[181 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.
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.
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.
The FPNV Positioning Matrix is pivotal in evaluating the Plastic Recycling Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis 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: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Plastic Recycling Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. 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 this expanded level of detail, 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 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: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
- What is the market size and forecast of the Plastic Recycling Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Plastic Recycling Market?
- What are the technology trends and regulatory frameworks in the Plastic Recycling Market?
- What is the market share of the leading vendors in the Plastic Recycling Market?
- Which modes and strategic moves are suitable for entering the Plastic Recycling Market?
- 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.
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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.
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