The Global Plastic Recycling Market is projected to grow at an impressive rate through 2028 due to growing environmental concerns. In 2021, the total consumption of plastic in India amounted to approximately 18 million tonnes.
Plastic can contribute to environmental pollution and litter. These impacts may endanger both people and the environment. Additionally, if plastic is used correctly, it might be a good use of resources instead of manufacturing new ones. Therefore, it makes sense to recycle and reuse plastic to reduce waste. Recycling plastic involves collecting used plastic waste and turning it into functional plastic items.
The plastic recycling market includes different types of plastic materials such as polyethylene terephthalate (PET), high-density polyethylene (HDPE), low-density polyethylene (LDPE), polypropylene (PP), and others. Approximately trillion pounds of plastic are produced and used globally. This huge volume of plastic is recycled to guarantee that it is not wasted. As an alternative, you might reprocess the raw materials to create new goods. As per recent studies, if the business continues in the usual manner for virgin plastic, 7.7 billion metric tonnes of plastic are expected to be improperly disposed of, burned, or released into the environment, between now and 2040.
The plastic recycling industry is increasingly concerned about plastic waste and its impact on the environment. With millions of tons of plastic waste being generated each year, there is a growing awareness of the need to recycle and reuse plastic materials. This has led to increased demand for recycled plastic products, which is driving the growth of the industry.
Action must be taken to minimize plastic manufacturing, primarily through innovation, better product design, and the creation of ecologically friendly alternatives, as well as initiatives to enhance waste management and boost recycling. Reducing pollution will require international cooperation by recycling plastic. Governments around the world are also implementing regulations and policies to reduce plastic waste. For example, the European Union has set a target of recycling 55% of all plastic waste by 2030. This has created opportunities for the plastic recycling industry to expand and innovate.
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Revolutionary Technical Advancement for Sustainable Development
Most plastics used today are virgin or produced from gas or crude oil. From 2000 to 2019, there has been a four-fold rise in the amount of recycled, or secondary, plastics produced globally, yet this still accounts for only 6% of all plastics produced.
More efforts are required to create a distinct and well-diversified market for recycled plastics which could be considered as the substitute market for virgin plastic. It could be done by investing in an improvement in recycling technologies and setting recycling targets which will reflect more demand for recycled plastic making it more competitive and profitable.
Technological advancements are also driving the growth of the plastic recycling industry. New technologies are being developed to improve the efficiency and effectiveness of the recycling process. For example, chemical recycling technologies can break down plastic waste into its chemical components, allowing for the creation of new products. According to recent studies, only 9% of plastic waste is recycled (15% is collected for recycling, but 40% is disposed of as residue). Another 19% is incinerated, 50% ends up in landfills, and 22% evades waste management systems and goes into uncontrolled dumpsites, is burned in open pits, or ends up in terrestrial or aquatic environments, especially in poorer countries. There is a growing emphasis on circular economy principles, which aim to reduce waste and create a closed-loop system for materials and resources. This shift is driving the growth of the plastic recycling industry, as more companies seek to incorporate recycled materials into their products.
Recent Developments
- In November 2022, LyondellBasell announced to building of an advanced recycling plant at the Wesseling, Germany, site. This will be in collaboration with Moretec Technology, and this commercial-scale advanced recycling plant will convert pre-treated plastic waste into feedstock for new plastic production.
- In June 2021, L'Oréal announced the creation of the first cosmetic bottle made entirely of recycled plastic using Carbios' enzymatic technology and plans to begin mass-producing the bottles based on this game-changing invention in 2025. The first brand in the group to introduce a product in this futuristic bottle would be Biotherm.
- In January 2018, China implemented its "National Sword" policy, which banned the import of 24 types of solid waste, including plastic waste. This policy had a significant impact on the global plastic recycling industry, as China had been the world's largest importer of plastic waste. As a result, other countries had to find new ways to process their plastic waste.
- Coca-Cola has announced that it will be using 50% recycled plastic in all of its bottles by 2030, while Nestle has committed to using 100% recyclable or reusable packaging by 2025.
- Several furniture companies have launched lines of furniture made from recycled plastic. For example, Emeco has launched a line of chairs made from 75% recycled polypropylene, while EcoBirdy has launched a line of children's furniture made from 100% recycled plastic.
- Several clothing brands have launched sustainable clothing lines made from recycled plastic. For example, Adidas has launched a line of shoes made from recycled ocean plastic, while H&M has launched a line of clothing made from recycled polyester.
- In North America, the plastic recycling capacity has also been growing steadily. The United States Environmental Protection Agency (EPA) reported that the country recycled over 3.02 million tons of plastics in 2018.
Market Segmentation
The global Plastic Recycling market is segmented by type, source, method, and by end-user. Based on type, the market is divided into polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS), and others. Based on source, the market is segmented into bottles, films, fibers, foams, and others. Based on the method, the market is segmented into thermal, chemical, mechanical, and landfill. Based on end users, the market is segmented into packaging, building & construction, textile, automotive, electrical & electronics, and others.
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Table of Content-Plastic Recycling Market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3. Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, and Trends
4. Voice of Customer
5. Global Plastic Recycling Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value & Volume
5.2. Market Share & Forecast
5.2.1. By Type (Polyethylene Terephthalate (PET), Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS) and Others)
5.2.2. By Source (Bottles, Films, Fibers, Foams and Others)
5.2.3. By Method (Thermal, Chemical, Mechanical, Landfill)
5.2.4. By End-User (Packaging, Building & Construction, Textile, Automotive, Electrical & Electronics and Others)
5.2.5. By Region (North America, Europe, Asia Pacific, South America, Middle East & Africa)
5.2.6. By Company (2022)
5.3. Market Map
5.3.1. By Type
5.3.2. By Source
5.3.3. By Method
5.3.4. By End-User
5.3.5. By Region
6. North America Plastic Recycling Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value & Volume
6.2. Market Share & Forecast
6.2.1. By Type
6.2.2. By Source
6.2.3. By Method
6.2.4. By End-User
6.2.5. By Country
6.3. North America: Country Analysis
6.3.1. United States Plastic Recycling Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value & Volume
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Type
6.3.1.2.2. By Source
6.3.1.2.3. By Method
6.3.1.2.4. By End-User