Plastic Recycling Market Research : Plastics recycling market set to grow big

The plastics recycling market industry is expected to grow exceptionally within the next eight years, according to recently published market data. According to a report by Market Research Future the global market is expected to expand by more than 50% from USD 41.24 billion in 2022 to USD 66.66 billion in 2030. Another report by Allied Market Research is slighty less enthusiastic but expects the plastic recycling market to reach generate USD 60,96 by 2031.

Increasing awareness regarding the negative impact of plastic waste on the environment and the growing need to curb carbon emissions are some of the key factors driving the growth of the plastic recycling market. In addition, governments in all parts of the world are enforcing stringent regulations and taking innovative initiatives to promote plastic waste recycling. However, lack of infrastructure for plastic recycling processes and limited investment in plastic recycling initiatives in developing countries is expected to restrain the growth of the plastic recycling market over the forecast period. Meanwhile, invention of advanced technologies such as pyrolysis and chemical recycling to recycle plastic waste is expected to provide lucrative opportunities for plastic recycling market growth in the coming years.

Recycled plastic has a diverse range of applications and uses in various industries, including packaging, construction, automotive, and textiles. The packaging industry is one of the largest consumers of recycled plastic. In the construction industry, recycled plastic is used to make products such as decking, piping and insulation. Within the automotive industry, recycled plastic is used to make parts such as car bumpers and dashboards, while in the textile industry, recycled plastic is used to make fabrics and clothing.

According to the market research, the outbreak of the Covid-19 pandemic had a negative impact on the global plastic recycling market.

Demand for recycled plastic has fallen due to the closure of many companies and the decline in the production of plastic products. As a result, the price of virgin plastic has fallen, making it harder for recyclers to compete. In addition, the pandemic has led to an increase in the use of single-use plastic products, such as gloves, masks and packaging for online deliveries. This in turn has created more plastic waste, highlighting the need for improved recycling infrastructure and technologies.

In 2021, the plastic bottles sub-segment will hold the highest market share, owing to increasing awareness about the negative impact of plastic waste on the environment. One of the most widely used consumer products, plastic bottles contribute significantly to the growing problem of plastic waste. There is a growing demand for recycled plastic bottles, which are a more sustainable alternative to new plastic bottles.

By 2021, the packaging segment will account for the largest share. Since packaging materials account for a significant portion of the plastic waste generated globally, the packaging sub-segment is one of the key drivers of the plastic recycling market. Increasing demand for sustainable packaging solutions and growing awareness about environmental issues are driving the growth of the packaging sub-segment of the plastics recycling market.

By region, Asia-Pacific held the highest market share in terms of revenue in 2021. From 2022 to 2031, the Asia-Pacific plastics recycling market is expected to grow at the fastest CAGR of 9.2%. Globally, this region is home to some of the most significant environmental challenges, such as air and water pollution and waste management. Therefore, governments and consumers in the region are becoming increasingly aware of the necessity of sustainable waste management practices, including plastic recycling.