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Plastic Recycling Market to Garner $61 Billion, Globally, By 2031 at 8.7% CAGR, Says Allied Market Research
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Rising awareness about the adverse impacts of plastic waste on the environment and the growing need to curb carbon emissions are some of the key factors boosting the growth of plastic recycling market. Governments from various parts of the world are enforcing strict regulations and taking up innovative initiatives to encourage plastic waste recycling. However, dearth of infrastructure for plastic recycling procedures and limited investments in plastic recycling initiatives in developing countries is expected to restrain the growth of the plastic recycling market in the forecast period. On the other hand, invention of advanced technologies such as pyrolysis and chemical recycling for recycling plastic waste is likely to offer lucrative opportunities for the plastic recycling market growth in the coming years.
Based on product, the polyethylene terephthalate (PET) sub-segment of the plastic recycling market held the highest market share in 2021. This sub-segment is projected to manifest the highest CAGR of 9.4% from 2022 to 2031. This growth is mainly owing to the increasing demand for sustainable and eco-friendly packaging solutions. PET is a widely used plastic material in the packaging industry, particularly in the beverage industry, due to its lightweight, shatterproof, and recyclable properties. As consumers become more environmentally conscious, they are demanding more sustainable packaging solutions that have a lower environmental impact.
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Based on source, the plastic bottles sub-segment held the highest market share in 2021, owing to increasing awareness of the negative impact of plastic waste on the environment. This sub-segment is projected to manifest the highest CAGR of 9.5% from 2022 to 2031. Plastic bottles are one of the most used consumer products, and they contribute significantly to the growing problem of plastic waste. There is an increasing demand for recycled plastic bottles, which are a more sustainable alternative to new plastic bottles.
Based on application, the packaging segment accounted for the largest share in 2021. The packaging sub-segment is one of the major drivers in the plastic recycling market as packaging materials account for a significant portion of plastic waste generated globally. The increasing demand for sustainable packaging solutions and the rising awareness about environmental issues are driving the growth of the plastic recycling market's packaging sub-segment.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021. The Asia-Pacific plastic recycling market is expected to witness the fastest CAGR of 9.2% from 2022 to 2031. This region is home to some of the most significant environmental challenges globally, such as air pollution, water pollution, and waste management. As a result, governments and consumers in the region are becoming more aware of the need for sustainable waste management practices, including plastic recycling.
The report provides a detailed analysis of these key players in the global plastic recycling market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Polyethylene Terephthalate (PET) Market: Global Opportunity Analysis and Industry Forecast, 2022-2031
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Polymer Foam Market: Global Opportunity Analysis and Industry Forecast, 2020-2027
Plastic Compounding Market: Global Opportunity Analysis and Industry Forecast, 2019-2026
Plastics Modifiers Market: Global Opportunity Analysis and Industry Forecast, 2021-2031
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon . Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar , the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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