Plastic Recycling Market was valued US$ 47.50 Bn. in 2021 and is expected to reach US$ 78.61 Bn. by 2029, at a CAGR of 6.5% during a forecast period.
Pune, Maharashtra, November 22, 2022 - Maximize Market Research, a leading market research company has published an intelligence report entitled Plastic Recycling Market 2021 that is a complete study of meticulous primary and secondary research. The report systematically covers analysed understandings in view of the market; along with its ever-changing patterns, industry environment, and all leading characteristics of the market. This research methodology has been applied to examine the global Plastic Recycling Market and these results have been reasonably mentioned in the report.
As per Maximize Market Research analysis, the Plastic Recycling Market was valued at USD 47.50 billion in 2021 and is projected to reach 78.61 USD billion by 2029, growing at a CAGR of 6.5 percent during the forecast period.
Plastic Recycling Market Overview:
Increasing plastic consumption in the production of lightweight components are used in a variety of industries such as building and construction, automotive, and electrical and electronics is expected to drive market growth over the forecast period. During the global COVID-19 pandemic, there was a high demand for various packaging products due to an increase in online purchases of electrical & electronics, personal care products, and Personal Protective Equipment (PPE) products such as gloves and face masks. E-commerce websites have significantly increased the demand for low-cost consumer electronic products such as laptops, mobile phones, modems, and so on. Rising consumer electronics usage has increased demand for recycled plastics in electrical & electronics and packaging applications, which is expected to drive market growth. The increasing consumption of plastics in the construction, automotive, medical devices, and electrical and electronics industries is expected to drive the global plastics market. Regulatory intervention to reduce gross vehicle weight in order to improve fuel efficiency and, ultimately, reduce carbon emissions has compelled automotive Original Equipment Manufacturers (OEMs) to use plastic as a substitute for metals such as steel and aluminium in the fabrication of automotive components.
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Plastic Recycling Market Dynamics:
In the packaging industry, the use of reclaimed plastics has become more complicated. Recently, the Association of Plastics Recyclers (US) enrolled organisations to pledge to use more recycled plastics in their offices and supply chains. Coca-Cola North America, Unilever, Walmart, Target Corp., Procter and Gamble Co., Ecover, Evian, L'Oréal, Mars, M&S, PepsiCo, Campbell Soup, Amcor Werner and Mertz, and Keurig Green Mountain Inc. are among these companies. These pioneering retailers and packaging companies have pledged to use 100% reusable, recyclable, or compostable packaging by 2029 or earlier. Every year, these organisations consume more than 6 million tonnes of plastic packaging.
Because of its several natural benefits, the use of recycled plastics has also made its way into the automobile industry, with an increasing number of vehicle parts and segments being made with recycled plastics. Companies such as Chrysler, Ford, Honda, General Motors, Nissan, and Toyota have increased the use of recycled plastics in their manufacturing units. The Electrical and Electronics industry has also seen an increase in the use of reclaimed plastics in electrical and electronic hardware (EEE). Reused plastics are now used in a variety of ICT items, as organisations have implemented the use of reused plastics as part of willful understandings for green industry activity. Dell, HP, Lenovo, Lexmark, Océ-a Canon Company, and Samsung are among the major companies that use recycled plastics in their products.
Plastic Recycling Market Segment Analysis:
By Source
By Type
By Recycling Method
By End-Use
Plastic Recycling Market Regional Analysis:
Asia Pacific dominated the market, accounting for more than 47% of global revenue in 2021. The Asia Pacific construction industry is expected to grow significantly as demand for non-residential construction projects such as hospitals, schools, and colleges rises. This will increase demand for roofing tiles, insulation, fences, floor tiles, carpets, and other construction materials. After Asia Pacific, Europe ranks second in terms of revenue. The adoption of a circular economy to reduce the carbon footprint associated with traditional plastic production is driving the market.
Landfill bans have resulted in increased plastic recycling in European countries. Due to extremely high landfill taxes in some European countries, dumping can sometimes be more expensive than plastic recycling. This scenario promotes plastic recycling. In terms of revenue, North America ranks third. The growth of the major end-use industries, such as electrical and electronics, construction, and packaging, is driving the market.
List of Plastic Recycling Market Key Players:
Key Questions answered in the Plastic Recycling Market Report are:
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Nov 22, 2022
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