Plastic Recycling Global Market Report 2024

The plastic recycling market size has grown strongly in recent years. It will grow from $41.71 billion in 2023 to $45.16 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth observed in the historical period can be attributed to factors such as increased environmental awareness, regulatory initiatives addressing environmental concerns, challenges related to waste management, resource scarcity, incentive programs promoting sustainable practices, and heightened market competition.

The plastic recycling market size is expected to see strong growth in the next few years. It will grow to $61.56 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. `The anticipated growth in the forecast period can be attributed to the implementation of single-use plastic bans, efforts in consumer education, the adoption of extended producer responsibility (EPR), the utilization of waste-to-energy solutions, and the impact of global supply chains. Major trends expected in the forecast period encompass innovation in sorting technologies, the development of eco-friendly packaging solutions, the emergence of plastic-to-fuel technologies, an increase in collaborations and partnerships, and ongoing innovation in collection systems.

The anticipated growth of the plastic recycling market is driven by the increasing consumption of plastics. Plastics, derived primarily from fossil fuels, are synthetic organic polymers widely utilized in various sectors of the modern economy due to their lightweight, cost-effectiveness, durability, and versatility. Through plastic recycling processes, waste or scrap plastic can be transformed into functional and valuable products. As of 2022, an article from the World Economic Forum estimated that the world generates 400 million tons of plastic waste annually, with packaging constituting approximately 36% of total plastic production, and a significant 85% of it ending up in landfills. Therefore, the rising consumption of plastics is a significant factor propelling the growth of the plastic recycling market.

The surge in plastic waste is expected to drive the growth of the plastic recycling market. Plastic waste, considered environmental pollution, poses a substantial threat to ecosystems and human health. Plastic recycling serves as a solution by converting discarded plastic material into new products, thereby reducing the volume of plastic directed to landfills and incinerators. In 2021, a report by the Minderoo Foundation indicated that around 6 million metric tons of single-use plastic waste were generated globally, reaching 139 million tons in 2021, and this figure is projected to increase by 60 million metric tons by 2027. Consequently, the escalating plastic waste issue is a key driver for the growth of the plastic recycling market.

The adoption of technological advancements emerges as a notable trend in the plastic recycling market. Major industry players are introducing innovations in recycling technologies to streamline and cost-effectively enhance plastic recycling processes, aiming to strengthen their market position. For example, in November 2021, Honeywell International Inc. launched the UpCycle Process Technology, designed to advance the circular economy of plastics through more sustainable and lower-carbon-impact plastic recycling. The technology converts waste plastic into Honeywell recovered polymer feedstock, utilizing cutting-edge molecular conversion, pyrolysis, and pollutants management technology. With UpCycle Process Technology, it is estimated that 90% of global plastic waste could be recycled.

Major companies in the plastic recycling market are focusing on product innovation, such as the development of recycling additives, to gain a competitive advantage. Recycling additives are substances added to recycled plastics to enhance their properties, making them more suitable for use in new products. In May 2023, Evonik Industries AG launched TEGO Cycle, additives designed to reduce energy consumption during the mechanical recycling process and improve the flowability and appearance of recycled plastics. These additives play a crucial role in making recycled plastics more compatible with other materials, facilitating their use in a variety of applications.

In April 2022, SCG Chemicals Co Ltd. acquired a 70% stake in Sirplaste, a plastic recycling company based in Portugal, for an undisclosed amount. This strategic acquisition aimed to expand SCG Chemicals' market presence in Portugal and Europe, particularly in the high-quality post-consumer recycled resin (PCR) product portfolio. The move also bolstered manufacturing capacity and improved the overall quality of SCG Chemicals Co Ltd. Sirplaste specializes in providing plastic waste recycling services, including sorting and crushing waste plastic.

Major companies operating in the plastic recycling market report are Kuusakoski Group Oy, Berry Global Inc, B & B Plastics Inc., Plastipak Packaging Inc., CarbonLite Industries LLC, Custom Polymers Inc, MBA Polymers Inc, Clear Path Recycling LLC, Veolia Environnement S.A, Plasgran Ltd, Jayplas Limited, Envision Plastics Industries LLC, Fresh-Pak Corporation, WM Intellectual Property Holdings LLC, Green Line Polymers Inc, Biffa, Republic Services, Clean Harbors, Stericycle, Advanced Environmental Recycling Technologies, KW Plastics, The Coca-Cola Company, LyondellBasell, Indorama Ventures, Loop Industries, Nova Chemicals, Agilyx, The Procter & Gamble Company, PreZero, GreenMantra Technologies, EFS-plastics Inc., Preserve, Next Generation Recyclingmaschinen GmbH, Interseroh.

North America was the largest region in the plastic recycling market in 2023. The regions covered in the plastic recycling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the plastic recycling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of plastic recycling include polyethylene terephthalate, polyethylene, polystyrene, polyvinyl chloride, polypropylene, and others. Polyethylene terephthalate is a semi-crystalline polymer derived from copolymerizing ethylene glycol and terephthalic acid. It is sourced from various materials, including bottles, films, foams, fibers, and other sources. This type of plastic recycling finds applications in industries such as packaging, automotive, building and construction, electrical and electronics, among others.

The plastic recycling market research report is one of a series of new reports that provides plastic recycling market statistics, including the plastic recycling industry global market size, regional shares, competitors with a plastic recycling market share, detailed plastic recycling market segments, market trends, and opportunities, and any further data you may need to thrive in the plastic recycling industry. This plastic recycling market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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