Global Plastic Recycling Market to Hit $60.2B by 2031
Plastic Recycling | 2026-02-24 06:52:42
Regionally, Asia Pacific leads with a 48.9% market share, followed by Europe at 31.2% and North America at 13.7%.
By Paul Ploumis
SEATTLE (Scrap Monster): The global plastic recycling market was valued at USD 28.3 billion in 2022 and is projected to reach USD 60.2 billion by 2031, expanding at a CAGR of 8.9% during 2024–2031. Growth is being fueled by tightening sustainability mandates, rising corporate commitments, and strategic investments aimed at strengthening circular economy infrastructure.
Major industry moves are accelerating market momentum. Indorama Ventures, Dhunseri Ventures and Varun Beverages are expanding PET recycling capacity in India, while Veolia and L’Oréal are scaling the use of recycled plastics in packaging. Toyota Tsusho America’s US$1.34 billion acquisition of Radius Recycling strengthens its automotive recycling footprint. Meanwhile, Agilyx secured regulatory approval in Germany to acquire a 44% stake in GreenDot Global, enhancing advanced plastic sorting and feedstock processing capacity across Europe.
Key growth drivers include stricter environmental regulations, extended producer responsibility (EPR) laws, increasing plastic waste generation, and technological advances in chemical recycling and sorting systems.
Regionally, Asia Pacific leads with a 48.9% market share, followed by Europe at 31.2% and North America at 13.7%. Emerging investments in the Middle East, Africa, and Latin America are further supporting global recycling capacity expansion.
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What will be the most influential driver of plastic recycling market growth by 2031?
Frequently Asked Questions
- What is driving growth in the global plastic recycling market?
Key drivers include tightening sustainability mandates, EPR regulations, corporate ESG commitments, and technological innovation in recycling processes.
- Which region leads the plastic recycling market?
Asia Pacific holds the largest share at 48.9%, supported by strong manufacturing activity and policy frameworks.
- How are major companies contributing to market expansion?
Companies such as Indorama Ventures, Veolia, Toyota Tsusho America, and Agilyx are investing in PET recycling, packaging sustainability, automotive recycling, and advanced sorting technologies.
