USD 45.5 Billion
Report ID:
SQMIG20N2036 |
Region:
Global |
Published Date: January, 2025
Pages:
197
|Tables:
97
|Figures:
71
Global Plastic Recycling Market size was valued at USD 45.5 Billion in 2023 poised to grow from USD 49.73 Billion in 2024 to USD 101.30 Billion by 2032, growing at a CAGR of 9.3% in the forecast period (2025-2032).
The increasing global awareness regarding environmental issues-the one directly focused on plastic waste and effects-has turned out to be a primary driver for plastic recycling market growth. This awareness has swiftly shifted to emphasis on recycling and less use of plastic through increased sustainability on the parts of governments, industries, and consumers. The market growth can also be attributed to the increasing demand for recycled plastics and the huge investments made in recycling technology and infrastructure. The regularity concerning actions reducing plastic waste also prescribes the plastic recycling domain. Management, throughout the world, is introducing laws against the usage of all single-use plastics, emphasizing recycling targets, and providing the extended producer responsibility framework.
These rules made a favorable environment in which the industry for plastic recycling can survive and thrive. Global plastic recycling industry is some of the complex ecosystems. Environmental concerns, regulations, and technological advancement are the key drivers for the growth of the global plastic recycling industry. The industry is primarily driven by the urgent need to address the growing issue of plastic pollution and its negative environmental effects. Utilising recycled components in products is encouraged by the increase in demand for recycled plastic. Recycling technology has advanced significantly over time, allowing for more efficient and cost-effective handling of plastic waste. Advanced technologies for sorting and separation include near-infrared (NIR) spectroscopy, optical sorting, and artificial intelligence (AI) algorithms.
Market snapshot - (2025-2032)
Global Market Size
USD 45.5 Billion
Largest Segment
Polyethylene Terephthalate (PET)
Fastest Growth
Polyethylene (PE)
Growth Rate
9.3% CAGR
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The global plastic recycling market is segmented based on product, source, application, and region. In terms of product, the market is grouped into polystyrene (PS), polyethylene (PE), polyethylene terephthalate (PET), polypropylene (PP), polyvinyl chloride (PVC), and others. Based on the source, the market is segmented into plastic bottles, plastic films, polymer foam, and others. Based on application, the market is grouped into building and construction, packaging, electrical and electronics, textiles, automotive, and others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Central & South America and the Middle East & Africa.
As per categorization by product, the market is classified as polystyrene (PS), polyethylene (PE), polyethylene terephthalate (PET), polypropylene (PP), polyvinyl chloride (PVC), and others. Among these, polyethylene terephthalate (PET) earned the largest share and continues to hold the dominant global plastic recycling market share. The plastic recycling market is dominated by Polyethylene Terephthalate PET due to its very common application in beverage packaging and it can be recycled very easily. Innovations in PET recycling include advanced chemical recycling techniques that break it down into raw materials, enhancing circularity. Its lightweight, durability, and cost-effectiveness further boost demand. As industries prioritize sustainability, PET's ability to retain quality after recycling makes it the preferred material, driving its leadership in efforts to reduce plastic waste globally.
Polyethylene (PE) is poised to be the fastest-growing segment in the global plastic recycling market due to its extensive use in packaging, construction, and consumer goods. Innovative mechanical and chemical recycling technologies are gradually sharpening the recycling process of PE, reducing contamination problems, and improving the quality of recycled materials-in all these further developments, besides truly draining government faith-determinations and corporate commitments to sustainability. Versatile material together with innovations such as mono-material packaging supports circular economy agendas, which focus on elevating plastic recycling and confronting high calls for sustainable materials.
Plastic bottles dominated the global plastic recycling market due to their high recyclability, widespread use in beverages and consumer products, and the efficiency of established collection systems. Innovations such as advanced sorting technologies, chemical recycling methods, and bottle-to-bottle recycling processes improve desirable attributes and scalability of recycled plastic bottles. Increased consumer awareness coupled with regulations demanding recycled contents in packaging also demand such bottles. Besides, the lightweight, durable and economical advantages of plastics make them fundamental in packaging. At the same time, initiatives on closed-loop systems make plastics even more significant for global recycling, considering the sustainability and reduction of plastic waste.
Plastic films are set to be the fastest-growing segment in the global plastic recycling market due to their extensive use in packaging, agriculture, and consumer products. Technological progress in the recycling of increasingly sophisticated and highly contaminated materials-from better sorting systems to chemical recycling-has improved quality recovery. Regulatory changes and commitments from industry have fueled investments in plastic film recycling infrastructure and increased demand for recycled content in flexible packaging to undergird waste reduction. Heightened awareness of waste impacts on the environment has also contributed significantly as a driver of these transformations, thereby making plastic films a highly critical area for innovation and growth in recycling at the time.
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Asia Pacific dominated the global plastic recycling market due to its large-scale manufacturing base, high plastic consumption, and increasing focus on sustainability. This region enjoys very rich recycling infrastructure; such countries as China and India rank among the major recycling hub countries. Government initiative promotes waste management and circular economy goals and further helps with expansion. Low-Cost Labor and Raw Materials and Other Factors Increasing Compete for Recycling Operations. Rising awareness of environmental issues, coupled with stricter regulations on plastic waste, drive regional investments in the advanced recycling technologies that continue to elevate Asia Pacific's dominance in the world plastic recycling market.
Europe is the fastest-growing region in the global plastic recycling market due to stringent regulations, such as the European Union's circular economy action plan and mandates for recycled content in packaging. Advanced recycling technologies within the region have fairly good infrastructure for collection and public awareness on sustainability which fuel economic growth. Investments in chemical recycling with cross-border industrial collaborations further optimize the efficiency of recovering materials. Also, other incentives and government funding for recycling infrastructure encourage market stimulation. A place specific for carbon footprint reduction in the industry with the regional strategy for restrictively using landfill makes Europe's innovation and proactive policies a businessman who speeds up plastic recycling initiatives.
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Increasing Regulatory Pressures
Rising Consumer Awareness
Limited Recycling Infrastructure
Complex Material Composition
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The global plastic recycling market is very competitive; many players are investing in advanced recycling technologies as well as infrastructures. The leading companies in the sector such as Veolia, SUEZ, Tomra Systems, offer innovative solutions for the collection, sorting, and processing of plastic waste. Other key players include Waste Management Inc. and ALBA Group. All these companies generally focus their commitments on enhancing recycling capabilities coupled with the promotion of sustainability and technological advancement to meet the increasing demand for recycled plastics and to satisfy the growing legal requirements.
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global plastic recycling industry is undergoing significant growth driven by heightened environmental awareness, government regulations, and advancements in recycling technologies. Key drivers such as increased demand for recycled materials, innovations in sorting and chemical recycling, and stronger legislative frameworks are shaping the market's future.
There are several challenges, such as recycling infrastructure and complicated materials, but the innovation in technology and recycling is much needed for continuous expansion in this sector. An evolving market is anticipated to act in this sector increasingly bringing solutions to plastic pollution, reduction of waste, and global sustainability.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 45.5 Billion |
Market size value in 2032 | USD 101.30 Billion |
Growth Rate | 9.3% |
Base year | 2024 |
Forecast period | (2025-2032) |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Plastic Recycling Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Plastic Recycling Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Plastic Recycling Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Plastic Recycling Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG20N2036
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