Plastic Recycling Market Size, Share, Growth, Trends, and Global Industry Analysis: By Sources (Plastic Bottles, Fibers, Films, Foams, and Others), By Plastic Type (PET, HDPE, PVC, LDPE, PP, PS, and Others), By Method (Mechanical Recycling, Chemical Recycling, Energy Recycling), By Application (Packaging, Textile, Electrical and Electronics, Building and Construction, Automotive and Others), and Region

The global Plastic Recycling market size was valued at US$ 47,289.2 million in 2023 and is projected to reach a value of US$ 77,439.1 million by 2030, at a CAGR of 7.3% from 2024-2030. Moreover, the U.S. market is projected to grow significantly, reaching an estimated US$ 30,581.1 Million by 2032.

Plastic recycling is therefore the recovery of waste or scrap plastic to recycle into useful products. It therefore encompasses different approaches like mechanical recycling, chemical recycling, and energy recovery; these processes change plastic waste into new materials or energy. Increased awareness concerning the harm caused by plastic to the environment propels the demand for recycling. Strict environmental regulations and policies encourage recycling Contamination of plastic waste becomes an obstacle to recycling and may also result in degradation of the quality of the products recycled.

Key Players

The Plastic Recycling Market players are Republic Services, Inc., MBA Polymers, Stericycle, REMONDIS SE & Co. KG, Shell international B.V., Republic Services, Alpek, Verra, Covetsro AG, Berry Global Group, Inc., Plastipak Holdings, Inc.Far Eastern New Century, Loop industries, inc, Veolia, LyondellBasell, Clean Harbors, Inc., Carbios, Biffa and Waste Connections, Inc.

In the market, top key players like Avangard Innovative, B. Schoenberg & Co., Inc and Delta Plastics. Avangard Innovative is among the major plastic recycling companies for waste management and recycling services. Its primary areas of focus include processing low-density and linear-low-density polyethylene (LDPE and LLDPE) films through mechanical recycling processes primarily in Houston and Waller, Texas.

Key Takeaways

• The North American plastic recycling market holds the largest market share approximately 34.2% and is expected to register a significant CAGR growth during the forecast period.
• Based on Source, the plastic bottles segment holds a 36.8% market share
• Based on Plastic Type, the PET segment holds the 28.1% market share
• Based on Method, the mechanical recycling segment holds a 46.7% market share
• Based on Application, the packaging segment holds a 31.9% market share

Facts & Figures

• 8 million metric tons of plastic waste enter the oceans every year, which is equivalent to throwing a garbage truck of plastic into the ocean every minute.
• Only 14.6 per cent of plastic packaging waste was recycled in 2019 said by the U.S. Environmental Protection Agency (EPA).
• Europe recycled 32.5% of plastic waste produced in 2020, while 25% is sent to landfills, according to the European Environment Agency.
• India recycles more than 60% of its plastic waste - one of the highest rates anywhere in the world, mainly because of India's informal waste management sector.
• China processed about 60 million tons of plastic in 2021, but only 30 percent of that was recycled after the country banned the import of plastic waste into the country in 2017.
• Currently, only around 2% of plastic waste worldwide is closed-loop recycled, meaning it is re-manufactured back into new products of equivalent or near-equivalent quality.
• The U.S. consumes more than 300 pounds of plastic each year. As of 2022, only about 5 percent of this plastic waste was recycled.

Key Developments

• In June 2023, MBA Polymers UK the plastics division of U.K.-based metal recycling company EMR announced launching its UL-certified acrylonitrile butadiene styrene product ABS 4125 UL, which includes more than 95 percent of recycled content. This can be used for manufacturing electronics, automobiles, and consumer goods.
• In June 2023, Envision Plastics will add a processing line for the recycling of high-density polyethylene (HDPE) and polypropylene (PP) at its Reidsville plant in North Carolina, Recycling today reports. It said the new line would boost its capacity to produce recycled HDPE by 50%. The combined current capacity for recycled HDPE and PP is 55m lbs/year (25,000 tonnes/year) for Envision.

Plastic Recycling Market Segmentation

By Source Type: The Plastic Recycling industry divisions based on the Composition are Plastic Bottles, Fibers, Films, Foams and Others. The highest share in the market is held by the plastic bottles segment. This is to the large fact that plastic bottles especially PET (polyethylene terephthalate) are common and widely used globally. The high quantity of plastic bottles, which are used and discarded, also makes them a significant source for recycling, but PET bottles are relatively easier to collect, sort, and recycle as against other types of plastics, making it more economical for recycling businesses.

By Plastic Type: Under Plastic type, the segment is further subdivided into PET, HDPE, PVC, LDPE, PP, PS, and Others. The PET segment represents the largest share of the market. This is because polyethylene is used more in applications such as packaging, containers, and household products, which provides a very high quantity of waste for recycling. Also, polyethylene is processed and recycled relatively easier than other plastics, hence making it more economically viable.6

By Method Type: Based on method, the market is segmented as mechanical recycling, chemical recycling, and energy recycling. The largest share of the market is mechanical recycling. Mechanical recycling is the most established and broadly used technique. It mainly entails the actual processing of gathering, sorting and reprocessing plastic waste into new products. This is a very affordable and voluminous way of dealing with plastic waste, which is mostly preferred by most recycling operations.

By Application: Based on application, the market is segmented into packaging, textile, electrical and electronics, building and construction, automotive, and others. The largest share in the market is contributed by the packaging segment. This is because plastic packaging is mainly used and eventually ends as disposables, which accumulates a large amount of plastic waste that can be recycled. These are the reasons that support the dominance of this segment where high demand for recycled packaging material gets generated on account of environmental regulations as well as consumer preference toward sustainable products.