Plastic recycling has become an urgent environmental necessity in our modern world. With the exponential growth of plastic consumption and its detrimental impact on our ecosystems, recycling has emerged as a crucial solution. Plastic waste poses a severe threat to our planet. It takes centuries for plastic to decompose naturally, resulting in pollution, endangering wildlife, and damaging ecosystems. Recycling offers a viable solution by diverting plastic waste from landfills and reducing the demand for new plastic production.
Plastic recycling can conserve resources, decrease energy consumption, and mitigate greenhouse gas emissions associated with plastic manufacturing. Moreover, it can also conserve non-renewable resources, such as fossil fuels used in plastic manufacturing. Moreover, recycling reduces the need for virgin plastic production, which requires large amounts of energy and water. Plastic recycling can mitigate the pollution caused by extracting, transporting, and refining raw materials. Moreover, it can reduce litter and marine debris, preventing harm to marine life and preserving the beauty of our oceans.
Forecast Analysis of the Global Plastic Recycling Market
According to the report published by Research Dive, the global plastic recycling market is projected to generate a revenue of $60,962.8 million and rise at a CAGR of 8.7% during the analysis timeframe from 2022 to 2031. The major players of the market include Veolia, WM Intellectual Property Holdings, L.L.C., Shell International B.V., Republic Services, Inc., Waste Connections, Stericycle, CLEAN HARBORS, INC., Biffa, Covetsro AG, REMONDIS SE & Co. KG, and many more.
The increasing government regulations and initiatives to promote the growth of the recycling industry and rising introduction of sustainable practices are expected to bolster the growth of the plastic recycling market over the estimated timeframe. Besides, the increasing use of single-use plastic products across several countries and the taxes imposed on plastic bags are predicted to amplify the growth of the market over the analysis period. Moreover, the increasing technological advancements in plastic recycling such as chemical recycling and pyrolysis are expected to create massive growth opportunities for the market during the forecast period. However, the lack of infrastructure and limited funding in developing nations may hinder the growth of the plastic recycling market over the analysis timeframe.
Plastic Recycling Market Key Developments
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global plastic recycling market to grow exponentially.
- In April 2021, Dow Inc., a renowned leader in material science, announced its partnership with Mura Technology, a world leader in producing recycled hydrocarbons from waste plastic. With this partnership, the companies aimed to extract plastic waste from the environment through Mura’s new recycling process, namely, HydroPRS™ and Dow’s commitment toward advancing the circular economy for plastics.
- In October 2022, SI Group, a global leader in the innovative technology of performance additives, process solutions, chemical intermediates, and active pharmaceutical ingredients, announced the launch of its new additives platform, EVERCYCLE™. This platform is designed for recycling and converting PET by offering process stability, reducing acetaldehyde levels, and controlling color.
- In May 2023, TotalEnergies, a French multinational integrated energy and petroleum company, announced its acquisition of Ibert Reginas, a leading Spanish-based plastic recycling company. With this acquisition, the companies aimed to boost the amount of recycled plastic used to produce plastic products by 30% by 2030 and strengthen their partnership with other companies to achieve sustainability.
Most Profitable Region
The Asia-Pacific region of the plastic recycling market generated the highest share in 2021. This is mainly because of the growing need for efficient plastic recycling methods across the region owing to the presence of the world’s largest producer and consumer of plastic. Moreover, the rising government initiatives to implement policies and programs to encourage recycling and reduce plastic waste are expected to drive the regional growth of the market over the forecast period.
Covid-19 Impact on the Plastic Recycling Market
The outbreak of the Covid-19 pandemic drastically impacted the growth of the plastic recycling market. The closure of recycling facilities, labor shortage, disruption in supply chains, and delays in transportation are the major factors that have affected the collection and processing of plastic garbage during the pandemic period. Moreover, the increasing use of virgin and synthetic plastic further reduced the demand for recycling plastics. However, the increasing government initiatives to reduce plastic waste and promote sustainability is expected to create new investment opportunities for the plastic recycling market post-pandemic.