Global Plastic Recycling Market Bwc19133
Plastic Recycling Market - Global Industry Size, Share, Growth, Opportunity and Forecast, 2018-2028, Segmented By Material (Polyethylene Terephthalate (PET), Polypropylene (PP), Polyethylene (PE), Polyvinyl Chloride (PVC) and Others), By Source (Pipes, Wires and Cables, Sheets, Bottle and Others), By End-User (Automotive, Food and Beverage, Construction, Textiles, Electrical & Electronics, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa);
- Published Date: March 2022
- Report ID: BWC19133
- Available Format: PDF
- Page: 210
Report Overview
The growth of the global plastic recycling market is primarily supported by the growing plastic production and demand. Increasing use of lightweight plastic components and rising awareness of plastic's adverse effects on the environment are also driving the market. Furthermore, consistent support from the governments and increasing penetration of recycled plastic products present lucrative opportunities for the global plastic recycling market.
Global Plastic Recycling Market - Industry Trends & Forecast Report 2028
The global plastic recycling market is expected to grow from USD 44.3 billion in 2021 to USD 76.5 billion in 2028, exhibiting a CAGR of 8.6% during the forecast period 2022-2028. The growth of the global plastic recycling market is primarily supported by the growing plastic production as well as demand. Increasing the use of lightweight plastic components and rising awareness of plastic's adverse effects on the environment also drive the market. Furthermore, the market is being driven by a shift in consumer behavior toward sustainability. The need for global plastic recycling has been driven by rising concerns about plastic pollution, hazardous emissions from the usage of petrochemicals, and fluctuating crude oil costs.
Plastic Recycling Overview
Plastic recycling is the process of recovering scrap or waste plastic and repurposing it into functional and usable products. Plastic recycling aims at reducing excessive levels of pollution caused by plastic while reducing the burden on pure materials used to make new plastic. The procedure helps to conserve resources by diverting plastic from landfills and other undesirable places such as the ocean. End-of-life plastic management is complex without recycling. More significant public understanding and the efficacy of recycling operations have resulted in higher recycling rates. Continuous acquisition in research and development will support operational efficiency.
Global Plastic Recycling Market
Growth Drivers
Rising Government Investment in Advanced Plastics Recycling Technologies
Rising government investments in innovative plastics recycling technology is expected to provide lucrative opportunities for global market players. For instance, DOE (the US Department of Energy) announced USD 27 million in financing for 12 projects that will likely help the development of sophisticated plastics recycling technology in October 2020. These initiatives will contribute to improving existing recycling technologies that break down plastics into chemical building blocks that may then be used to develop new products as part of the DOE's Plastics Innovation Challenge. These new projects are expected to help achieve the goal by developing energy-efficient recycling technologies and reducing plastic waste in the environment over the next few years.
Growth Restraints
Low Investment in Plastic Recycling is Hampering the Growth of the Global Plastic Recycling Market
The demand for effective plastic recycling is growing by the day; however, the recycling rates have been flat over the recent years, as per the National Association for PET Container Resources (NAPCOR - Trade association for the PET Packaging Industry in the U.S., Canada and Mexico.). According to NAPCOR, the recycling rate of plastic bottles went down to 27.9% in 2019 from 28.9% in 2018, with the total recycling rate of North America standing at 35% in 2019. NAPCOR further states that the recycling rate has been flat in North America in recent years, with an annual gap of more than one billion pounds between the current US supply and projected 2025 demand for Recycled-PET for use in bottles. The flat recycling rate, coupled with low investment in plastic recycling, is a major impediment to the growth of the global plastic recycling market.
Impact of COVID-19 On Global Plastic Recycling Systems
COVID-19 has had a mixed influence on the packaging business since it has had moderate growth over the forecast period. Due to the slowdown in industrial activities, demand for packaging in healthcare, electronic items, and food applications has surged dramatically, while demand for luxury, industrial, and B2B-transport packaging has decreased. The trend has accelerated since the advent of the COVID-19 pandemic, as it has had a significant impact on consumer purchasing behavior and preferences when selecting products and services. Consumers are becoming more aware of the environmental impact, recyclability, and time it takes for plastic products to decompose in landfills. Customers are more likely to choose products manufactured from recycled plastics than those created from conventional plastics as a result of market trends.
Global Plastic Recycling Market – By Material
Based on materials, the global plastic recycling market is segmented into polyethylene terephthalate (PET), polypropylene (PP), high-density polyethylene (HDPE), low-density polyethylene (LDPE), polystyrene (PS), polyvinyl chloride (PVC), and others. PET market growth is primarily due to the nature of PET which is recycled into yarns for textile applications and PET fibers. On the other hand, most plastics are used to make stuff like landscape furniture, roof and floor tiles, and plastic timber. Colors are given to (PET or PETE) containers, and PET recyclers cleanse the flakes. PET is a well-known substance used to make polyester fibers. Furthermore, the polyvinyl chloride segment is expected to increase steadily over the forecast period.
Global Plastic Recycling Market – By End User
Based on end-users, the global plastic recycling market is segmented into automotive, food and beverage, construction, textiles, packaging, and others. In 2021, the packaging had the largest market share, and it is expected to grow at a significant CAGR during the forecast period. The packaging market is growing as more people are aware of recycled plastics' use in food and beverage packaging due to technological advancements that have resulted in recycled resins that are suitable for food applications, which was not previously the case. Over the forecast period, the segment is expected to maintain its dominance. All use recycled plastics, such as food and non-food containers, beverage bottles, personal care products, household care products, film and sheets, and other packaging applications.
Global Plastic Recycling Market – Regional Insights
Based on region, the global plastic recycling market segmented into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa region. Amidst the segmentation, the North America region dominates the global plastic recycling market with the highest market share in 2021. The Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period. Both of these regions have highly efficient garbage collection and separation technology that aid recycling companies in systematically collecting waste. Furthermore, the packaging waste recycling market's improving prospects will draw new manufacturers to the region. Asia-Pacific produces the greatest packaging waste globally; also, there is a very low penetration of recycling companies in the region. The market trend is expected to continue during the forecast period 2022-2028.
Competitive Landscape
Plastic recycling companies across the region are using expansion and joint venture strategies to dominate the market. Furthermore, key market competitors compete based on their application development capabilities and growing plastic recycling technologies. The key players dominating the global Plastic Recycling market are KW Plastics, Veolia, Custom Polymers, Plastipak Holdings, The Coca-Cola Company Incorporated, Suez, B. Schoenberg & Co., Fresh Pak Corporation, B&B Plastics, Green Line Polymers, Ultra Poly Corporation, Clear Path Recycling, Jayplas, MBA Polymers, RJM International Inc., CarbonLite Industries LLC, Envision Plastics Industries LLC, ReVital Polymers and Other prominent players.
Recent Developments
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In November 2021, Honeywell announced the commercialization of its plastics recycling process known as “UpCycle Process Technology.” The company calls this a “revolutionary process” as it uses recycled plastic to produce feedstock to make recycled plastics with a smaller carbon footprint.
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December 2020, Agilyx and Braskem have announced a collaboration to explore an effective method for producing polypropylene (PP) from difficult-to-recycle mixed waste plastic using the former's superior recycling technology. This project aims to develop circular polypropylene with the qualities needed to meet the demands of manding end-use applications such as food packaging, consumer goods, and hygiene items.
Scope of Report
Attribute |
Details |
Years Considered |
Historical data- 2018-2021 |
Base Year- 2021 |
|
Forecast- 2022-2028 |
|
Facts Covered |
Revenue in USD Billion |
Market Coverage |
United States, Canada, Germany, United Kingdom, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, United Arab Emirates, South Africa |
Product/Service Segmentation |
By Material, By Source, and By End-User And By Region. |
Key Players |
The key players dominating the global Plastic Recycling market are KW Plastics, Veolia, Custom Polymers, Plastipak Holdings, The Coca-Cola Company Incorporated, Suez, B. Schoenberg & Co., Fresh Pak Corporation, B&B Plastics, Green Line Polymers, Ultra Poly Corporation, Clear Path Recycling, Jayplas, MBA Polymers, RJM International Inc., CarbonLite Industries LLC, Envision Plastics Industries LLC, ReVital Polymers and Other prominent players. |
By Material
-
Polyethylene Terephthalate (PET)
-
Polypropylene (PP)
-
Polyethylene (PE)
-
Polyvinyl Chloride (PVC)
-
Others
By Source
-
Pipes
-
Wires and Cables
-
Sheets
-
Bottle
-
Others
By End-User
-
Automotive
-
Food and Beverage
-
Construction
-
Textiles
-
Electrical & Electronics
-
Others
By Region
-
North America
-
Europe
-
Asia-Pacific
-
Latin America
-
Middle-East and Africa
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumption & Limitation
- Qualitative Research
- Executive Summary
- Global Plastic Recycling Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Drivers
- Restraints
- Opportunities
- Challenges
- Technological Landscape/Recent Development
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Global Plastic Recycling Market Overview
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Billion)
- Market Share & Forecast
- By Material
- Polyethylene Terephthalate (PET)
- Polypropylene (PP)
- Polyethylene (PE)
- Polyvinyl Chloride (PVC)
- Others
- By Source
- Pipes
- Wires and Cables
- Sheets
- Bottle
- Others
- By End-User
- Automotive
- Food and Beverage
- Construction
- Textiles
- Electrical & Electronics
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
- By Material
- Market Size & Forecast by Value, 2018-2028
- North America Plastic Recycling Market
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Billion)
- Market Share & Forecast
- By Material
- By Source
- By End-User
- By Country
- United States
- Canada
- Market Size & Forecast by Value, 2018-2028
- Europe Plastic Recycling Market
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Billion)
- Market Share & Forecast
- By Material
- By Source
- By End-User
- By Country
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Market Size & Forecast by Value, 2018-2028
- Asia Pacific Plastic Recycling Market
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Billion)
- Market Share & Forecast
- By Material
- By Source
- By End-User
- By Country
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Market Size & Forecast by Value, 2018-2028
- Latin America Plastic Recycling Market
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Billion)
- Market Share & Forecast
- By Material
- By Source
- By End-User
- By Country
- Brazil
- Mexico
- Rest of Latin America
- Market Size & Forecast by Value, 2018-2028
- Middle East & Africa Plastic Recycling Market
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Billion)
- Market Share & Forecast
- By Material
- By Source
- By End-User
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
- Market Size & Forecast by Value, 2018-2028
- Competitive Landscape
- List of Key Players and Their Offerings
- Market Share Analysis, 2021
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Development (Merger, Acquisition, Partnership.)
- Impact of COVID-19 on Global Plastic Recycling Market Industry
- Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
- KW Plastics
- Veolia
- Custom Polymers
- Plastipak Holdings
- The Coca-Cola Company Incorporated
- Suez
- B. Schoenberg & Co.
- Fresh Pak Corporation
- B&B Plastics
- Green Line Polymers
- Ultra Poly Corporation
- Clear Path Recycling
- Jayplas
- MBA Polymers
- RJM International Inc.
- CarbonLite Industries LLC
- Envision Plastics Industries LLC
- ReVital Polymers
- Other Prominent Players
- Key Strategic Recommendations
*Financial information in case of non-listed companies will be provided as per availability
**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
List of Figures
Figure 1 Global Plastic Recycling Segmentation
Figure 2 Global Plastic Recycling Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2021
Figure 4 Global Plastic Recycling Market Size, By Value (USD Billion), 2018-2028
Figure 5 Global Plastic Recycling Market Share, By Material, By Value, 2018-2028
Figure 6 Global Plastic Recycling Market Share, By Source, By Value, 2018-2028
Figure 7 Global Plastic Recycling Market Share, By End-User, By Value, 2018-2028
Figure 8 Global Plastic Recycling Market Share, By Region, By Value, 2018-2028
Figure 9 North America Plastic Recycling Market Size, By Value (USD Billion), 2018-2028
Figure 10 North America Plastic Recycling Market Share, By Material, By Value, 2018-2028
Figure 11 North America Plastic Recycling Market Share, By Source, By Value, 2018-2028
Figure 12 North America Plastic Recycling Market Share, By End-User, By Value, 2018-2028
Figure 13 North America Plastic Recycling Market Share, By Country, By Value, 2018-2028
Figure 14 Europe Plastic Recycling Market Size, By Value (USD Billion), 2018-2028
Figure 15 Europe Plastic Recycling Market Share, By Material, By Value, 2018-2028
Figure 16 Europe Plastic Recycling Market Share, By Source, By Value, 2018-2028
Figure 17 Europe Plastic Recycling Market Share, By End-User, By Value, 2018-2028
Figure 18 Europe Plastic Recycling Market Share, By Country, By Value, 2018-2028
Figure 19 The Asia-Pacific Plastic Recycling Market Size, By Value (USD Billion), 2018-2028
Figure 20 The Asia-Pacific Plastic Recycling Market Share, By Material, By Value, 2018-2028
Figure 21 The Asia-Pacific Plastic Recycling Market Share, By Source, By Value, 2018-2028
Figure 22 The Asia-Pacific Plastic Recycling Market Share, By End-User, By Value, 2018-2028
Figure 23 The Asia-Pacific Plastic Recycling Market Share, By Country, By Value, 2018-2028
Figure 24 Latin America Plastic Recycling Market Size, By Value (USD Billion), 2018-2028
Figure 25 Latin America Plastic Recycling Market Share, By Material, By Value, 2018-2028
Figure 26 Latin America Plastic Recycling Market Share, By Source, By Value, 2018-2028
Figure 27 Latin America Plastic Recycling Market Share, By End-User, By Value, 2018-2028
Figure 28 Latin America Plastic Recycling Market Share, By Country, By Value, 2018-2028
Figure 29 The Middle East & Africa Plastic Recycling Market Size, By Value (USD Billion), 2018-2028
Figure 30 The Middle East & Africa Plastic Recycling Market Share, By Material, By Value, 2018-2028
Figure 31 The Middle East & Africa Plastic Recycling Market Share, By Source, By Value, 2018-2028
Figure 32 The Middle East & Africa Plastic Recycling Market Share, By End-User, By Value, 2018-2028
Figure 33 The Middle East & Africa Plastic Recycling Market Share, By Country, By Value, 2018-2028
List of Tables
Table 1 Global Plastic Recycling Market Size, By Material, By Value, 2018-2028
Table 2 Global Plastic Recycling Market Size, By Source, By Value, 2018-2028
Table 3 Global Plastic Recycling Market Size, By End-User, By Value, 2018-2028
Table 4 Global Plastic Recycling Market Size, By Region, By Value, 2018-2028
Table 5 North America Plastic Recycling Market Size, By Material, By Value, 2018-2028
Table 6 North America Plastic Recycling Market Size, By Source, By Value, 2018-2028
Table 7 North America Plastic Recycling Market Size, By End-User, By Value, 2018-2028
Table 8 North America Plastic Recycling Market Size, By Country, By Value, 2018-2028
Table 9 Europe Plastic Recycling Market Size, By Material, By Value, 2018-2028
Table 10 Europe Plastic Recycling Market Size, By Source, By Value, 2018-2028
Table 11 Europe Plastic Recycling Market Size, By End-User, By Value, 2018-2028
Table 12 Europe Plastic Recycling Market Size, By Country, By Value, 2018-2028
Table 13 The Asia-Pacific Plastic Recycling Market Size, By Material, By Value, 2018-2028
Table 14 The Asia-Pacific Plastic Recycling Market Size, By Source, By Value, 2018-2028
Table 15 The Asia-Pacific Plastic Recycling Market Size, By End-User, By Value, 2018-2028
Table 16 The Asia-Pacific Plastic Recycling Market Size, By Country, By Value, 2018-2028
Table 17 Latin America Plastic Recycling Market Size, By Material, By Value, 2018-2028
Table 18 Latin America Plastic Recycling Market Size, By Source, By Value, 2018-2028
Table 19 Latin America Plastic Recycling Market Size, By End-User, By Value, 2018-2028
Table 20 Latin America Plastic Recycling Market Size, By Country, By Value, 2018-2028
Table 21 The Middle East & Africa Plastic Recycling Market Size, By Material, By Value, 2018-2028
Table 22 The Middle East & Africa Plastic Recycling Market Size, By Source, By Value, 2018-2028
Table 23 The Middle East & Africa Plastic Recycling Market Size, By End-User, By Value, 2018-2028
Table 24 The Middle East & Africa Plastic Recycling Market Size, By Country, By Value, 2018-2028
Table 25 KW Plastics Company Overview
Table 26 KW Plastics Financial Overview
Table 27 Veolia Company Overview
Table 28 Veolia Financial Overview
Table 29 Plastipak Holdings Company Overview
Table 30 Plastipak Holdings Financial Overview
Table 31 The Coca-Cola Company Incorporated Company Overview
Table 32 The Coca-Cola Company Incorporated Financial Overview
Table 33 B. Schoenberg & Co. Company Overview
Table 34 B. Schoenberg & Co. Financial Overview
Table 35 B&B Plastics Company Overview
Table 36 B&B Plastics Financial Overview
Table 37 Green Line Polymers Company Overview
Table 38 Green Line Polymers Financial Overview
Table 39 Ultra Poly Corporation Company Overview
Table 40 Ultra Poly Corporation Financial Overview
Table 41 Clear Path Recycling Company Overview
Table 42 Clear Path Recycling Financial Overview
Table 43 Jayplas Company Overview
Table 44 Jayplas Financial Overview
Table 45 MBA Polymers Company Overview
Table 46 MBA Polymers Financial Overview
Table 47 RJM International Inc. Company Overview
Table 48 RJM International Inc. Financial Overview
Table 49 CarbonLite Industries LLC Company Overview
Table 50 CarbonLite Industries LLC Financial Overview
Table 51 Envision Plastics Industries LLC Company Overview
Table 52 Envision Plastics Industries LLC Financial Overview
Table 53 ReVital Polymers Company Overview
Table 54 ReVital Polymers Financial Overview
Market Segmentation
By Material
- Polyethylene Terephthalate (PET)
- Polypropylene (PP)
- Polyethylene (PE)
- Polyvinyl Chloride (PVC)
- Others
By Source
- Pipes
- Wires and Cables
- Sheets
- Bottle
- Others
By End-User
- Automotive
- Food and Beverage
- Construction
- Textiles
- Electrical & Electronics
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle-East and Africa
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