Global Plastic Recycling Market by Material (PET, PP, HDPE, LDPE, PS, PVC, Others), By Application (Packaging, Food Contact, Non-Food Contact, Automotive, Construction, Textiles, Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa) – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030
Report Code : BII 943 Jan-2022 Chemicals & Materials Format : PDF Pages : 206
Global Plastic Recycling Market Overview
Plastic recycling is the process of reclaiming various types of plastic materials that can then be utilized in other ways. Continuous efforts toward environmental sustainability are driving global market growth, forcing enterprises to place a greater emphasis on plastic recycling. Plastic's growing use in a variety of industrial applications, such as product packaging, electronic components, and vehicle interiors, is also contributing to the increased attention on recycling.
Recycled plastic is also being used by some textile manufacturers. The availability of sophisticated plastic waste management solutions is another key driver driving the market forward. Plastic is a versatile and long-lasting material. It has replaced various materials, including metal, concrete, and wood, because it is lightweight, corrosion-resistant, cost-effective, and attractive.
Plastic production uses less energy. Increased demand for plastics is expected to result in enormous amounts of plastic waste. As a result, the plastic recycling market is projected to grow. Plastic trash output is expected to increase as the plastic packaging sector expands. The majority of packaging, particularly in the food and beverage industry, has a limited lifespan. As a result, a substantial amount of plastic waste is produced. Several countries lack a well-established solid waste collection and sorting system.
The collecting system receives 10% of all waste produced in Africa. The remaining 90% of garbage is unaccounted for, and it frequently winds up in oceans and river streams. Furthermore, it is predicted that over 8 million tonnes of plastic trash end up in the oceans. This is expected to stymie the recycling business, as collecting and sorting plastic garbage is the first and most important step in recycling plastic.
Market Size
According to Business Intelligence Insights “Global Plastic Recycling Market is expected to grow from USD 2918.50 billion in 2021 to USD 5688.47 billion by 2030 at a CAGR of 8.70% during the forecast period 2022-2028.
Covid -19 Impact Analysis
The new coronavirus (COVID-19) pandemic began in Wuhan, China, and has now spread to all of the world's major economies. COVID-19 has had an impact on the recycled plastic market because most of the recycled plastic services, solutions, and product providers are based in these nations. As a result of the increase in at-home deliveries, the packaging rate has grown. Due to nationwide lockdowns, the recycling market is drying up, and informal waste pickers, who play a crucial role in waste management, have been unable to supply recyclers with raw materials or find recyclers willing to shop for their products.
Market Dynamics
Drivers
- Plastics disposal has a negative environmental impact.
- In the packaging business, adoption is increasing.
Restraints
- Competition from virgin plastics is fierce.
Segmentation Insights
By Material
PP category dominated the market with more than 30% of the market share
Polypropylene (PP) is the second-most-produced commodity plastic, and its market is expected to expand more in the coming years. It's tough and durable, and it's used in things like auto parts, thermal vests, yoghurt containers, and even disposable diapers. Living hinges are usually made of PP. It's a tiny sheet of plastic that lets you fold or bend a product part from 1 to 180 degrees. The increased need for packaging material in consumer goods, food and beverage, industrial, and other industries is responsible for this high share. It's also found in laundry detergent packaging, milk cartons, cutting boards, and garbage cans, among other things.
By Application
Non-Food Contact category dominated the market with more than 30% of the market share
The mode of application in which Plastic Recycling can be taken Packaging, Food Contact, Non-Food Contact, Automotive, Construction, Textiles and Others. In the worldwide Plastic Recycling industry, Non-Food Contact is the most popular application mode. Because of the strong demand for recycled PET in the production of bottles and other packaging materials like films and wraps These polymers are often less expensive than virgin plastics, which increases demand for packaging products.
By Material
- PET
- PP
- HDPE
- LDPE
- PS
- PVC
- Others
By Application
- Packaging
- Food Contact
- Non-Food Contact
- Automotive
- Construction
- Textiles
- Others
- Botanicals
- Vitamins
- Minerals
- Amino Acids
- Enzymes
- Probiotics
- Other Plastic Recycling
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- UAE
- South Africa
- Rest of Middle East and Africa (MEA)
Key Players
- Kuusakoski
- B&B Plastics Inc.
- CarbonLite Industries LLC
- Custom Polymers, Inc.
- Dart Container Corporation
- Fresh-Pak Corp
- Novolex
- KW Plastics
- MBA Polymers UK Ltd.
- PLASgran Ltd.
- Plastipak Holdings, Inc.
- WM Recycle America LLC
- Wellpine Plastic
Regional Insights
World map title will be here...
Asia Pacific dominated the market with more than 30% of the market share
Because of the growing need for non-residential construction projects including hospitals, schools, and colleges, the Asia Pacific construction industry is predicted to increase significantly. This will boost demand for roofing tiles, insulation, fences, floor tiles, carpets, and a variety of other building materials. After Asia Pacific, Europe is second in terms of revenue. The adoption of a circular economy to lower the carbon footprint associated with traditional plastic manufacture is driving the market.
Table
Report Attributes |
Details |
|---|---|
| Market Size Value in 2021 | USD 2918.50 billion |
| Market Size Value in 2030 | USD 5688.47 billion |
| Growth Rate | 8.70% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2018-2020 |
| Forecast Units | (USD billion) |
| Countries Covered | North America: U.S and Canada Europe: Germany, France, Italy, U.K, Spain, Russia, Rest of Europe APAC: China, Japan, South Korea, India, Australia, South East Asia, Rest of Asia Pacific Latin America: Brazil, Mexico Middle East And Africa: Saudi Arab, South Africa, UAE |
| Segments Covered | By Material, By Application, By Region |
| Competitive landscape | Leading companies, Competitive strategies and Consumer engagement scope |
| Customization is available | If our report does not contain the information you require, you can contact our experts to have segments created for you. Please contact us at sales@businessintelligence-insights.com if you have any questions |