Plastic Recycling Market Research Report - Global Forecast till 2028

Plastic Recycling Market: Information by Material (Polyethylene Terephthalate (PET), High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Polypropylene (PP) and others), Recycling Process (Mechanical and Chemical), Application (Packaging, Construction, Textile, Automotive and others) and Region (Americas, Europe, Asia-Pacific, Middle East & Africa) - Forecast to 2028

ID: MRFR/PNT/2113-CR | October 2020 | Region: Global | 119 pages

Plastic Recycling Market Overview


Plastic Recycling Market is expected to grow from $26.5 billion in 2020 and is expected to grow for about $34.4 billion by 2028 and the annual growth rate is estimated to reach up to a CAGR of 5.82%.


Global Plastic Recycling Market appeared to have a very different outlook mainly due to the rapidly spreading awareness for environmental safety. Now due to the stringent government regulations and environmental protection guidelines, plastic recycling is more ensured. One of the most important factors for the recycling of plastic includes the concerns regarding the depletion of natural resources and there are certain areas where the natural hazards have devastated the natural environment to an extended level.


The market is increasing so quickly as the manufacturing companies are using recycled plastic that is reducing environmental pollution. Therefore, the overall market trends have changed and it is projected that the recycling technology will offer significant opportunities for all the market players as well as the market shares will also increase. Plastic Recycling Market is expected to expand at 5.82% CAGR during the forecast period. 


COVID-19 Analysis


The outbreak of the covid-19 has given many unprecedented challenges to all manufacturers and production firms. The plastic recycling industries also faced many problems in collecting plastic wastes and getting the workforce as everyone was under quarantine. The collection of the raw material and the delivery of the end product all was at stake during the lockdown. The unexpected outages have rapidly disrupted the demand and supply chain dynamics were badly hampered. However, after a while, the market was back to normal when certain rules were changed.


With the change in the mindsets of people, everyone around the world has become more aware of environmental safety. As the lifestyles have changed the people are opting to be more healthy and sustainable after the pandemic. Thus, it increased the opportunities for Plastic Recycling Market. Both the private as well as public organizations are prioritizing the collection, segregation, and recycling of the material that has fostered market growth.


Competitive Landscape


The plastic recycling market has seen several implementation strategic approaches, like mergers and acquisitions and various collaborations along with expansions and better quality product launches. The key market players have invested and developed in the Plastic Recycling Market with their new plans and strategies for the expansion of the market share.


Some of the key players holding the market are:



  • Asia Plastic Recycling Holding Limited

  • B & B Plastics Recycling Inc

  • B. Schoenberg & Co.

  • CarbonLITE Industries LLC

  • Clear Path Recycling

  • Consolidated Container Company

  • GreenLine Polymers, Imerys SA

  • Indorama Ventures Public Company Limited

  • Jayplas, Joe’s Plastics Inc.

  • Kuusakoski Group Oy

  • KW Plastics, 

  • Montello S.p. A.

  • MTM Plastics GmbH

  • Plasgran Ltd., Plastipak Holdings, Inc.

  • Recycled Plastics UK

  • RJM International Inc.

  • Seraphim Plastics

  • Shakti Plastics Industries

  • Suez, Teijin Limited

  • Ultra Poly Corporation, 

  • UltrePET, LLC

  • Veolia

  • Custom Polymers, Inc.

  • Envision Plastics 

  • Plastic Recycling Inc.

  • KW Plastics, Inc.

  • UltrePET, LLC 

  • Seraphim Plastics 

  • MBA Polymers Inc. 

  • Green-O-Tech India 


Market Dynamics


Drivers


Environmental protection is one of the major driving factors that has grown the plastic recycling market. The rising demands of recycled plastic projected rapid pace in the Market. The rise in plastic trash is an advantage and the production of the material for various applications is the factor for more growth.


Opportunities


The increased usage of recycled plastic in various sectors has increased the demands for the manufacturers to provide the best product in the required domain. The reprocessing and recycling techniques have been changed over the period and this has benefited packaging, textile, construction, and other industries.


Restraints


The major restraining factor in the Plastic Recycling Market is that the government and the local community have to regulate the balance in the disposal of the used plastic materials and make an efficient disposable plan. The plastic waste reaching water bodies is hazardous to the environment as well as hampers the market growth as well.


Challenges


The waste collecting and sorting system for certain regions are not that efficient. So, the recycling market players have to set up extra efforts to sort out the waste from rivers and oceans and other areas where the plastic waste is disposed of.


Segment Overview


The plastic recycling market has been analyzed by type, source, method, end-user, and region. This segmentation is divided into the material, application, and recycling process. Among the material or type segment, polyethylene terephthalate (PET) holds the largest market and is widely used in packaging, construction, electronics, and others.


Under the method type, the mechanical segment holds the largest market owing to the high share of recyclability in the market.


By the end-user, the packaging segmentation holds the largest market share owing to the increased usage of plastic in various applications.


By Type:



  • Polyethylene Terephthalate (PET)

  • Polyethylene (PE)

  • Polypropylene (PP)

  • Polyvinyl Chloride (PVC)

  • Polystyrene (PS)

  • Others


By Source:



  • Bottles

  • Films

  • Fibers

  • Foams

  • Others


By Method:



  • Thermal

  • Chemical

  • Mechanical

  • Landfill


By End User:



  • Packaging

  • Building & Construction

  • Textile

  • Automotive

  • Electrical & Electronics

  • Others


By Region:


North America



  • United States

  • Canada

  • Mexico


Europe



  • Germany

  • France

  • United Kingdom

  • Italy

  • Spain


Asia-Pacific



  • China

  • Japan

  • India

  • South Korea

  • Australia


Middle East & Africa



  • South Africa

  • Saudi Arabia

  • UAE


South America



  • Brazil

  • Argentina

  • Colombia


Regional Analysis


The regional analysis of the Plastic Recycling Market has shown that the APAC region is consistently dominating the global market. Environmental protection and regulating waste management are the reasons for the regular increase in the market share from the Asia Pacific region. The countries like China, Japan, Southeast Asia have the maximum availability of raw materials and the availability of low-cost recycling processes. In these areas, China is propelling the market, and it is the hub for plastic waste. China receives tons of plastic waste across the world and will maintain the maximum profits throughout the forecast period.


North America, in terms of plastic, recycle market value stands with second best position on a global level. There are several R&D programs and various initiatives for collection and recycling of the plastic taken by various industries and local communities for the environmental prospect and eventually growing the Plastic Recycling Market as well. As the largest share in the regional market is held by North America, it is expected to grow fastest during the said forecast.


Europe is also one of the promising markets in the Plastic Recycling Market. The regional market has major support from the European Unions to achieve a higher number of recycling rates and it helped in reducing water pollution levels as well. In Europe, Germany is holding the highest market share and will grow at pace with the support of the regional activists during the forecast period.



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Recent Developments



  • In December 2017, the Asian market was at boom as one of the management and post-consumer plastic production plants in India has utilized electronic and automotive plastic waste to produce post-consumer plastic.

  • In June 2017, Kuusakoski Group and Rosk’n Roll Oy and Itä-Uudenmaan Jätehuolto Oy collaborated and opened a joint venture Revanssi Oyto manage comprehensive waste in southern Finland.

  • In June 2017, Kuusakoski Group formed a joint venture with Rosk’n Roll Oy and Itä-Uudenmaan Jätehuolto Oy, with a 51% share in the company called Revanssi Oy to offer comprehensive waste management services in southern Finland.

  • In March 2021, BP Plc (the UK) and SABIC (Saudi Arabia) also collaborated for advanced plastic recycling and these two companies worked together with Gelsenkirchen (Germany) to drive a circular economy in petrochemical complex activities.

  • In February 2021, Agilyx Corporation and ExxonMobil Chemical Company announced a joint venture that will focus on increasing the recyclability of waste plastic and supplying quality waste plastic to the other plastic recycling industries.


Report Overview


This complete report has the methodology of organizing, collecting, and analyzing data to know the market trend of the Plastic Recycling Market. The investment structure and future analysis of the Plastic Recycling Industry overall provide a rise in the growth and production in the coming future.  


There is a relevant rise in the figures at which the Market was valued in the base year and estimated to project the revenue in the forecasted period. The Market Research report shows that the market competition between vendors through regional segmentation of markets in terms of revenue generation potential, business opportunities, demand-supply comparison taking place in the future. For every individual market player, the Plastic Recycling Market landscape and leading manufacturers offer a competitive landscape and market development status.



Report Scope:
Report Attribute/Metric Details
  Market Size   2028:34.4 USD Billion
  CAGR   5.82%CAGR (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Source, Method and End-User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Asia Plastic Recycling Holding Limited, B & B Plastics Recycling Inc, B. Schoenberg & Co., CarbonLITE Industries LLC, Clear Path Recycling, Consolidated Container Company, GreenLine Polymers, Imerys SA, Indorama Ventures Public Company Limited, Jayplas, Joe’s Plastics Inc., Kuusakoski Group Oy, KW Plastics, , Montello S.p. A., MTM Plastics GmbH, Plasgran Ltd., Plastipak Holdings, Inc., Recycled Plastics UK, RJM International Inc., Seraphim Plastics, Shakti Plastics Industries, Suez, Teijin Limited, Ultra Poly Corporation , UltrePET, LLC, Veolia, Custom Polymers, Inc., Envision Plastics , Plastic Recycling Inc., KW Plastics, Inc., UltrePET, LLC , Seraphim Plastics , MBA Polymers Inc. , Green-O-Tech India
  Key Market Opportunities

  • Increased usage of recycled plastic
  • Increased the demands for the manufacturers
  • Change in reprocessing and recycling techniques
  •   Key Market Drivers

  • Environmental protection
  • Rising demands of Recycled Plastic
  • Rise in plastic trash
  • Government support for Recycling Plastic


  • Frequently Asked Questions (FAQ) :


    The plastic recycling market can thrive at 5.82% CAGR by 2023.

    The plastic recycling market can value at USD 2.45 Bn by 2023.

    Seraphim Plastics (US), and Kuusakoski Group Oy (Finland), and MBA Polymers Inc. (US) are some reputed names in the plastic recycling market.

    The growing utility of recyclable packages can prompt the global plastic recycling market expansion.

    North America plastic recycling market growth can spur due to high utility of PET.

    North America is expected to grow at the fastest pace due to the high utility of PET.