Enjoy complimentary customisation on priority with our Enterprise License!
The plastic recycling solutions market size is forecast to increase by USD 25.8 billion at a CAGR of 8.87% between 2023 and 2028. The market is driven by the escalating environmental concerns due to plastic pollution. As plastic waste continues to accumulate in landfills and water bodies, there is a pressing need to find sustainable solutions for managing this issue. One such solution is the increasing demand for recycled plastics. In particular, low-density polyethylene (LDPE) and recycled textile plastics are gaining popularity due to their versatility and eco-friendliness. However, there are challenges associated with plastic recycling, such as the complexity of the recycling process and the lack of standardization in plastic design. These challenges must be addressed to ensure the effective implementation of plastic recycling solutions and to mitigate the negative impact of plastic pollution on the environment.
Plastic waste has become a significant environmental concern in developed economies, with millions of tons accumulating in landfills and polluting aquatic ecosystems each year. To mitigate this issue, the focus on plastic recycling solutions has gained momentum. Recycled materials derived from downcycled plastics offer a viable alternative to the production of new plastics. Downcycling, the process of converting waste plastic into lower-grade products, plays a crucial role in reducing the amount of plastic waste that ends up in landfills or the environment.
Recycled materials derived from downcycled plastics can be used in various industries, including consumer products, electronics, and packaging. Governments and public sectors have recognized the importance of plastic recycling and have implemented various initiatives to encourage the adoption of recycled plastics. These initiatives include tax incentives and public sector funding for recycling projects. Plastic prohibition is another approach to address the issue of plastic waste. Many developed economies have implemented or are considering bans on certain types of single-use plastics, such as bags, straws, and utensils. These bans aim to reduce the overall consumption of plastic and, consequently, the amount of plastic waste generated.
However, to effectively address the issue of plastic waste, it is essential to increase recycling rates. This can be achieved by designing products with recycled polymers in mind. For instance, consumer electronics, such as laptops, cellphones, and modems, can incorporate recycled high-density polyethylene (HDPE) and low-density polyethylene (LDPE) in their manufacturing processes. Recycled plastics offer numerous benefits, including reduced greenhouse gas emissions, decreased reliance on virgin resources, and a smaller carbon footprint. Moreover, the use of recycled plastics in consumer products not only contributes to environmental sustainability but also enhances their marketability, as consumers increasingly demand eco-friendly alternatives.
In conclusion, plastic recycling solutions are a critical component of reducing plastic waste in developed economies and protecting aquatic biodiversity. Downcycling, recycled materials, tax incentives, public sector funding, and plastic prohibition are some of the key strategies being employed to address this issue. By increasing recycling rates and incorporating recycled plastics into various industries, developed economies can make a significant impact on the reduction of plastic waste and the protection of the environment.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2017-2022 for the following segments.
The post-consumer recyclate segment is estimated to witness significant growth during the forecast period. Post-consumer plastic recycling refers to the process of transforming used plastic materials from various sources, such as households, businesses, and municipal recycling programs, into high-quality recycled plastic materials. These recycled plastics, also known as post-consumer recyclate, are collected, sorted, and processed using mechanical or chemical methods to create new plastics suitable for various industries and applications. Mechanical recycling involves cleaning, shredding, and melting the plastic waste to produce recycled plastic pellets or flakes. Post-consumer recyclate is widely used in the production of new plastic packaging, which is a significant market for recycled materials. In developed economies, there is a growing emphasis on reducing plastic waste in landfills and increasing the use of recycled materials.
Government initiatives, including tax incentives and public sector funding, are driving the growth of the post-consumer plastic recycling market in the US. The use of recycled plastic materials not only helps reduce waste but also offers environmental benefits and cost savings for businesses. The recycled materials can be used to manufacture new plastics, reducing the need for virgin materials and the associated environmental impact. In conclusion, post-consumer plastic recycling plays a crucial role in reducing plastic waste and promoting sustainability in industries and applications that rely heavily on plastic materials. The US market for post-consumer plastic recycling is expected to grow significantly due to government initiatives and increasing consumer awareness of the importance of reducing plastic waste.
Get a glance at the market share of various segments Request Free Sample
The Post-consumer recyclate segment accounted for USD 27.80 billion in 2017 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions Request Free Sample
The market in the Asia Pacific region has experienced notable expansion due to the increasing production of packaging materials and consumer goods. With major economies like China and India driving consumption, the generation of plastic waste has escalated. For instance, India produces approximately 3.5 million metric tons of plastic waste annually, as per the Central Pollution Control Board (CPCB) Report (2019-20). This escalating plastic waste issue has instigated heightened environmental concerns, resulting in a growing emphasis on plastic recycling and eco-friendly waste management solutions in the region. Key plastic waste materials include polypropylene, plastic bottles, and impact-resistant plastics, which are extensively used in various industries, including medical devices. Landfill bans and stringent regulations have further fueled the demand for plastic recycling solutions. As the market continues to evolve, it presents significant opportunities for industry players and investors. Companies such as Polypropylene Corporation, Nestle, and Coca-Cola are actively investing in plastic recycling technologies to reduce their environmental footprint and meet sustainability goals.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing environmental concerns owing to increasing plastic pollution is the key driver of the market. The issue of plastic pollution and its detrimental effects on the environment has gained significant attention and concern from various sectors, including individuals, communities, governments, and businesses. Plastic waste, originating from single-use plastics, plastic packaging, and discarded products, poses a threat to both terrestrial and aquatic ecosystems. This waste contributes to the pollution of waterways and water treatment for aquatic and oceans, negatively impacting marine life and wildlife. Animals can become entangled in plastic debris, limiting their movement, and in severe cases, leading to injury or death. Furthermore, plastic fragments can break down into microplastics, which can enter the food chain and potentially harm human health.
In response to these environmental concerns, there has been a notable shift in public perception towards the management of plastic waste. Several companies are at the forefront of addressing this challenge by focusing on the recycling of plastics for use in consumer products. Notable industry leaders, such as Stericycle, are dedicated to the collection, transportation, and recycling of various types of plastics, including recycled polymers. These recycled plastics find their way into various consumer products, including consumer electronics, such as laptops, cellphones, and modems. By utilizing recycled plastics in the manufacturing process, these companies reduce the demand for virgin plastics and contribute to a more sustainable production cycle.
In conclusion, the growing awareness of the environmental consequences of plastic waste has led to a heightened focus on plastic recycling solutions. Companies like Stericycle are at the forefront of this movement, collecting, transporting, and recycling plastics for use in consumer products, such as electronics. This not only reduces the demand for virgin plastics but also contributes to a more sustainable production cycle. By continuing to invest in and support these initiatives, we can help mitigate the environmental impact of plastic waste and promote a more circular economy.
Increasing demand for recycled plastics is the upcoming trend in the market. The global shift towards sustainable business practices has led various industries, including automotive, packaging, and construction, to embrace the use of recycled plastics. This trend is driven by the rising consciousness among consumers regarding personal hygiene and the environment. In 2022, over half of the manufactured plastics were utilized in the packaging sector. The packaging industry's dominance in plastic waste production is due to its extensive use of recycled plastics. Recycled plastics are also gaining popularity in the production of protective packaging and personal hygiene items. Moreover, the automotive industry is increasingly using recycled plastics in the manufacturing of lightweight components, which not only reduces vehicle weight but also decreases fuel consumption and greenhouse gas emissions.
Plastics recycling solutions, such as segregation and various recycling processes, are essential in ensuring the efficient use of waste plastics. Laboratory equipment is used to test the quality of recycled plastics, particularly Polyethylene terephthalate (PET), before it is used in manufacturing processes.
Several threats associated with plastic recycling is a key challenge affecting the market growth. Plastic pollution is a pressing issue that has led to increasing regulations and initiatives towards plastic recycling. However, the recycling process itself poses health risks for workers and nearby communities. According to a Human Rights Watch report, workers at recycling facilities and adjacent households may be exposed to harmful chemicals during plastic recycling, leading to potential health hazards such as cancer and reproductive system impairment. Recycled plastics, particularly those made from low-density polyethylene, often contain higher concentrations of hazardous substances like benzene, carcinogens, flame retardants, and endocrine disruptors. These chemicals can negatively impact human health and the environment.
These reports emphasize the importance of designing plastics with recyclability in mind to minimize the use of hazardous chemicals and ensure the safety of workers and communities involved in the recycling process. In conclusion, while plastic recycling is crucial for reducing plastic pollution, it's essential to prioritize the health and safety of those involved in the process. By focusing on plastic design and the use of safer recycling methods, we can mitigate the risks associated with plastic recycling and create a more sustainable future.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Altium Packaging - Our company provides specialized plastic recycling services for various types of plastic packaging materials. We help businesses effectively manage their plastic waste by offering innovative and sustainable recycling solutions. By utilizing advanced recycling technologies, we ensure the highest quality recycled plastic products, contributing to a more eco-friendly industry. Our solutions cater to a wide range of industries and applications, making US a trusted partner in the plastic recycling sector. Keywords: plastic recycling solutions, plastic waste management, sustainable recycling, advanced recycling technologies, eco-friendly industry, trusted partner.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Plastic packaging continues to be a significant contributor to global waste, with an estimated 300 million tons generated annually. However, the environmental impact of plastic waste is a growing concern, leading to increased focus on plastic recycling solutions. Downcycling, the process of converting waste plastics into lower-value products, is a common approach. New plastics from recycled materials offer a sustainable alternative to virgin plastics, reducing the need for landfill and minimizing the impact on aquatic biodiversity. Governments in developed economies are implementing tax incentives and public sector funding to encourage plastic recycling. Plastic wastes from various sectors, including carpet, textiles, automotive parts, construction materials, shopping bags, drycleaning bags, retail bags, composite lumber, playground sets, and consumer goods, are being recycled into new products.
Plastic consumption is on the rise, particularly in the ecommerce sector, where packaging materials for online purchases are a significant contributor to plastic waste. Consumer goods, such as polypropylene, medical devices, plastic bottles, and consumer electronics like laptops, cellphones, modems, are increasingly being made from recycled plastics. Recycling rates are improving, with advancements in recycling processes for various polymers, including low-density polyethylene, polyethylene terephthalate, and recyclable polymers. Segregation of waste and proper disposal of plastic scraps are crucial for effective recycling. The plastic prohibition movement and efforts to reduce plastic pollution are driving demand for recycled plastics in various industries. Plastic recycling companies, such as Stericycle, are at the forefront of this shift, providing innovative solutions for plastic waste management and recycling. Recycled plastics are being used to create new consumer products, from impact-resistant automotive parts to laboratory equipment, further reducing the need for virgin plastics.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
180 |
|
Base year |
2023 |
|
Historic period |
2017-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 8.87% |
|
Market growth 2024-2028 |
USD 25.8 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
7.6 |
|
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
|
Performing market contribution |
APAC at 44% |
|
Key countries |
China, US, Japan, Germany, and UK |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Altium Packaging, Biffa Plc, CABKA Group GmbH, Cross Wrap Oy, EREMA Engineering Recycling Maschinen und Anlagen Ges.m.b.H., Far Eastern Group, J and A Young Leicester Ltd., KW Plastics, Loop Industries Inc., MBA Polymers Inc., OMV Aktiengesellschaft, Petcore Europe, Plastipak Holdings Inc., Republic Services Inc., Stericycle Inc., SUEZ SA, Tomra Systems ASA, Vanden Global Ltd., Veolia Environnement SA, and Waste Management Inc. |
|
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
