Key Market Insights:
“Rising adoption of recycled plastic products worldwide will boost the market growth”
The global plastic recycling market is growing substantially, projected to grow at a CAGR of 6.5% during the projected period from 2023 to 2030, starting from US$ 49.86 Bn in 2021. The global plastic recycling market volume is rising significantly, anticipated to expand with a CAGR of 8.9% during the estimated period from 2023 to 2030, starting from 37,297.9 kilotons in 2021.
The global plastic recycling market is majorly driven by the growing adoption of recycled plastic products worldwide. Growing penetration of recycled plastics in numerous industries (includes food & beverages, packaging, personal care and others) is expected to further drive the market growth throughout the forecast period. The demand for plastic recycling is anticipated to surge at a rapid pace in years to come due to abysmal statistics about the plastic waste generation in the atmosphere. The plastic production has reached over 350 Bn metric tons in 2018 from 1.5 Mn metric tons in 1950.
Rising government initiatives worldwide for plastic recycling is another major factor responsible for market growth during the forecast period. For instance, in some states of the U.S. such as California, Delaware, Connecticut, and others ‘Bottle Bill or Container Deposit Law’ has passed in which states refund 5 or 10 cents per bottle to encourage recycling and reusing of beverage plastic containers. Growing hygiene concerns and initiatives by major companies for the use of recycled plastics are some other factors expected to drive the market in years to come. For instance, in 2015, Adidas partners with Parley an environmental organization to convert marine trash to sportswear. Adidas sold around 5 Mn pairs of shoes in 2018 and it is expected that the number will reach around 20 Mn by 2021.
Application Analysis:
“Expansion of the packaging industry to spur the segment growth”
The packaging segment has the highest share in the global plastic recycling market in 2021 in value terms and volume terms. The segment contributed to more than 38% market share in revenue terms and over 45% of the market share in volume terms in 2021. The segment was dominant in 2021 owing to expansion in the packaging industry, and stringent industry regulations for environment- friendly processes. The packaging industry was valued over US$ 840 Bn in 2018 and anticipated to reach around US$ 1.0 Tn by 2021 with a CAGR of nearly 6%.
“Growing need for packaging anticipated boosting the segment revenue”
The growing need for packaging due to the rapidly increasing e-commerce industry and a surge in the food delivery industry worldwide are anticipated to support the segment growth. Growing technological advancements to use recycled plastic for packaging and rising awareness to use recycled plastic for packaging are some other factors expected to enhance the market growth in years to come. Thus, the packaging segment is projected to continue its dominance in terms of both value and volume during the forecast period.
Regional Analysis:
“Rising import of plastic waste is expected to enhance the Asia Pacific growth”
In 2021, Asia Pacific has a major share in terms of both volume and value. The region contributed to around 48% market share in value and nearly 55% market share in volume. The region has the highest share owing to growing plastic waste imports in the South Asian economies such as India, Indonesia, Malaysia, Thailand and others. Growing small scale recycling plants along with the growth of the packaging industry in Asia Pacific are some other factors anticipated to enhance the market growth during the forecast period. Growing awareness accompanied by rising government initiatives for plastic recycling is some other factor expected to drive regional growth in years to come. For instance, in 2018, the Indian government installed ‘Reverse Vending Machines’ at different places to discard plastic bottles.
“Rising adoption of plastic recycling will spur the market in Europe”
Europe is anticipated to grow with the highest CAGR in terms of volume owing to the enhancement of domestic recycling facilities, increased use of recycled plastic across the packaging industry and growing environmental stability targets. For instance, in 2017, the European Union (EU) tightened recycling targets to 55% of plastic packaging waste by 2030 compared with 41% in 2016 for its member states.
Key Industry Developments:
List of Companies Covered:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Plastic Recycling market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
