Plastic Recycling Market research provides a new perspective into the components and workings of the global as well as regional levels. The report serving as an invaluable source of guidance for readers covers an analysis overview of the industry chain of the global market and discusses key elements associated with it, Plastic Recycling market. The report focuses on the global status, future forecast, growth opportunity, key market, and key players.
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.
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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.
Plastic Recycling market Top Key Competitors:
· Berry Global Group Inc
· biffa
· Clean Harbors
· Covetsro AG
· Custom Polymers Inc.
· Envision Plastics
· Jayplas
· Joe plastics
· Kuusakoski Group
· KW plastics
· Montello S.p.A
· MTM Plastics GmbH
· Plasgran Ltd.
· Plastic Recycling Inc.
· Plastipak Holdings Inc.
· Recycled Plastics UK
· Shell international b.v.
· Teijin Limited
· Ultra Poly Corporation
· Veolia
· Waste Connections and More
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Key Findings:
On the basis of product, PET is a type of thermoplastic polymer that is widely used for various purposes, including the creation of transparent plastic bottles for juices, soft drinks, and water. PET is also employed in the production of food packaging materials like trays, containers, and films due to its durability and resistance to moisture and chemicals
On the basis of source, Plastic bottles are a popular option for packaging beverages and other goods due to their convenience, affordability, and lightweight nature. However, their widespread usage has led to a significant environmental impact, including contributing to plastic pollution.
On the basis of application, Recycled plastic is increasingly being used as a substitute for virgin plastic in packaging due to its environmental benefits. Using recycled plastic in packaging results in less waste, as it diverts plastic from landfills and reduces the need for new plastic production.
The market is also divided into various regions such as
· North America,
· Europe,
· Asia-Pacific,
· South America, and
· Middle East and Africa.
Recent Developments
· In September 2022, It was announced by WM Recycle America, LLC that it would buy Avangard Innovative's U.S. Operations. The company will be known as Natura PCR. In five years, it is anticipated to scale up and increase its recycling capacity to create 400 billion pounds of post-cutomer resin (PCR) annually.
· In January 2022, A large investment was made by plastipak holdings, Inc., a leader in the design, production, and recycling of plastic containers, to increase the capacity of PET recycling at its production facility in Bascharage, Luxembourg. The development is anticipated to raise the manufacturing capacity annually.
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