Plastic Recycling Market by Type, Source, Recycling Method, End-User, Recycled Product Form

List of Tables

[186 Pages Report] The Plastic Recycling Market size was estimated at USD 19.46 billion in 2023 and expected to reach USD 20.87 billion in 2024, at a CAGR 7.73% to reach USD 32.78 billion by 2030.

Plastic recycling is the method of recovering waste or scrap plastic materials and reprocessing it into useful products. Given the material's high durability and prevalence in everyday products, plastic recycling is a key element of waste reduction and sustainability efforts. 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 alike also 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 often requires energy-intensive processes that can contribute to carbon emissions. To address these concerns, improvements can be made by enhancing waste collection and sorting systems, investing in advanced recycling technologies, and developing markets for recycled products. There is also potential for integrating AI and ML for more efficient and accurate sorting of plastic waste. With ongoing investment and policy support, the development of biodegradable plastics and the increasing adoption of recycling within the plastic industry could further drive the potential for plastic recycling.

KEY MARKET STATISTICS
Base Year [2023]	USD 19.46 billion
Estimated Year [2024]	USD 20.87 billion
Forecast Year [2030]	USD 32.78 billion
CAGR (%)	7.73%

Type: High recycling rates of PET plastics owing to their diverse applications

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. 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 resistance to heat, chemicals, and fatigue, is often 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, PP has been comparatively less recycled. Polystyrene is widely used for its insulation properties, as well as for disposable food containers, CD cases, and appliance housing. It is preferred when rigidity and cost-effectiveness are key considerations. PS recycling is complex due to its low density and food contamination in consumer waste, which poses a challenge in reprocessing. Polyvinyl chloride is heavily present in construction materials such as pipes, flooring, and window frames. It is also used in healthcare for medical devices and bags. 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.

End-User: Emphasis on sustainability in automotive sectors and adoption of recycled plastics

The automotive industry's preference for recycled plastics stems from the need to reduce vehicle weight, enhancing fuel efficiency and lowering 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. In the textiles industry, recycled plastics 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.

Regional Insights

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, though 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. However, reliance on informal waste collection systems remains a challenge for the region. The EMEA region, particularly the European Union (EU), has seen 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. Nonetheless, the diversity within EMEA regarding economic development and policy integration affects the overall cohesiveness and efficiency of the recycling efforts across the entire region.

FPNV Positioning Matrix

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).

Market Share Analysis

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.

Key Company Profiles

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., Alpek S.A.B. de C.V., Ark Plastics Ltd., Avangard Innovative, B & B Plastics Recycling Inc., B. Schoenberg & Co., Inc., BASF SE, Berry Global Inc., Borealis AG, Casella Waste Systems, Consolidated Container Company, Covanta Holding Corporation, Covestro AG, Imerys S.A., Indorama Ventures Public Company Limited, Jayplas, Kuusakoski Oy, KW Plastics, Loop Industries, Inc., MBA Polymers Inc., Montello S.p.A., Plastipak Holdings, Inc., Reconomy (UK) Ltd, Recycled Plastics UK, Republic Services, Inc., Seraphim Plastics LLC, Shakti Plastic Industries, Suez SA, Teijin Limited, Ultra Poly Corporation, and Veolia Environnement S.A..

Market Segmentation & Coverage

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

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

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. 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.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Plastic Recycling Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Plastic Recycling Market?

3. What are the technology trends and regulatory frameworks in the Plastic Recycling Market?

4. What is the market share of the leading vendors in the Plastic Recycling Market?

5. Which modes and strategic moves are suitable for entering the Plastic Recycling Market?

Product Code: MRR-431752EA470A

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing Use of Recycled Plastics in the Packaging Sector
  - 5.1.1.2. Favorable Government Initiatives to Increase Plastic Recycling
  - 5.1.1.3. Rising Awareness of Plastic Disposal on the Environment
- 5.1.2. Restraints
  - 5.1.2.1. Dearth of Awareness Pertinent to Recycling
- 5.1.3. Opportunities
  - 5.1.3.1. Growing Advancements in Recycling Technology Globally
  - 5.1.3.2. Rising Utilization of Recycled Plastic in Textile Industry in Developing Economies
- 5.1.4. Challenges
  - 5.1.4.1. Concerns Regarding Raw Material Collection for the Recycling of Plastics
5.2. Market Segmentation Analysis
- 5.2.1. Type: High recycling rates of PET plastics owing to their diverse applications
- 5.2.2. End-User: Emphasis on sustainability in automotive sectors and adoption of recycled plastics
5.3. Market Trend Analysis
5.4. Cumulative Impact of Russia-Ukraine Conflict
5.5. Cumulative Impact of High Inflation
5.6. Porter's Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
5.7. Value Chain & Critical Path Analysis
5.8. Regulatory Framework Analysis
5.9. Client Customization
- 5.9.1. Per Capita Plastic Consumption Trend
- 5.9.2. Regulatory Framework

6. Plastic Recycling Market, by Type

6.1. Introduction
6.2. Polyethylene
6.3. Polyethylene Terephthalate
6.4. Polypropylene
6.5. Polystyrene
6.6. Polyvinyl Chloride

7. Plastic Recycling Market, by Source

7.1. Introduction
7.2. Commercial & Institutional
7.3. Industrial
7.4. Residential

8. Plastic Recycling Market, by Recycling Method

8.1. Introduction
8.2. Chemical Recycling
8.3. Energy Recycling
8.4. Mechanical Recycling

9. Plastic Recycling Market, by End-User

9.1. Introduction
9.2. Automobile
9.3. Building & Construction
9.4. Furniture
9.5. Packaging
9.6. Textiles

10. Plastic Recycling Market, by Recycled Product Form

10.1. Introduction
10.2. Flakes
10.3. Granules
10.4. Pellets

11. Americas Plastic Recycling Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Plastic Recycling Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Plastic Recycling Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
- 14.3.1. DeepTech Recycling Secures Investment For Plastic Recycling Technology
- 14.3.2. Plastic Recycling Inc. Merges With St. Joseph Plastics
- 14.3.3. Lummus Technology and MOL Group Establish Partnership for Advanced Waste Plastic Recycling

15. Competitive Portfolio

15.1. Key Company Profiles
15.2. Key Product Portfolio