Global Plastic Recycling Market to Reach $90.13 billion by 2033 Amid Strong Sustainability Initiatives

Dublin, Jan. 31, 2025 (GLOBE NEWSWIRE) -- The "Plastic Recycling Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.

The plastic recycling industry is witnessing significant growth with the global market reaching a value of nearly $41.6 billion in 2023. Steady at a compound annual growth rate of 4.74% since 2018, the market shows promising trends and is projected to grow exponentially. Expectations are set for a surge to $62.56 billion by 2028 and a further climb to a remarkable $90.13 billion by 2033.

Historic and Forecast Period Dynamics

Key growth influencers in the historic period included an increase in disposable income, a rise in plastic consumption, heightened environmental awareness, and a shift toward sustainable investing. The market faced challenges due to limited recycling infrastructure, but the forecast period points toward a brighter future, propelled by the demand for sustainable packaging, initiatives for plastic reduction in the automotive industry, proactive government measures, and a focus on tackling increasing plastic waste.

Segmentation Spotlight

In 2023, the polyethylene terephthalate segment led the market, securing 48.80% of the total, equivalent to $20.3 billion. Moreover, it is projected to be the fastest-growing segment by type, with a CAGR of 9.14% between 2023 and 2028. Segmentation by source placed bottles as the dominant category, while the films segment is foreseen as the fastest-growing source, with a CAGR of 9.307% through 2023-2028. For end uses, packaging made up the largest portion of the market, and the automotive sector is expected to see the speediest growth moving forward.

Geographical Insights

Geographically, Asia Pacific reigned over the market, making up 40.77% of the global market share in 2023. North America and Western Europe followed suit, while future growth forecasts predict the highest CAGRs for Asia Pacific and South America, underlining robust industrial progression in these regions.

Market Competition Analysis

The global plastic recycling industry shows a fairly fragmented competitive landscape, with the top ten players constituting a mere 17.96% share of the market in 2023. This fragmentation suggests ample opportunities for innovative and strategic engagements in the market space

Strategies and Opportunities

Industry participants are focusing on novel technologies such as chemical recycling and AI integration to boost efficiency and sustainability. Expansion endeavors include new plants and state-of-the-art recycling facilities that promise to enhance material recovery rates. Top market opportunities are emerging in the packaging segment, with significant sales growth anticipated by 2028.

To capture these burgeoning opportunities, industry players are encouraged to focus on technological innovation, efficiency-enhancing AI integrations, advancing processing capacities, and sustainable practices. Growth in the polyethylene terephthalate and film segments, along with strategic partnerships and product launches, should be key considerations, particularly in the context of strengthening market positions and capturing niche segments such as the automotive sector.

Key Attributes:

Companies Featured

• DS Smith Plc
• Republic Services , Inc.
• Far Eastern New Century Corporation ( Phoenix Solar Technologies)
• Krones AG
• Plastipak Holdings Inc.
• BERRY GLOBAL INC.
• Reliance Industries Limited
• Alpek S.A.B. de C.V.
• Indorama Ventures Public Company Limited
• MBA Polymers
• JIT Yamanashi India Pvt. Ltd.
• Scipher Technologies
• Deluxe Recycling India Pvt. Ltd.
• Polyplastics Group
• Amstar Machinery Co., Ltd.
• Taizhou Weitian Machinery Co., Ltd.
• BioPack Co., Limited
• Changge Jurong Plastic Industry
• Vanden Recycling
• SK Chemicals Co.
• Suez SA
• Replas
• Rtec
• Akita Eco Plash Co., Ltd.
• Ando Shigyo Co., Ltd.
• Magpet Polymers
• Sirplaste
• Greenback Recycling Technologies Ltd.
• WEEE Solutions
• Svensk Plaståtervinning (Swedish Plastic Recycling)
• weeeSwiss Technology AG
• PreZero
• Eastman Chemical Company
• ANDRITZ GROUP
• STADLER Anlagenbau GmbH
• Recycle Force Limited (RFL)
• ALBA Group
• Enval Ltd.
• Veolia Environnement S.A.
• Plasgran Ltd.
• Jayplas Limited
• Biffa
• Interseroh
• Paprec Group
• Recylex
• Cirplus
• RecyPac
• Fepra
• LyondellBasell Industries
• Mepol Group
• Coca-Cola Hellenic Bottling Company
• Gazprom Neft
• ML Polyolefins
• S.C Plastic Recycling Export S.R.L.
• Ecoplaneta
• Bumatika
• A.B. Titan s.r.o.
• Chintex s.r.o.
• NOVA Chemicals
• Revolution Sustainable Solutions
• Coca-Cola Company
• PolyAg Recycling
• Dow
• Pactiv Evergreen
• Circulus LLC
• Cabinet Health
• Black & Decker
• Recycle BC
• IPL Plastics Inc.
• Loop Industries
• GreenMantra Technologies
• Plastrec
• Waste Management , Inc. Republic Services , Inc.
• TerraCycle
• Envision Plastics
• Green Plastics USA
• Cirklo
• Braskem S.A.
• Plastivida
• Dinâmica Ambiental
• Ecoplas
• Polimáquinas
• ReciclaBR
• Solví Participações S.A.
• Plastic Back
• MadeRight
• Spinneys
• Al Bayader International
• UBQ Materials
• TripleW
• WASCO
• Al-Qaryan Group
• Trewind
• NESMA
• Wecyclers Corporation
• Polyco
• Mpact Limited
• Extrupet
• Global Green Planet

For more information about this report visit https://www.researchandmarkets.com/r/ujkzot

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Attachment

• Plastic Recycling Market

CONTACT: 
CONTACT: ResearchAndMarkets.com 
         Laura Wood, Senior  Press Manager 
         press@researchandmarkets.com
         For E.S.T Office Hours Call 1-917-300-0470 
         For U.S./ CAN Toll Free Call 1-800-526-8630 
         For GMT Office Hours Call +353-1-416-8900