Global Plastic Recycling Market Size, Trends & Growth Opportunity, By Source, By Type (Polyethylene Terephthalate (PET), Polyethylene (PE) - LPDE & HDPE, Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Polyamide (PA), and Others (Polycarbonate, Acrylonitrile-butadiene Styrene and other plastics under SPI).), By Recycling Method, By Application, By Region and Forecast till 2027.
Global Plastic Recycling Market was valued at US$ 44,130.00 Mn in 2021, estimated to reach US$ 56,200.00 Mn in 2027, with a CAGR of 3.54% from 2021-2027.
Plastic recycling is defined as the process of recovering various types of plastic materials to repurpose them into new goods. In most cases, an object constructed of recycled plastic cannot be recycled again. Plastic goes through five phases before being recycled, such as, sorting, washing, shredding, shredding and extruding. Plastic recycling is primarily accomplished through two processes like heat compression & monomerization. This process contributes to the conservation of nonrenewable fossil fuels, the reduction of energy consumption in the creation of new plastic, the reduction of solid waste going to landfills, and the reduction 000of greenhouse gas emissions such as carbon dioxide into the atmosphere.
The demand for recycled plastics is advancing in various industries including packaging, food and beverages, and consumer goods. In the food and beverage industry, the consumption of recyclable polymer is increasing due to the high demand for food-safe packaging material. These materials can effectively replace conventional plastics as a barrier between the food products & the environmental factors, which ultimately increases the growth of global plastic recycling market over the forecast period.
Besides food & beverage packaging, recycled plastics are used in the packaging of products like toys, fashion accessories, and sports equipment, which helps in increasing the product’s durability. Further, these plastics have found increased demand in the packaging of products like surfactants., soaps, shampoos, and other personal care due to its non-reactive nature.
Virgin Plastics are used in several applications, including the packaging of food to produce automotive components. They have significant advantage over their recycled alternatives in terms of quality. Although, the regulatory groups have developed mandates to increase the use of PCR plastics in the packaging products, the manufactures are doubtful towards using them due to chances of impurities.
Also, the ban on import of certain waste plastic scraps to China & irregular collection of the waste plastics for its reprocessing are some of the factors challenging the growth of the global plastic recycling market globally.
Global Plastic Recycling Market is segmented into sources such as plastic bottles, plastic films, synthetic fibers, rigid plastics & foams, and others (auto-parts, electrical goods, furniture and others). By Source segment, Plastic Bottles segment accounted for the largest market share of about 3.60 % in 2020, Plastic bottles are the major sources of recycled products. Plastic bottles are used in various applications across various industries in the packaging of oils, water, pharmaceuticals, and carbonated drinks.
By Type market is segmented into Polyethylene Terephthalate (PET), Polyethylene (PE) - LPDE & HDPE, Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Polyamide (PA), and Others (Polycarbonate, Acrylonitrile-butadiene Styrene and other plastics under SPI).
Further, market is segmented into Recycling Method such as Thermal Decomposition, Heat Compression, Distributed Recycling, Pyrolysis, and Others. By Recycling Method, Heat Compression segment accounted for the largest market share of about 3.67 % in 2020.
Also, the market is segmented into application such as Packaging (Bottles, Containers, Bags & Films, Strapping, Others), Building & Construction (Carpets & Rugs, Lumber, Pipe, Furnishings, Others), Textiles, Automotive (Batteries, Others), Electrical & Electronics, and Others (Agriculture, Aerospace and other industries).
The Global Plastic Recycling Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The market in Asia Pacific is projected to dominate the Plastic Recycling market owing the increase in demand for recycled plastics in various industries including packaging, food and beverages, and consumer goods.
Europe is expected to expand at a significant growth rate over the forecast period of 2021 to 2027 The market is driven by the adoption of a circular economy to reduce the carbon footprint associated with the conventional method of plastic production by increasing plastic recycling in the region.
Veolia, Suez, KW Plastics, Jayplas, B. Schoenberg & Co., B&B Plastics, Green Line Polymers, Clear Path Recycling, Custom Polymers, Plastipak Holdings, etc.
Dec 2021- Veolia becomes a strategic partner of Saudi Arabia in the ecological transformation. The National Water Company awarded Veolia the Management Contract for water and wastewater services in the capital Riyadh and 22 outlying municipalities.
Dec 2020 - SUEZ is launching a 100% digital event “Demos on Demand”, dedicated to the new technologies developed by the Group to support a green and inclusive economic recovery.
Global Plastic Recycling Market
Global Plastic Recycling Market was valued at US$ 44,130.00 Mn in 2021, estimated to reach US$ 56,200.00 Mn in 2027, with a CAGR of 3.54% from 2021-2027.
Plastic recycling is defined as the process of recovering various types of plastic materials to repurpose them into new goods. In most cases, an object constructed of recycled plastic cannot be recycled again. Plastic goes through five phases before being recycled, such as, sorting, washing, shredding, shredding and extruding. Plastic recycling is primarily accomplished through two processes like heat compression & monomerization. This process contributes to the conservation of nonrenewable fossil fuels, the reduction of energy consumption in the creation of new plastic, the reduction of solid waste going to landfills, and the reduction 000of greenhouse gas emissions such as carbon dioxide into the atmosphere.
Market Drivers
The demand for recycled plastics is advancing in various industries including packaging, food and beverages, and consumer goods. In the food and beverage industry, the consumption of recyclable polymer is increasing due to the high demand for food-safe packaging material. These materials can effectively replace conventional plastics as a barrier between the food products & the environmental factors, which ultimately increases the growth of global plastic recycling market over the forecast period.
Besides food & beverage packaging, recycled plastics are used in the packaging of products like toys, fashion accessories, and sports equipment, which helps in increasing the product’s durability. Further, these plastics have found increased demand in the packaging of products like surfactants., soaps, shampoos, and other personal care due to its non-reactive nature.
Market Restraints
Virgin Plastics are used in several applications, including the packaging of food to produce automotive components. They have significant advantage over their recycled alternatives in terms of quality. Although, the regulatory groups have developed mandates to increase the use of PCR plastics in the packaging products, the manufactures are doubtful towards using them due to chances of impurities.
Also, the ban on import of certain waste plastic scraps to China & irregular collection of the waste plastics for its reprocessing are some of the factors challenging the growth of the global plastic recycling market globally.
Market Segmentation
Global Plastic Recycling Market is segmented into sources such as plastic bottles, plastic films, synthetic fibers, rigid plastics & foams, and others (auto-parts, electrical goods, furniture and others). By Source segment, Plastic Bottles segment accounted for the largest market share of about 3.60 % in 2020, Plastic bottles are the major sources of recycled products. Plastic bottles are used in various applications across various industries in the packaging of oils, water, pharmaceuticals, and carbonated drinks.
By Type market is segmented into Polyethylene Terephthalate (PET), Polyethylene (PE) - LPDE & HDPE, Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Polyamide (PA), and Others (Polycarbonate, Acrylonitrile-butadiene Styrene and other plastics under SPI).
Further, market is segmented into Recycling Method such as Thermal Decomposition, Heat Compression, Distributed Recycling, Pyrolysis, and Others. By Recycling Method, Heat Compression segment accounted for the largest market share of about 3.67 % in 2020.
Also, the market is segmented into application such as Packaging (Bottles, Containers, Bags & Films, Strapping, Others), Building & Construction (Carpets & Rugs, Lumber, Pipe, Furnishings, Others), Textiles, Automotive (Batteries, Others), Electrical & Electronics, and Others (Agriculture, Aerospace and other industries).
Regional Analysis
The Global Plastic Recycling Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The market in Asia Pacific is projected to dominate the Plastic Recycling market owing the increase in demand for recycled plastics in various industries including packaging, food and beverages, and consumer goods.
Europe is expected to expand at a significant growth rate over the forecast period of 2021 to 2027 The market is driven by the adoption of a circular economy to reduce the carbon footprint associated with the conventional method of plastic production by increasing plastic recycling in the region.
Key Players
Veolia, Suez, KW Plastics, Jayplas, B. Schoenberg & Co., B&B Plastics, Green Line Polymers, Clear Path Recycling, Custom Polymers, Plastipak Holdings, etc.
Key Developments
Dec 2021- Veolia becomes a strategic partner of Saudi Arabia in the ecological transformation. The National Water Company awarded Veolia the Management Contract for water and wastewater services in the capital Riyadh and 22 outlying municipalities.
Dec 2020 - SUEZ is launching a 100% digital event “Demos on Demand”, dedicated to the new technologies developed by the Group to support a green and inclusive economic recovery.
Market Taxonomy
By Source
- Plastic Bottles
- Plastic Films
- Synthetic Fibers
- Rigid Plastics & Foams
- Others (auto-parts, electrical goods, furniture and others)
By Type
- Polyethylene Terephthalate (PET)
- Polyethylene (PE) - LPDE & HDPE
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Polyamide (PA)
- Others (Polycarbonate, Acrylonitrile-butadiene Styrene and other plastics under SPI)
By Recycling Method
- Thermal Decomposition
- Heat Compression
- Distributed Recycling
- Pyrolysis
- Others
By Application
- Packaging (Bottles, Containers, Bags & Films, Strapping, Others)
- Building & Construction (Carpets & Rugs, Lumber, Pipe, Furnishings, Others)
- Textiles
- Automotive (Batteries, Others)
- Electrical & Electronics
- Others (Agriculture, Aerospace and other industries)
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Key Questions Addressed by the Report
- What are the Key Opportunities in Global Plastic Recycling Market?
- What will be the growth rate from 2021 to 2027?
- Which segment/region will have highest growth?
- What are the factors that will impact/drive the Market?
- What is the competitive Landscape in the Industry?
- What is the role of key players in the value chain?
Frequently Asked Questions about the Global Plastic Recycling Market
What is the estimated value of the Global Plastic Recycling Market?
What is the growth rate of the Global Plastic Recycling Market?
What is the forecasted size of the Global Plastic Recycling Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 144 |
| Published | May 2022 |
| Forecast Period | 2021 - 2027 |
| Estimated Market Value ( USD | $ 44130 Million |
| Forecasted Market Value ( USD | $ 56200 Million |
| Compound Annual Growth Rate | 3.5% |
| Regions Covered | Global |
Table of Contents
1 Introduction
2 Research Methodology
4 Global Plastic Recycling Market Outlook
5 Global Plastic Recycling Market, By Source
6 Global Plastic Recycling Market, By Type
7 Global Plastic Recycling Market, By Recycling Method
8 Global Plastic Recycling Market, By Application
9 Global Plastic Recycling Market, By Region
10 North America Plastic Recycling Analysis and Forecast (2021 - 2027)
11 Europe Plastic Recycling Market Analysis and Forecast (2021 - 2027)
12 Asia Pacific Plastic Recycling Market Analysis and Forecast (2021 - 2027)
13 Latin America Plastic Recycling Market Analysis and Forecast (2021 - 2027)
14 Middle East Plastic Recycling Market Analysis and Forecast (2021 - 2027)
15 Competitive Analysis
16 Company Profiles
