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The plastic recycling solutions market size is forecast to increase by USD 20.89 billion, at a CAGR of 7.86% between 2023 and 2027. The market's trajectory is profoundly influenced by several key factors, notably the escalating environmental concerns surrounding rampant plastic pollution. Heightened awareness of ecological sustainability drives demand for alternatives, prompting stringent government regulations aimed at mitigating the adverse impacts of plastics. Concurrently, there's a notable shift towards embracing circular economy initiatives, where products are designed to be reused, recycled, or repurposed, fostering a more sustainable approach to consumption. This emphasis on environmental responsibility reshapes market dynamics, fueling innovation in eco-friendly solutions and driving the adoption of biodegradable materials. As businesses and consumers alike prioritize sustainability, the market for environmentally conscious products and services experiences significant growth, paving the way for a more sustainable future. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
Market Forecast 2023-2027
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The market is driven by increasing awareness of environmental issues such as downcycling and landfill overflow, particularly in developed economies. Government initiatives like tax incentives and public sector funding spur innovation in recycling technologies to tackle the growing volume of plastic wastes and scraps. However, challenges persist, including threats to aquatic biodiversity and the complexity of recycling consumer electronics like laptops, cellphones, and modems due to their varied materials. Overcoming these obstacles requires improvements in recycling rates and advancements in plastic design, prioritizing recyclable polymers like high density and low density polyethylene. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. A holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
As the scale of plastic and the negative environmental impact of plastic pollution become more apparent, individuals, communities, governments, and businesses alike are becoming increasingly alarmed and determined to find sustainable solutions. Plastic pollution is a pervasive problem that affects terrestrial and marine ecosystems alike. Single-use plastics, plastic packaging, and discarded plastic products pollute oceans, waterways, and soils, harming marine and wildlife.
Furthermore, governments around the world also responded to the environmental crisis by enacting laws and policies to curb plastic pollution. Many countries such as India have introduced bans or restrictions on single-use plastics, enforced collection and recycling targets for plastic waste, and extended producer responsibility (EPR), which holds manufacturers accountable for the post-consumer life of their products. Hence, such regulatory measures create a favorable environment for the development and growth of the market during the forecast period.
Due to the growing awareness of healthy lifestyles, many industries such as automotive, packaging, and construction are adopting eco-friendly and sustainable practices. This has raised the global demand for recycled plastics. The packaging industry makes extensive use of recycled plastics. As consumers become more environmentally conscious, the plastics industry is shifting towards the use of recycled plastics.
Furthermore, recycled plastics are widely used in the construction industry. This is due to the high degree of infrastructure expansion in developing countries such as China and India and the high consumption of recycled plastics in the construction sector. Hence, rising demand for infrastructure projects across the globe is expected to fuel the growth of the market during the forecast period.
Petrochemicals such as oil and natural gas are the main raw materials for virgin plastics. Polyethylene terephthalate is a recycled plastic (PET). The problem with plastic recycling is creating a clean stream of recycled materials. Most recycling companies don't know what is added to plastic that affects the recycling of plastic products.
Furthermore, the sorting and segregation of plastics (according to the many classes, types, and additive blends used) are much cheaper or more affordable than producing virgin plastics from petrochemicals, which is much cheaper or more affordable, Therefore, recycling plastic is more expensive than manufacturing new plastics, which impedes the growth of the market during the forecast period.
Market Segmentation is shaped by pressing concerns like downcycling and the looming threat of overflowing landfills due to unchecked plastic wastes. In developed economies, where environmental consciousness is high, initiatives such as tax incentives and public sector funding drive the demand for innovative recycling solutions. The detrimental impact of plastic on aquatic biodiversity underscores the urgency for effective plastic prohibition measures and increased recycling rates. Within this landscape, the market caters to diverse sectors, from consumer products like laptops, cellphones, and modems to specialized areas like plastic design and the utilization of high-density polyethylene and low-density polyethylene. As the demand for recyclable polymers escalates, the Plastic Recycling Solutions market emerges as a vital player in mitigating environmental harm and promoting a sustainable future.
The post-consumer recyclate segment will account for a major share of the market's growth during the forecast period.? Post-consumer recycled material is a plastic material that has reached the end of its useful life as a consumer product and has been diverted from the waste stream for recycling. These plastics come from a variety of sources, including municipal waste, commercial operations, and municipal recycling programs. Post-consumer recycling is collected, sorted, and processed to produce high-quality recycled plastic materials that can be used in a variety of industries and applications, such as packaging and electronics.
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The post-consumer recyclate segment was valued at USD 26.09 billion in 2017 and continued to grow until 2021.? Collecting post-consumer recyclables is an important step in the recycling process. Municipal recycling programs, curbside collection points, and drop-off centers play an important role in the collection of plastic waste from homes and businesses. Collected plastics are separated for sorting into different types of plastic materials. A treatment is then carried out to remove impurities, ensuring that the plastic material is of high quality and suitable for reuse. Therefore, the rising awareness of plastic pollution and sustainability will stimulate the demand for high-quality post-consumer recycling, propelling the adoption of plastic recycling solutions globally and further boosting the growth of the global Plastic recycling solutions market during the forecast period.
Based on end-user, the market has been segmented into packaging, construction, automotive, electrical and electronic components, and others. The packaging segment will account for the largest share of this segment.?One of the key factors behind the growth of the market is the high demand for plastic packaging products in the food and beverage, personal care, home care, and healthcare industries. Plastic packaging applications include both flexible and rigid plastics. Moreover, recycling plastic packaging keeps landfills, helps to conserve natural resources, and reduces the greenhouse gas emissions associated with the production of fresh plastic. Therefore, increasing the use of plastics in the packaging industry will boost the growth of the packaging segment in the market during the forecast period.
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APAC is estimated to contribute 43% to the growth by 2027. Technavio’s analysts have elaborately explained the regional market trends, drivers, and challenges that are expected to shape the market during the forecast period. One of the main factors for the growth of the APAC market is the rapid urbanization of the region's population. As urban centers grow, so does the demand for consumer goods and resulting in increasing plastic consumption. Recognizing the need to address the growing plastic waste problem, governments and businesses in APAC countries are taking steps to promote recycling and reduce plastic pollution, thereby contributing to the growth of the APAC region, which is further expected to drive the growth of the market in APAC.
Moreover, some countries in the APAC region have introduced regulations to curb plastic waste. Governments in the region are also committed to implementing circular economy initiatives. For example, in April 2022, the Plastic Resource Recycling Promotion Act was approved in Japan to further promote the recycling of plastics. The policy is materials-centric and aims to raise the use of plastics. Hence, such initiatives taken by regional governments are further boosting the growth of the market in APAC.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Altium Packaging: The company offers plastic recycling solutions for a variety of plastic packaging materials.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Biffa Plc, Cabka N.V., Cross Wrap Oy, EREMA Engineering Recycling Maschinen und Anlagen Ges.m.b.H., Far Eastern Group, J and A Young Leicester Ltd., KW Plastics, Loop Industries Inc., MBA Polymers Inc., OMV Aktiengesellschaft, Petcore Europe, Plastipak Holdings Inc., Republic Services Inc., Stericycle Inc., SUEZ SA, Tomra Systems ASA, Vanden Global Ltd., Veolia Environnement SA, and Waste Management Inc.
Technavio's market research and growth report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
Rigid Recycled Plastic Market: Rigid Recycled Plastic Market Analysis APAC,Europe,North America,Middle East and Africa,South America - US,China,Japan,Germany,UK - Size and Forecast 2024
Recycle Market for Plastic Bottle Industry: Recycle Market for Plastic Bottle Industry by Grade Type and Geography - Forecast and Analysis
Fiber Reinforced Plastic (FRP) Recycling Market: Fiber Reinforced Plastic (FRP) Recycling Market by Type and Geography - Forecast and Analysis
The market plays a pivotal role in addressing the global challenge of plastic waste, offering sustainable alternatives across various industries. From carpets to automotive parts and construction materials, recycled plastic finds applications in diverse sectors, reducing reliance on virgin materials. Everyday items like shopping bags, drycleaning bags, and retail bags transition to eco-friendly options through innovative recycling processes. Additionally, recycled plastic contributes to durable products such as composite lumber and playground sets, fostering a circular economy. As online purchases surge, e-commerce websites embrace recycled plastic as packaging material, while sectors like medical devices and personal hygiene items benefit from its impact resistance. Amidst landfill bans and growing awareness, the market pioneers sustainable practices, transforming plastic bottles and other waste into valuable resources for a greener future.
Further, the market addresses a wide array of industries, repurposing materials like polypropylene from various sources including carpets and textile. As online purchases soar, recycled plastic serves as protective packaging, minimizing environmental impact. Its impact resistance makes it ideal for diverse applications, from electric trimmers to laboratory equipment, offering durability without compromising quality. Moreover, the market supports sustainability in electronics expenditure, providing recycled plastic for components and packaging, reducing reliance on virgin materials. As demand grows, the market continues to innovate, fostering a circular economy where discarded plastics find new life in valuable products, contributing to a more sustainable future.
Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.86% |
Market growth 2023-2027 |
USD 20.89 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.15 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 43% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Altium Packaging, Biffa Plc, Cabka N.V., Cross Wrap Oy, EREMA Engineering Recycling Maschinen und Anlagen Ges.m.b.H., Far Eastern Group, J and A Young Leicester Ltd., KW Plastics, Loop Industries Inc., MBA Polymers Inc., OMV Aktiengesellschaft, Petcore Europe, Plastipak Holdings Inc., Republic Services Inc., Stericycle Inc., SUEZ SA, Tomra Systems ASA, Vanden Global Ltd., Veolia Environnement SA, and Waste Management Inc. |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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