Increasing focus on producing recycled plastics and government support towards sustainable environment is expected to drive the expansion of the plastic recycling industry in the near future at a CAGR of 7.39% during the forecast period 2023 to 2032

Market Research Future (MRFR) has published on the “Global Plastic Recycling Market”.

The plastic recycling market is estimated to register a CAGR of 7.39% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global plastic recycling market— Seraphim Plastics, MBA Polymers Inc, Kuusakoski Group Oy, Envision Plastics, Polyco, Veolia Environment S.A., Custom Polymers, Inc, Plastic Recycling Inc, KW Plastics, Inc., Indorama Venture, among others.

Market Highlights

The global Plastic Recycling market is accounted to register a CAGR of 7.39% during the forecast period and is estimated to reach USD 83,299.5 Million by 2032.

The demand for plastic recycling is growing rapidly, as more and more countries are implementing regulations to reduce plastic pollution. The demand-supply gap of plastic recycling is having a negative impact on the market growth for plastic recycling. This is because it is making it more difficult and expensive to recycle plastic, and it is also leading to an increase in the amount of plastic waste that is being landfilled or incinerated. However, this gap also creates an opportunity for businesses that can close the gap. By investing in new technologies and infrastructure, businesses can help to increase the supply of recycled plastic and meet the growing demand. This can be a profitable business opportunity, as the demand for recycled plastic is expected to grow in the coming years. Governments can also play a role in closing the demand-supply gap by investing in plastic recycling infrastructure and by providing financial incentives to businesses that use recycled plastic. This can help to create a more sustainable market for plastic recycling and reduce the environmental impact of plastic pollution.

Access full report @ https://www.marketresearchfuture.com/reports/plastic-recycling-market-2859

Segment Analysis

The global plastic recycling market has been segmented material, recycling process, source, and application.

Based on material, the global plastic recycling market segmentation includes polyolefins, polyethylene, polypropylene (PP), polyethylene terephthalate (PET), polyvinyl chloride (PVC), polystyrene, acrylonitrile butadiene styrene (ABS), and others. The polyethylene segment held the majority market share in 2022 and is expected to grow at a significant growth rate. Polyethylene is a recyclable material, and it can be recycled into a variety of new products, such as bottles, bags, and films. Polyethylene is also used in the automotive industry, as it is a good choice for materials that need to be lightweight and durable. It is commonly used in bumpers, fender liners, and fuel tanks. Polyethylene is also used in construction, as it is a good insulator, and it is lightweight. It is commonly used in insulation boards, foam cups, and disposable food containers.

Based on recycling process, the global plastic recycling market segmentation includes mechanical and chemical. The mechanical segment held the majority market share in 2022 and is expected to grow at a significant growth rate. Aftermarket segment held the second largest market share in 2022. Mechanical recycling is a process that involves physical actions to transform plastic waste into new materials. Plastic waste is sorted based on its type and grade. Different plastic polymers need to be separated because they have different properties and melting points. The sorted plastic waste is thoroughly cleaned to remove contaminants like labels, adhesives, dirt, and other non-plastic materials. The cleaned plastic waste is shredded into small pieces to increase the surface area and facilitate further processing. The shredded plastic pieces are melted and formed into small, uniform pellets. These pellets can be used as raw materials in manufacturing various products.

Based on source, the plastic recycling market segmentation includes residential, commercial, and industrial. The residential segment dominated the market in 2022. The residential source segment is the biggest contributor to plastic waste in the plastic recycling industry. This means that the majority of plastic waste collected for recycling comes from households. The types of plastic waste that typically comes from households: PET (polyethylene terephthalate) bottles used for beverages and water, HDPE (high-density polyethylene) containers like milk jugs and detergent bottles, LDPE (low-density polyethylene) bags and wraps, PP (polypropylene) containers for yogurt and takeout containers, and PS (polystyrene) packaging, such as foam trays.

Based on application, the plastic recycling market segmentation includes packaging, construction, textile, automotive, electronics, and others. The packaging segment dominated the market in 2022. The increasing popularity of e-commerce: E-commerce is growing rapidly, and this is leading to an increase in the demand for packaging materials. Recycled plastics are a good option for e-commerce packaging, as they are lightweight and easy to transport. The development of new technologies for recycling plastics: new technologies are being developed that make it easier and more efficient to recycle plastics. This is making recycled plastics a more attractive option for businesses. The increasing government regulations on plastic pollution: Governments around the world are increasing regulations on plastic pollution. This is driving the demand for recycled plastics, as businesses are looking for ways to comply with these regulations.

Regional Analysis

The global Plastic Recycling market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Plastic Recycling market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Europe Plastic Recycling market comprises of Germany, France, UK, Italy, Spain, and the rest of Europe. The Middle East and Africa Plastic Recycling market comprises of Saudi Arabia, South Africa, UAE and Rest of Middle East and Africa. The South America Plastic Recycling market comprises of Brazil, Mexico, Argentina, Peru, Chile, and Rest of South America.

The Asia Pacific Plastic Recycling market held the largest market share in 2022 and it is expected to grow at a significant CAGR during the forecast period. China is the largest market for recycled plastic in the Asia Pacific region, followed by India and Japan. Rapid urbanization in the Asia Pacific region is leading to an increase in plastic waste generation. This is creating a need for efficient plastic recycling programs. Advancements in recycling technology are making it more efficient and cost-effective to recycle plastic. This is making recycled plastic a more viable option for businesses.

The European plastic recycling market is a growing and dynamic market with a number of exciting opportunities. Companies that can innovate and develop new solutions to the challenges of plastic recycling will be well-positioned to succeed in this market. There is a need for investment in new and upgraded recycling facilities to meet the growing demand for recycled plastic. This presents an opportunity for companies in the waste management, recycling, and plastics industries.

Consumers in North America are becoming more environmentally conscious and are demanding sustainable products. Recycled plastic is seen as an eco-friendly alternative to virgin plastic, driving the demand for recycled plastic products. This in turn puts pressure on manufacturers to utilize recycled content. Governments across North America are implementing stricter regulations to promote plastic recycling and limit the use of virgin plastic. Examples include bans on single-use plastics and mandates for minimum recycled content in plastic products. These regulations create a market for recycled plastic and incentivize businesses to invest in recycling infrastructure.

Consumers are increasingly environmentally conscious, driving demand for eco-friendly packaging solutions made from recycled plastics across both UAE and South Africa. South Africa has a well-established plastic recycling industry compared to the UAE, driven by its larger manufacturing base and established waste management infrastructure. South Africa's growing packaged food and construction industries fuel demand for recycled plastics in these sectors.

Key Findings of the Study

• The global plastic recycling market is expected to reach USD 83,299.5 Million by 2032, at a CAGR of 7.39% during the forecast period.


• The Asia Pacific region held the largest market share due to growing consumer awareness and rapid urbanization.


• Based on material, the polyethylene segment was attributed to holding the largest market in 2022.


• Seraphim Plastics, MBA Polymers Inc, Kuusakoski Group Oy, Envision Plastics, Polyco, Veolia Environment S.A., Custom Polymers, Inc, Plastic Recycling Inc, KW Plastics, Inc., and Indorama Venture, among others are key players in the market.


• Based on recycling process, mechanical segment held the largest market share in 2022 and chemical segment held the second largest market share in 2022.


• Based on source, residential segment held the largest market share in 2022 and commercial segment held the second largest market share in 2022.