Authored By: Sarah
26 Jun 2024

 Plastic Recycling Solutions Market Size to grow by USD 20.89 billion between 2023-2027

According to a research report “ Plastic Recycling Solutions Market” by Type (Post-consumer recyclate, Industrial recyclate) End-user (Packaging, Construction, Automotive, Electrical and electronic components, Others) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 20.89 billion, at a CAGR of  7.86% during the forecast period. The escalating issue of plastic pollution and its detrimental effects on both terrestrial and aquatic ecosystems has sparked growing concern among individuals, communities, governments, and businesses. Single-use plastics, plastic packaging, and discarded plastic products are primary contributors to the contamination of oceans, waterways, and soil. These items can harm marine life and wildlife through entanglement, restricted movement, and injury or death. Moreover, plastic debris breaks down into microplastics, which permeate the food chain and potentially pose risks to human health. This heightened environmental awareness has led to a significant shift in attitudes towards plastic waste management, necessitating the exploration and implementation of sustainable plastic recycling solutions.

Browse market data tables, figures, and in-depth TOC on “Plastic Recycling Solutions Market” by Type (Post-consumer recyclate, Industrial recyclate) End-user (Packaging, Construction, Automotive, Electrical and electronic components, Others) Geography (APAC, North America, Europe, Middle East and Africa, South America) Global Forecast to 2027. Download Free Sample

 

By Type, the Post-consumer recyclate segment is projected to dominate the market size in 2024

The global plastic recycling solutions market is experiencing significant growth due to the burgeoning demand for plastic packaging in sectors such as food and beverage, personal care, household care, and healthcare industries. Plastic packaging encompasses both flexible and rigid forms. Rigid plastics, including PET, HDPE, and PP, are extensively used in medical device packaging and food packaging applications. Food containers, caps, lids, tubs, and cups are commonly manufactured from rigid plastics due to their desirable properties, such as high strength, durability, toughness, moisture barrier, chemical resistance, and heat resistance, which make them indispensable in various industries.

By End-user, Packaging  segment is expected to hold the largest market size for the year 2024

Post-consumer recyclate refers to plastic materials that have been utilized as consumer products and have since reached the end of their life cycle. These plastics originate from various sources, including household waste, commercial entities, and municipal recycling programs. The collection, sorting, and processing of post-consumer recyclate result in high-quality recycled plastic materials suitable for diverse industries and applications, such as packaging and electronics. The recycling process involves mechanical or chemical methods. Mechanical recycling encompasses cleaning, shredding, and melting plastic waste to generate recycled plastic pellets or flakes.

APAC is forecasted to hold the largest market size by region in 2024

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.

The Plastic Recycling Solutions Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Altium Packaging
  • Biffa Plc
  • Cabka N.V.
  • Cross Wrap Oy
  • EREMA Engineering Recycling Maschinen und Anlagen Ges.m.b.H.
  • Far Eastern Group
  • J and A Young Leicester Ltd.
  • KW Plastics
  • Loop Industries Inc.
  • MBA Polymers Inc.
  • OMV Aktiengesellschaft
  • Petcore Europe
  • Plastipak Holdings Inc.
  • Republic Services Inc.
  • Stericycle Inc.
  • SUEZ SA
  • Tomra Systems ASA
  • Vanden Global Ltd.
  • Veolia Environnement SA
  • Waste Management Inc.
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

The Plastic Recycling Solutions Market is witnessing significant growth due to increasing concerns over plastic pollution and the need to reduce the amount of plastic waste ending up in landfills and aquatic environments. Two of the most commonly recycled polymers are Low-Density Polyethylene (LDPE) and High-Density Polyethylene (HDPE), which are widely used in consumer products such as plastic bags, bottles, and containers. Recycled plastic is becoming an essential component in the production of new plastics, with consumer electronics like Modems, Cellphones, and Laptops incorporating recycled polymers. However, recycling rates for plastic waste remain low, with only 9% of all plastic waste being recycled globally. Governments and the public sector are investing in recycling infrastructure and initiatives to increase recycling rates. Developed economies are leading the way with public sector funding and tax incentives for businesses that use recycled materials. Plastic prohibition is another solution gaining traction, with some countries and cities banning single-use plastics. Downcycling, the process of converting waste plastic into lower-grade products, is also being used to reduce the amount of plastic waste. Plastic pollution poses a significant threat to aquatic biodiversity, and it's essential to find sustainable solutions to manage plastic waste. The plastic recycling industry is evolving, and with continued innovation and investment, we can reduce our reliance on virgin plastics and minimize plastic waste. Scraps and plastic wastes from various industries can be recycled and transformed into new consumer products, reducing the need for raw materials and minimizing waste. Let's all do our part to reduce, reuse, and recycle plastic responsibly.

Market Research Overview

The Plastic Recycling Solutions Market is witnessing significant growth due to increasing electronics expenditure and the generation of large quantities of plastic waste from consumer electronics such as modems, cellphones, laptops, and other consumer electronics. This waste includes recyclable polymers like Polyethylene terephthalate (PET) and Polypropylene (PP), which can be recycled into various consumer products, including textiles, protective packaging, and packaging materials for ecommerce websites and online purchases. Recycling processes for these plastics involve segregation and proper handling to ensure the quality of the recycled materials. Laboratory equipment is used to test and analyze the purity of the recycled plastics before they are used to manufacture new consumer products. The market for plastic recycling is expanding to include waste from various sectors, such as medical devices, personal hygiene items, and textiles. Low-density polyethylene (LDPE) and HDPE plastics from waste streams like plastic bottles, scraps, and plastic wastes are also being recycled into composite lumber, playground sets, retail bags, drycleaning bags, shopping bags, construction materials, automotive parts, and carpet. Governments in developed economies are implementing landfill bans and offering public sector funding and tax incentives to encourage plastic recycling. Recycled plastics are being used to produce impact-resistant plastic bottles, making them an eco-friendly alternative to new plastics. However, the challenge lies in increasing recycling rates and reducing plastic pollution, which can harm aquatic biodiversity. The plastic prohibition in some regions is also driving the demand for recycled plastics as a sustainable alternative to virgin plastics. Overall, the plastic recycling market is expected to continue growing as the world transitions towards a circular economy.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Read News Read Less
Interested in this report?
Get your sample now!
Technavio