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

• 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.

• 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

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. Global Plastic Recycling Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Landscape/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. Global Plastic Recycling Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Material
         1. Polyethylene Terephthalate (PET)
         2. Polypropylene (PP)
         3. Polyethylene (PE)
         4. Polyvinyl Chloride (PVC)
         5. Others
      2. By Source
         1. Pipes
         2. Wires and Cables
         3. Sheets
         4. Bottle
         5. Others
      3. By End-User
         1. Automotive
         2. Food and Beverage
         3. Construction
         4. Textiles
         5. Electrical & Electronics
         6. Others
      4. By Region
         1. North America
         2. Europe
         3. Asia Pacific
         4. Latin America
         5. Middle East and Africa
6. North America Plastic Recycling Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Material
      2. By Source
      3. By End-User
      4. By Country
         1. United States
         2. Canada
7. Europe Plastic Recycling Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Material
      2. By Source
      3. By End-User
      4. By Country
         1. Germany
         2. United Kingdom
         3. Italy
         4. France
         5. Spain
         6. Rest of Europe
8. Asia Pacific Plastic Recycling Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Material
      2. By Source
      3. By End-User
      4. By Country
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Rest of Asia Pacific
9. Latin America Plastic Recycling Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Material
      2. By Source
      3. By End-User
      4. By Country
         1. Brazil
         2. Mexico
         3. Rest of Latin America
10. Middle East & Africa Plastic Recycling Market
    1. Market Size & Forecast by Value, 2018-2028
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Material
       2. By Source
       3. By End-User
       4.        By Country
          1. Saudi Arabia
          2. UAE
          3. South Africa
          4. Rest of Middle East & Africa
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership.)
12. Impact of COVID-19 on Global Plastic Recycling Market Industry
13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. KW Plastics
    2. Veolia
    3. Custom Polymers
    4. Plastipak Holdings
    5. The Coca-Cola Company Incorporated
    6. Suez
    7. B. Schoenberg & Co.
    8. Fresh Pak Corporation
    9. B&B Plastics
    10. Green Line Polymers
    11. Ultra Poly Corporation
    12. Clear Path Recycling
    13. Jayplas
    14. MBA Polymers
    15. RJM International Inc.
    16. CarbonLite Industries LLC
    17. Envision Plastics Industries LLC
    18. ReVital Polymers
    19. Other Prominent Players
14. 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