Plastic Recycling Market Report 2025

The plastic recycling market size has grown strongly in recent years. It will grow from $44.88 billion in 2024 to $48.59 billion in 2025 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to environmental awareness, regulatory initiatives, resource scarcity, waste management challenges, incentive programs, market competition.

The plastic recycling market size is expected to see strong growth in the next few years. It will grow to $67.58 billion in 2029 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to single-use plastic bans, consumer education, extended producer responsibility (EPR), waste-to-energy solutions, and global supply chains. Major trends in the forecast period include innovation in sorting technologies, eco-friendly packaging solutions, plastic-to-fuel technologies, collaborations and partnerships, 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 increasing plastic waste is projected to drive the growth of the plastic recycling market in the coming years. Plastic waste refers to discarded plastic materials that contribute to pollution, posing a significant environmental challenge to ecosystems and human health. Plastic recycling involves converting this waste into new plastic products, thereby minimizing the amount of plastic that ends up in landfills and incinerators. For instance, in 2023, India was identified as one of the major contributors to global plastic waste, with an estimated 7,300,752 tonnes of mismanaged plastic waste. Consequently, the rising plastic waste is fueling the growth of the plastic recycling market.

Technological advancements are emerging as a prominent trend in the plastic recycling market. Leading companies are focusing on innovative recycling technologies that facilitate easier and more cost-effective plastic recycling processes to bolster their market position. For example, in October 2023, INEOS, a UK-based manufacturer, introduced premium snack packaging made from 50% recycled plastic. This innovative packaging solution marks a significant move towards sustainability in the snack industry by reducing dependence on virgin plastics. By utilizing recycled materials, INEOS contributes to the larger objective of minimizing plastic waste and promoting a circular economy, highlighting a growing commitment among companies to implement eco-friendly practices in packaging.

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 include 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, 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 2024. 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.

Plastic recycling involves the process of transforming waste or scrap plastic into functional and useful products, thereby reducing high rates of plastic pollution, conserving resources, and diverting plastics from landfills or unintended destinations such as the oceans.

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 plastic recycling market includes revenues earned by entities by providing plastic recycling services such as pyrolysis, chemical recycling, and gasification. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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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