PUBLISHER: The Business Research Company | PRODUCT CODE: 1480371
PUBLISHER: The Business Research Company | PRODUCT CODE: 1480371
Plastic recycling refers to the process of collecting, sorting, cleaning and reprocessing discarded plastic materials into new products. This process aims to divert plastic waste from landfills and incinerators and conserve natural resources by reducing the demand for new raw materials, such as petroleum-based plastics. It also helps to minimize environmental pollution, including littering, water and soil contamination and harm to wildlife.
The plastic recycling market consists of revenues earned by entities (organizations, sole traders and partnerships) by providing plastic recycling related services such as, collection and transportation, sorting and segregation, cleaning and pre-processing, shredding or granulation, melting and extrusion, for efficiently managing plastic waste and converting it into reusable materials.
The global plastic recycling market was valued at $37,313.14 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 3.0%.
Growth In Plastic Consumption
During the historic period, growth in plastic consumption drove the plastic recycling market. The amount of plastic materials used and consumed by individuals, businesses and industries for various purposes such as packaging, manufacturing, construction and daily products has increased. Plastic recycling plays a crucial role in reducing overall plastic consumption by reintroducing recycled plastics into the supply chain, thus decreasing the need for virgin plastics in various sectors such as packaging, manufacturing and consumer products. For instance, according to a report published by the Plastics Industry Association, a US-based organization representing the plastics industry, plastics production saw its highest increase in February 2022, rising by 3.9% from January and 5.7% in 2021. Moreover, shipments increased in November, with a 0.4% rise, indicating a projected 2.0% rise in plastics and rubber shipments for 2022 compared to December 2021. Therefore, growth in plastic consumption supported the growth of the growth of the plastic recycling market.
Evolution Of Advanced Technologies In Plastic Recycling
Companies in the plastic recycling market are actively engaging in the development of advanced technologies such as chemical recycling technology to enhance the efficiency, sustainability and scalability of plastic waste management processes. This technology breaks down plastic waste at the molecular level, transforming it into raw materials or feedstock that can be used to produce new plastics or other products. For instance, in January 2024, Reliance Industries Limited (RIL), an India-based energy company, launched a chemical recycling technology aimed at converting plastic waste into specialized circular polymers. This innovative solution reflects the company's dedication to mitigating plastic waste and promoting a circular economy within the Asian market. RIL's technology is tailored to process diverse plastic waste streams, encompassing single-use plastics and multilayered materials, converting them into valuable pyrolysis oil.
The global plastic recycling market is fragmented, with presence of a large number of players operating in the market. The top ten competitors in the market made up 6.7% of the total market in 2022.
Plastic Recycling Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global plastic recycling market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for plastic recycling? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The plastic recycling market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider plastic recycling market; and compares it with other markets.