MarkNtel Advisors recently published a detailed industry analysis of the Plastic Recycling Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Plastic Recycling Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2030
The Plastic Recycling Market size is valued at nearly USD 32.9 billion in 2023 & is predicted to reach about USD 59.23 billion by 2030. Along with this, the market is also estimated to grow at a CAGR of about 8.72% during the forecast period, i.e., 2024-30.
What are the major Driver the Plastic Recycling industry?
Global Environment Initiatives & Corporate Innovations in Plastic Recycling & Circular Economy Solutions – With the rapidly increasing concerns about pollution & environmental degradation, different countries worldwide are taking several initiatives for plastic recycling & waste management to promote & spread awareness about suitable disposal practices for plastic & recycling it into new products. Due to this, many companies are investing and launching new products made up of recycled plastic as part of their circular economy process. For instance:
In 2023, Dow announced the development of a new resin made with around 70% recycled plastic. This innovative new solution, AGILIT CE, is the first post-consumer recycled (PCR) product offering of Dow's plastics circularity portfolio to incorporate a high percentage of post-consumer plastic waste.
These developments by the companies to incorporate plastic waste products in their product portfolio have increased the demand for recycled plastic in the market, as it underscores the growing recognition of the imperative to embrace sustainable packaging solutions.
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What segments define the Plastic Recycling market from 2024 to 2030? How do these segments contribute to market dynamics and growth?
- Process
- Mechanical Recycling - Market Size & Forecast 2019-2030, USD Million
- Chemical Recycling - Market Size & Forecast 2019-2030, USD Million
- By Application
- Packaging- Market Size & Forecast 2019-2030, USD Million
- Building & Construction- Market Size & Forecast 2019-2030, USD Million
- Textiles- Market Size & Forecast 2019-2030, USD Million
- Automotive- Market Size & Forecast 2019-2030, USD Million
- Electrical & Electronics- Market Size & Forecast 2019-2030, USD Million
According to report, The Packaging Sector is poised to experience the most rapid market growth during the forecast period, primarily driven by the substantial demand for plastic in various applications, particularly in the packaging of food & beverages, including ready-to-eat and ready-to-serve products.
· By Source
o Bottles- Market Size & Forecast 2019-2030, USD Million
o Films- Market Size & Forecast 2019-2030, USD Million
o Fibers- Market Size & Forecast 2019-2030, USD Million
o Foams- Market Size & Forecast 2019-2030, USD Million
· By Plastic Type
o Polyethylene Terephthalate (PET) - Market Size & Forecast 2019-2030, USD Million
o Polyethylene (PE)- Market Size & Forecast 2019-2030, USD Million
o Polypropylene (PP)- Market Size & Forecast 2019-2030, USD Million
o Polyvinyl Chloride (PVC)- Market Size & Forecast 2019-2030, USD Million
o Polystyrene (PS)- Market Size & Forecast 2019-2030, USD Million
· By Type
o Post-consumer Recyclates- Market Size & Forecast 2019-2030, USD Million
o Industrial Recyclates- Market Size & Forecast 2019-2030, USD Million
According to report, Polyethylene Terephthalate (PET) holds a leading share of the Plastic Recycling Market, and this trend is expected to continue through 2030. PET stands out due to its high recycling rate compared to other plastic types, making it a preferred choice.
Explore the Complete Plastic Recycling Market Analysis Report – https://www.marknteladvisors.com/research-library/global-plastic-recycling-market.html
Geographical Analysis: Plastic Recycling Market
o North America
o South America
o Europe
o The Middle East & Africa
o Asia-Pacific
Plastic Recycling Market Share & Competitive Landscape:
The Plastic Recycling Market is characterized by intense competition, with several key players driving growth through innovation, market expansion, and strategic investments. The competitive landscape provides valuable insights into the industry's leading companies, highlighting their strengths, financial performance, and market influence.
Leading Companies in the Plastic Recycling Market are:
- Veolia
- Suez
- KW Plastic
- Jayplas
- B. Schoenberg & Co.
- B&B Plastics
- Green Line Polymers
- Clear Path Recycling
- Custom Polymers
- Plastipak Holdings.
Plastic Recycling Industry Recent Development:
- 2023: Veolia and Lyondell Basell restructure their plastics recycling joint venture QCP to build a profitable circular and low carbon solutions business, to meet customer demand for more sustainable products and solutions.
- 2023: SUEZ, SK Geo Centric, and Loop Industries identified a location for their collaborative plastic recycling facility in Saint-Avold, France. This plant is dedicated to the production of 100% recycled PET resin, which maintains a virgin-quality and is infinitely recyclable.
Questions Addressed in this Study
1.What factors are driving the Plastic Recycling Market growth?
2.How is the Plastic Recycling Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Plastic Recycling Market?
4.What is the current size of the Plastic Recycling Market, and how is it projected to change in the future?
6.What is the future outlook for the Plastic Recycling Market in terms of technological advancements and market expansion?
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