Plastic recycling is a crucial sustainability solution
that transforms used plastics into new materials to reduce carbon
emissions, save resources, minimize waste, and reduce dependence on
fossil fuels. While mechanical recycling leads the way, chemical
recycling shows promising growth ahead.
BOSTON, June 25,
2024 /PRNewswire/ -- "According to the latest BCC
Research study, the demand for "Plastics Recycling: Global
Markets" is expected to grow from $42.4
billion in 2024 to $57.9
billion by the end of 2029, at a compound annual growth rate
(CAGR) of 6.4% from 2024 to 2029."
![BCC_Research_Logo BCC_Research_Logo](https://mma.prnewswire.com/media/2183242/BCC_Research_Logo.jpg)
This report provides an in-depth analysis of the global plastic
recycling market, with 2023 as the base year and revenue forecasts
from 2024 to 2029. The market revenue includes earnings from
plastic recycling services and sales of recycled plastics. The
market is segmented by type, including polyethylene terephthalate
(PET), high-density polyethylene (HDPE), low-density polyethylene
(LDPE), linear low-density polyethylene (LLDPE), polypropylene
(PP), and others. It also examines the end-use industries such as
packaging, construction, transportation, etc. Additionally, the
report distinguishes between mechanical and chemical recycling
technologies. The market is analyzed geographically across
Asia-Pacific, Europe, North
America, and the Rest of the World.
The following factors drive the global market for plastic
recycling:
Rising Interest in Lowering Environmental Footprint:
Awareness of the environmental impact of plastic products is on the
rise, leading both industries and consumers to seek ways to reduce
their plastic footprint. This growing interest is driven by a
desire to minimize plastic waste and promote sustainable practices.
As a result, there is an increasing demand for effective recycling
solutions that can help mitigate the negative environmental effects
of plastic usage.
Advancements in Plastic Recycling Practices:
Technological innovations have significantly improved plastic
recycling methods. Mechanical recycling, which involves physical
modifications like separation and grinding, and chemical recycling,
which returns plastics to their original chemical units, are at the
forefront of these advancements. These innovations enhance the
efficiency, quality, and scalability of the recycling process,
making it more feasible and effective on a larger scale.
Asia-Pacific as an
Investment Hub: The Asia-Pacific region has become a significant
player in the plastics recycling industry. Factors such as
population growth, industrialization, and urbanization have led to
increased plastic consumption in this area. Recognizing this
potential, investors are directing substantial resources toward
developing plastic recycling infrastructure in the region, further
bolstering its role as a key investment hub.
Stringent Regulatory Environment: Governments around the
world are implementing stricter regulations on plastic waste
management. These regulations are designed to encourage recycling
and discourage landfill disposal. Compliance with these recycling
targets and adherence to circular economy principles are driving
industry growth, as companies strive to meet these new standards
and contribute to a more sustainable future.
Request a Sample Copy of The worldwide
market for plastic recycling Report.
Report Synopsis
Report
Metrics
|
Details
|
Base year
considered
|
2023
|
Forecast Period
considered
|
2024-2029
|
Base year market
size
|
$41.9
billion
|
Market Size
Forecast
|
$57.9
billion
|
Growth rate
|
CAGR of 6.4% from 2024
to 2029
|
Segment
Covered
|
By Type, Technology,
End-use Industry, and Region
|
Regions
covered
|
North America,
Asia-Pacific, Europe, and Rest of the World (RoW)
|
Countries
covered
|
China, India, France,
Germany, U.S., Canada, Mexico, and Brazil
|
Key Market
Drivers
|
•
Rising interest in lowering the
environmental footprint of plastic products
•
Advancements in plastic recycling
practices
•
Asia-Pacific emerging as a hub for
attracting investments
•
Growing stringency in the regulatory
environment for plastic recycling
|
Key Interesting Facts About the Global Market for
Plastic Recycling:
- Many countries face inadequate waste management, leading to
environmental issues like illegal dumping and littering,
complicating plastic recycling efforts.
- Startups and small to mid-sized companies struggle with high
costs for equipment, labor, logistics, and plastic separation and
purification.
- In developing economies, the informal sector dominates waste
collection and sorting, often exploiting workers with unsafe
conditions, lack of formal benefits, and low wages.
- Southeast Asia, especially
Indonesia, Vietnam, Malaysia, and Thailand, has become a significant hub for
plastic recycling following China's 2018 plastic waste import ban,
attracting private investments in plastic circularity.
The global market for plastic recycling report includes
in-depth data and analysis addressing the following important
queries:
1. What is the projected market size and growth
rate?
The market is projected to reach $57.9
billion by 2029, growing at a CAGR of 6.4% from 2024 to
2029.
2. What are the key factors driving the growth of
the market?
- Rising interest in lowering the environmental footprint
of plastic products.
- Advancements in plastic recycling practices.
- Asia-Pacific emerging as a hub for attracting
investments.
- Growing stringency in the regulatory environment for
plastic recycling.
3. What segments are covered in the market?
By type, end-use industry, technology, and region.
4. By end-use, which segment will dominate the
market by the end of 2029?
The packaging segment will continue to dominate the market by
the end of 2029.
5. Which region has the highest market share?
Asia-Pacific has the highest
market share. It holds almost 51% of the global market share.
Some of the Key Market Players Are:
- BERRY GLOBAL INC.
- CUSTOM POLYMERS
- INDORAMA VENTURES PUBLIC CO. LTD.
- LOOP INDUSTRIES INC.
- MBA POLYMERS INC.
- PLASTIPAK HOLDINGS INC.
- REVALYU RESOURCES GMBH
- THE SHAKTI PLASTIC INDUSTRIES
- VANDEN GLOBAL LTD.
- VEOLIA ENVIRONNEMENT S.A.
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with 2021 as the base year, the report includes a competitive
analysis of key market players. Financial data is in U.S. dollars,
using average annual conversion rates for non-U.S. currencies,
detailed within the report.
Directly Purchase a copy of the
report with BCC Research.
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touch with info@bccresearch.com.
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