouse gas emissions. When plastic is incinerated, it releases a considerable amount of greenhouse gases like carbon dioxide and nitrogen oxide into the atmosphere, contributing to global warming. In contrast, when plastic is recycled, it decreases emissions from petroleum transportation, refining, and synthesis of virgin plastic. The EPA estimates that recycling reduces greenhouse gas emissions by the equivalent of around 200 million metric tons of carbon dioxide each year.
With increases in plastic waste generation, recycling plastic helps in utilizing the waste instead of disposing of it. Plastic waste clogs waterways, harms marine life, degrades soil quality, and pollutes the environment. Recycling plastic, instead of dumping it, curbs the amount of plastic that enters the environment and controls pollution levels. With proper waste segregation and collection, the plastic can be converted into different useful products, therefore reducing the waste that would have otherwise been dumped into landfills or incinerated.
Plastic recycling is essential to reducing waste and meeting the increasing end-use demands. Recycling is the best way to reduce the growing volume of plastic entering landfills, oceans, and the environment. Having a vibrant plastic recycling industry offers jobs and market expansion, reduces greenhouse gas emissions, and mitigates environmental degradation. Individuals and organizations must recognize the environmental and financial benefits of plastic recycling and work towards incorporating it into their business or lifestyle.
- How big is the Plastic Recycling Market?
- What is the Plastic Recycling Market growth?
- When do I get the report?
- In what format does this report get delivered to me?
- How long has 360iResearch been around?
- What if I have a question about your reports?
- Can I share this report with my team?
- Can I use your research in my presentation?