Plastic Recycling Market 2025: Opportunities and Challenges Ahead

SEATTLE (Scrap Monster): According to the report, the global plastic recycling market generated $27,900.0 million in 2021 and is anticipated to generate $60,962.8 million by 2031, growing at a CAGR of 8.7% from 2022 to 2031.

Prime Determinants of Growth

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.

Polyethylene Terephthalate (PET) Sub-segment to Maintain its Leadership Status throughout the Forecast Period:

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.

Plastic Bottles Sub-segment to Witness the Highest Growth by 2031:

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.

Packaging Sub-segment to Maintain its Leading Position by 2031:

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.

Asia-Pacific to Maintain its Dominance by 2031:

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.

Courtesy: www.openpr.com