plastic recycling market is experiencing significant growth as the world grapples with the environmental and economic challenges posed by plastic waste. Here’s an overview of the current state of the plastic recycling market and its future prospects:
Plastic recycling market size is forecast to reach US$80.20 billion by 2030 after growing at a CAGR of 7.1% during 2024-2030. Plastic recycling refers to the process of collecting waste plastics and recycling them to produce new and useful plastic products. Recycling plastics has been a matter of serious concern globally due to the adverse impact of virgin plastics on the environment. Accordingly, governments are implementing regulations and initiatives regarding the efficient recycling of plastics to reduce the increasing pollution and this, in turn, is expected to contribute to the market’s growth during the forecast period. Furthermore, the demand for recycled plastic is growing in the packaging application of a wide variety of products owing to the high demand for safe and durable packaging materials, and this is projected to drive the market’s growth during the forecast period. For instance, as per the UK Plastics Pact report by Waste and Resources Action Programme (WRAP), 100% of plastics in packaging will be recyclable by 2025.
The global uptick in industrialization and commercialization has increased the consumption of plastics, which has led to the high production of plastic waste. This high-volume waste production and lack of proper disposal channels have contributed to the creation of high levels of land- and marine-based pollution , plastic materials such as high-density polyethylene, low-density polyethylene, and polyethylene terephthalate are collected and recycled for use in several end-use industries. However, the lack of proper plastic recycling infrastructure might hamper the market’s growth during the forecast period.
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Plastic Recycling Market Market Current and Future Trends:
Market Size and Growth: The plastic recycling market has been experiencing robust growth in recent years and is expected to continue expanding. Factors such as increasing environmental concerns, stringent regulations, and growing awareness among consumers are driving the demand for recycled plastics. According to various reports, the global plastic recycling market size was valued at over $37 billion in 2020 and is projected to grow significantly in the coming years.
Types of Plastic Recycling: Plastic recycling involves the conversion of waste plastic into reusable materials. There are several methods of plastic recycling, including mechanical recycling, chemical recycling, and feedstock recycling. Mechanical recycling is the most common method, where plastics are sorted, cleaned, melted, and remolded into new products. Chemical recycling involves breaking down plastic polymers into their molecular components, which can then be used to produce new plastics or other chemicals. Feedstock recycling, also known as energy recovery, involves converting plastic waste into fuels or other energy sources.
Future Outlook: Despite these challenges, the plastic recycling market is expected to continue growing as stakeholders across the value chain invest in infrastructure, technology, and innovation. The transition towards a circular economy for plastics, where plastic waste is minimized, reused, and recycled, presents significant opportunities for sustainable growth and environmental stewardship.
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Plastic Recycling Market Report – Scope:
Plastic Recycling Market has been segmented By Material Type, By Recycling Process, By End Use Industry and Geography. The report provides insights into the market dynamics, including market drivers and challenges.
Plastic Recycling MarketThread Market with top country data and analysis. The report also highlights the market potential, growth rates, and alternative relevant statistics.
The competitive landscape section features company profiles of major players such as Indorama Ventures , Far Eastern New Century ,MBA Polymers , DAK AmericasPlastipak Holdings. This report is a valuable source of guidance and direction for companies and individuals interested in the Plastic Recycling Market
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The top 10 players in the Plastic Recycling Market industry are:
- Indorama Ventures
- Far Eastern New Century
- MBA Polymers
- DAK Americas
- Plastipak Holdings
- Longfu Recycling Energy Scientech
- Greentech
- KW Plastics
- Montello S.p. A.
- MTM Plastics GmbH and others
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