Plastic Recycling Solutions Market Size to grow by USD 25.8 billion between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Plastic Recycling Solutions Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: According to Technavio, the global plastic recycling solutions market is a segment of the broader environmental and facilities services market, which falls under the industrials sector. This market encompasses businesses offering environmental and facilities maintenance services, encompassing waste management, facilities management, and pollution control. Technavio's estimation of the global environmental and facilities services market size is determined by the consolidated revenue generated by these service providers. Key growth drivers for this market include the escalating urbanization trend, which heightens the demand for waste management solutions due to the increasing population and enhanced living standards in urban areas. - The Plastic Recycling Solutions Market is experiencing significant growth, fueled by the Growing environmental concerns owing to increasing plastic pollution. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Growing environmental concerns owing to increasing plastic pollution
  • Stringent government regulations related to plastics
  • Several threats associated with plastic recycling
  • Recycling plastic is costlier than producing new plastic
• Growth Projections

The market size is estimated to grow by USD 25.8 billion, at a CAGR of 8.87% during the forecast period. The global packaging industry is leading the charge in the adoption of recycled plastics, driven by growing consumer awareness for sustainable practices and increasing regulatory pressure. In 2022, over 50% of manufactured plastics were utilized in the packaging sector, with automotive and construction industries following closely. Recycled plastics offer significant benefits, including reduced production costs, decreased reliance on virgin materials, and lower carbon emissions. The automotive industry, for instance, uses recycled plastics in the production of lightweight components, resulting in reduced fuel consumption and greenhouse gas emissions. As a result, the demand for plastic recycling solutions is expected to surge in the coming years, with the packaging industry remaining a key consumer.

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• Regional Insights

The plastic recycling solutions market in the Asia-Pacific (APAC) region has experienced robust expansion due to the region's economic growth and the subsequent increase in plastic consumption and industrialization. Notably, countries like China and India, which are among the largest economies in APAC, generate substantial amounts of plastic waste. For instance, India produces approximately 3.5 million metric tons of plastic waste annually, as per the Central Pollution Control Board (CPCB) Report (2019-20). This escalating plastic waste generation has fueled growing concerns regarding the environmental impact, leading to a heightened focus on plastic recycling and sustainable waste management solutions in the region. Businesses are increasingly investing in advanced recycling technologies and collaborating with governments and NGOs to address this challenge and reduce their carbon footprint.

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