A move to environmentally friendly packaging and government policies will drive the plastics recycling market.
WILMINGTON, Del., July 18, 2024 /PRNewswire/ -- The plastic recycling industry was worth US$ 45.5 billion in 2023. By the end of 2035, the industry is projected to grow at a CAGR of 9.3% and reach US$ 129.5 billion [https://www.transparencymarketresearch.com/plastic-recycling-market.html] by the end of the year. Through ongoing improvements in recycling technologies, like chemical and pyrolysis, plastics of all types may be recycled, including mixed and contaminated ones. Recycling rates could increase with these technologies, and recycled materials could be of higher quality.
https://mma.prnewswire.com/media/1682871/TMR_Logo_Logo.jpg [https://mma.prnewswire.com/media/1682871/TMR_Logo_Logo.jpg]
Plastic, a versatile and affordable material that is widely used today. The main issue with plastic is its end-of-life disposal. Since last 70 years, nearly half of world's used plastic has been landfilled or dumped, with only 10% properly recycled. Annually, about 0.5% of global plastic waste enters the oceans, causing significant environmental harm. Plastic recycling has become a crucial process and is essential in mitigating the impacts of plastic waste on our environment.
Leading market players highlight the trend of increasing recycled plastic usage in industrial applications to save on costs and reduce carbon footprints. For example, the automotive industry uses recycled plastic for parts and components, while packaging and construction industries prefer it for boxes, bags, containers, and building materials. Consumer products like water bottles, eco-friendly sneakers, and outdoor furniture are also made from recycled plastic.
Various recycling techniques exist, but the traditional methods often result limitations due to property variations in recycled plastic. This is driving the advancements of chemical technologies like pyrolysis. The future of plastic recycling looks promising with these advancements.
Request for sample PDF copy of report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=9049 [https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=9049]
Favorable regulatory policies also drive the industry. Europe, for example, aims to recycle about 55% of plastic packaging waste by 2030 through improved practices, increased infrastructure investment, and extended producer responsibility. Governments' proactive approach is evident in the growing investments in recycling infrastructure and technology for better efficiency and effectiveness.
Over the past 20 years, plastic recycling has grown significantly, especially in Asia Pacific and Europe. China and India have been crucial contributors to this growth in the Asia Pacific region.
Increasing consumer demand for sustainable packaging and products could make recycled plastics a more valuable raw material, resulting in increased investments in recycling infrastructure. Incentives and regulations may be implemented by governments worldwide to reduce plastic waste and promote plastic recycling. Recycling targets may be strengthened, extended producer responsibility programs implemented, and extended producer responsibility programs for composting may be implemented for companies that use recycled materials in their products.
Sustainable packaging solutions could become more popular with consumer awareness of plastic pollution. Recycling plastics, utilizing biodegradable materials, and developing alternatives to packaging, such as reusable containers and alternatives without packaging, are all ways to achieve these objectives.
Plastic Recycling Market Report Scope:
Report Coverage Details Forecast Period 2024-2035 Base Year 2022-2027 Size in 2023 US$ 45.5 Bn Forecast (Value) in 2035 US$ 129.5 Bn Growth Rate (CAGR) 9.3 % No. of Pages 203 Pages Segments covered By Product, By Application
Unlock Growth Potential in Your Industry! Download PDF Brochure: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=9049 [https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=9049]
Key Findings of the Market Report
-- Based on product, HDPE occupies a dominant position in the plastic
recycling industry.
-- Recycling initiatives have been centered around packaging, propelling
its growth and dominance worldwide
-- Plastic recycling is the most popular recycling method in Asia Pacific.
-- Recycling technologies have evolved greatly over the years, allowing for
more efficient handling of plastic trash.
Global Plastic Recycling Market: Growth Drivers
-- Environmentally friendly alternatives like plastic recycling are in high
demand due to growing public awareness of the harm plastic pollution
causes to the environment.
-- The government and international organizations are implementing stricter
laws and policies to reduce plastic waste. Due to resource scarcity
concerns and fluctuating resin prices, recycled plastics are becoming
more popular as a cost-effective alternative. In addition to reducing
dependency on fossil fuels, recycling reduces pollution.
-- Sustainable business strategies are increasingly being adopted by
companies as a means of meeting consumer expectations, complying with
regulations, and improving their brand image. These sustainability
initiatives emphasize the use of recycled plastics in manufacturing
processes.
-- As recycling technologies advance, plastic recycling processes become
more efficient. Increasing recycling rates, chemical recycling methods,
and material recovery technologies are allowing us to recycle more and
more.
-- The demand for recycled plastic products is growing because people are
becoming eco-friendlier and preferring recycled plastics. A greater
number of companies are offering recycled materials as sustainable
alternatives.
Global Plastic Recycling Market: Regional Landscape
-- Plastic recycling market demand is expected to be driven by Asia
Pacific.
-- As consumers become more aware of plastic pollution, sustainable
products and packaging are becoming more popular. The shift in consumer
behavior is prompting businesses to invest in eco-friendly packaging
solutions.
-- Throughout Asia-Pacific, governments have been promoting plastic
recycling, recognizing its importance.
-- The government is also introducing several initiatives, such as
initiatives to reduce plastic waste and incentives to encourage
recycling.
-- As awareness about plastic pollution increases, Asia-Pacific countries
increasingly invest in recycling infrastructure. Recycling
infrastructure, waste management systems, and sorting centers are needed
to manage the huge amount of waste that is generated by the increasing
use of plastics.
-- New recycling technologies are needed to improve plastic recycling in
the region. Sorting technologies mechanical and chemical recycling
methods have been developed to handle different types of plastic waste.
Global Plastic Recycling Market: Competitive Landscape
With numerous players present, the global plastic recycling market has a high degree of fragmentation. Manufacturers are undertaking research and development activities in a significant way.
The collaboration of many players in regional and international markets is leading to rapid innovation and expansion of business lines. Some prominent players operating in the plastic recycling landscape are as follows:
-- Kuusakoski
-- B&B Plastics Inc.
-- Custom Polymers Inc.
-- Dart Container Corporation
-- Novolex
-- KW Plastics
-- MBA Polymers UK Ltd
-- PLASgran Ltd.
-- Plastipak Holdings Inc.
-- WM Recycle America LLC
-- Wellpine Plastic LTD
-- Others
Key Developments
-- In February 2023, Kuusakoski announced the opening of the nation's first
facility for processing composite materials. Located in Southern
Finland, Kuusakoski's Hyvinkää site featured a new composite
processing plant that will effectively and safely shred composite
material.
-- In addition to the new processing line, the investment will renovate an
on-site building. Business Finland will finance 35% of the investment
with RRF (Recovery and Resilience Facility) funds. The investment is
likely to be worth more than 4 million euros.
-- In December 2023, Novolex introduced a food packaging container made
from 10% recycled plastic. This new product expanded the recycling line
and added to the growing number of recycled products. Companies are
dedicated to creating new products to reinforce the circular economy and
improve sustainability.
Global Plastic Recycling Market: Segmentation
By Product
-- PET
-- PP
-- HDPE
-- LDPE
-- PS
-- PVC
-- Others
By Application
-- Packaging
-- Food Contact
-- Non-food Contact
-- Automotive
-- Construction
-- Textiles
-- Others
By Region
-- North America
-- Latin America
-- Europe
-- Asia Pacific
-- Middle East & Africa
Buy this Premium Research Report: https://www.transparencymarketresearch.com/checkout.php?rep_id=9049<ype=S [https://www.transparencymarketresearch.com/checkout.php?rep_id=9049<ype=S]
More Trending Reports by Transparency Market Research -
-- Medical Plastics Market
[https://www.transparencymarketresearch.com/medical-plastics-market.html
] - The global medical plastic market was estimated to have acquired US$
41.0 billion in 2021. It is anticipated to register a 7.2% CAGR from
2022 to 2031 and by 2031; the market is likely to gain US$ 76.7 billion.
-- Bio-based Bisphenol-A Market
[https://www.transparencymarketresearch.com/bio-based-bisphenol-a-market
.html] - The Global Bio-Based Bisphenol-A Market is prognosticated to
reach US$ 262.1 Mn by 2031, according to a research report presented by
Transparency Market Research (TMR). In addition, the study finds that
the market for bio-based bisphenol-A is expected to grow at a CAGR of
19.1% during the forecast period, from 2022 to 2031.
-- Extruded Plastics Market
[https://www.transparencymarketresearch.com/extruded-plastics-market.htm
l] - Extruded Plastics Market is estimated to grow at a CAGR of 6.0%
from 2023 to 2031 and reach US$ 356.1 Bn by the end of 2031
-- Iron and Steel Casting Market
[https://www.transparencymarketresearch.com/iron-steel-casting-market.ht
ml] - Market for iron and steel casting is estimated to grow at a CAGR
of 4.3% from 2023 to 2031 and reach US$ 218.6 Bn by the end of 2031
About Transparency Market Research
Transparency Market Research, a global market research company [https://www.transparencymarketresearch.com/] registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com [https://www.transparencymarketresearch.com/]
Email: sales@transparencymarketresearch.com [mailto:sales@transparencymarketresearch.com]
Follow Us: LinkedIn [https://www.linkedin.com/company/transparency-market-research]| Twitter [https://twitter.com/research_market]| Blog [https://tmrblog.com/] | YouTube [https://www.youtube.com/@transparencymarketresearch9870]
Logo: https://mma.prnewswire.com/media/1682871/TMR_Logo_Logo.jpg [https://mma.prnewswire.com/media/1682871/TMR_Logo_Logo.jpg]
View original content:https://www.prnewswire.co.uk/news-releases/plastic-recycling-market-is-slated-for-steady-growth-with-a-projected-cagr-of-9-3-by-the-year-2035--states-transparency-market-research-inc-302200596.html [https://www.prnewswire.co.uk/news-releases/plastic-recycling-market-is-slated-for-steady-growth-with-a-projected-cagr-of-9-3-by-the-year-2035--states-transparency-market-research-inc-302200596.html]
Photo: https://mma.prnewswire.com/media/1682871/TMR_Logo_Logo.jpg Transparency Market Research
