Plastic Recycling Market by Product (Polyethylene (PE), Polyethylene Terephthalate (PET), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Others), by Source (Plastic Bottles, Plastic Films, Polymer Foam, Others), by Application (Building and Construction, Packaging, Electrical and Electronics, Textiles, Automotive, Others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Plastic Recycling market size was estimated at USD 67.3 billion in 2023 and is projected to reach USD 114.5 billion in 2030 at a CAGR of 7.9% during the forecast period 2023-2030.
The first factor is the rising awareness of the negative impacts of plastic waste on the environment, such as ocean pollution and harm to wildlife. This has led to an increased demand for plastic recycling as a means of reducing plastic waste and lowering its environmental impact. The second factor is the growing desire by consumers and businesses for environmentally friendly and sustainable goods. This has led to an increase in the use of recycled plastic in goods by many businesses, which has further increased the demand for the material. The negative impacts of plastic waste on the environment have been a major concern for many years, and the increasing awareness of these impacts has led to a greater focus on plastic recycling as a solution. Consumers and businesses are becoming more conscious of their environmental impact and are actively seeking out sustainable alternatives. This has created a market for recycled plastic, which is being used in a wide range of products, from packaging to furniture.
The highlighted text talks about the rising demand for recycled materials in various sectors, including food and beverage and consumer products. The demand for packaging materials that are safe for use in food and beverages is increasing, which is driving the consumption of recyclable polymers in this sector of the economy. Recyclable polymers can efficiently replace traditional plastics as a barrier between food goods and environmental variables, which is expanding the market for these materials. Recycled polyethylene terephthalate is a highly preferred material in water and beverage packaging bottles due to its properties such as durability, strength, and resistance to moisture and chemicals.
The COVID-19 pandemic has had a severe impact on the global plastic recycling market growth. This means that the pandemic has caused a significant decline in the growth of the plastic recycling market. The industry has been impacted by several factors, including disrupted supply chains, reduced funding for research and development, and transportation constraints. These factors have made it difficult for the plastic recycling industry to operate effectively. One of the consequences of these factors is a significant reduction in the amount of plastic garbage collected across the globe that could be processed throughout the recycling process. This means that there has been a decrease in the amount of plastic waste that is being recycled due to the pandemic.
The plastic recycling industry has several factors that drive its growth, such as the increasing demand for environmentally friendly and sustainable goods by consumers and businesses. However, there are also significant barriers that can impede the expansion of the plastic recycling market, particularly in developing nations. One of the major obstacles is the lack of infrastructure and funding for plastic recycling facilities in these countries, which makes it difficult to gather, sort, and treat plastic waste. This lack of infrastructure and funding can also lead to inadequate waste management practices, which can further exacerbate the plastic waste problem. Despite these challenges, government policies and programs aimed at boosting recycling and reducing plastic waste offer ample opportunities for the plastic recycling industry.
Governments worldwide are implementing laws and policies that encourage businesses to use recycled plastics and reduce their plastic waste, which can help drive demand for recycled plastic. Industry players are also investing in research and development to sustain their growth in the market, with strategies such as product launches, mergers and acquisitions, collaborations, partnerships, and refurbishing of existing technology.
North America to Dominate the Market