Press release
Plastic Recycling Market Size Growth to Fuel Lucrative Revenues in the Future
Allied Market Research has recently released a report titled "Plastic Recycling Market by Product (Polyethylene (PE), Polyethylene Terephthalate (PET), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), and Others), Source (Plastic Bottles, Plastic Films, Polymer Foam, and Others), Application (Building and Construction, Packaging, Electrical and Electronics, Textiles, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". The report forecasts the global market for plastic recycling to reach $61.0 billion by 2031, growing from $27.9 billion in 2021 at a notable Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period of 2022 to 2031.
Download Sample Pages of Research Overview: https://www.alliedmarketresearch.com/request-sample/8572
Key Drivers, Restraints, and Opportunities:
The market growth for plastic recycling is being propelled by an increasing global awareness of the detrimental effects of plastic waste on the environment and a growing need to minimize carbon emissions. Many governments worldwide are also implementing strict regulations and innovative initiatives to promote plastic waste recycling. However, lower investment rates in plastic recycling ventures in developing nations and a lack of infrastructure for plastic recycling processes are hindering market growth to some extent. Nonetheless, the development of innovative technologies such as chemical recycling and pyrolysis for plastic waste recycling will present lucrative growth opportunities in the near future.
Key Report Coverage & Details:
- Forecast Period: 2022-2031
- Base Year: 2021
- Market Size in 2021: $27,900 million
- Market Size in 2031: $60,962.8 million
- CAGR: 8.7%
- Number of Pages in Report: 260
- Segments Covered: Product, source application, and region
- Drivers: Increasing awareness of plastic's negative climate impact; government initiatives to encourage plastic waste recycling
- Opportunities: Introduction of new recycling technologies and processes
- Restraints: Low value of recycled plastic compared to virgin plastic
Polyethylene Terephthalate (PET) to remain dominant product category by 2031
Product Segment Insights:
Polyethylene Terephthalate (PET) captured the largest share of the global plastic recycling market and is anticipated to experience the highest growth rate with a 9.4% CAGR over the forecast period. This growth is driven by a rising demand for sustainable and eco-friendly packaging solutions. PET is a widely used plastic material in the packaging sector, particularly in beverages, due to its recyclability, shatterproof nature, and lightweight properties. With increasing environmental awareness, consumers are demanding packaging solutions that prioritize sustainability and reduce their environmental footprint.
For access to detailed statistical data, graphs, and key player strategies, please visit: https://www.alliedmarketresearch.com/plastic-recycling-market/purchase-options
Source Segment Insights:
Plastic bottles constituted the largest source category in 2021 due to growing awareness of the environmental impacts of plastic waste. The plastic bottles category is expected to exhibit the fastest growth with a 9.5% CAGR over the forecast period. Plastic bottles are commonly used consumer products that contribute significantly to plastic waste. There is an increasing demand for recycled plastic bottles as an eco-friendly alternative to new plastic bottles.
Application Segment Insights:
In terms of applications, the packaging subsegment contributed the most to market revenue in 2021. The packaging industry plays a significant role in the plastic recycling market, driven by the substantial contribution of packaging materials to global plastic waste. The packaging sub-segment's growth is further fueled by the increasing demand for eco-friendly packaging solutions and rising environmental awareness.
Regional Insights:
The Asia-Pacific region led the market in 2021 and is expected to grow the fastest with a 9.2% CAGR over the forecast period. Environmental concerns such as air and water pollution and waste management are prominent in this region. As a result, consumers and governments are becoming more aware of the need for eco-friendly waste management practices such as plastic recycling.
Top Market Players:
- Covetsro AG
- CLEAN HARBORS, INC.
- Waste Connections
- Shell International B.V.
- Veolia
- WM Intellectual Property Holdings, L.L.C.
- Republic Services, Inc.
- Stericycle
- Biffa
- REMONDIS SE & Co. KG
These key market players have utilized various strategies, including the introduction of new products, expansion of operations, partnerships, agreements, and joint ventures, to expand their market share and influence across different regions. The report provides valuable insights into the operational divisions, business performance, strategic initiatives, and product offerings of these market players, offering a comprehensive view of the competitive landscape.
Obtain Report Details: https://www.alliedmarketresearch.com/plastic-recycling-market-A08207
Contact:
David Correa
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
About Us
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.
Download Sample Pages of Research Overview: https://www.alliedmarketresearch.com/request-sample/8572
Key Drivers, Restraints, and Opportunities:
The market growth for plastic recycling is being propelled by an increasing global awareness of the detrimental effects of plastic waste on the environment and a growing need to minimize carbon emissions. Many governments worldwide are also implementing strict regulations and innovative initiatives to promote plastic waste recycling. However, lower investment rates in plastic recycling ventures in developing nations and a lack of infrastructure for plastic recycling processes are hindering market growth to some extent. Nonetheless, the development of innovative technologies such as chemical recycling and pyrolysis for plastic waste recycling will present lucrative growth opportunities in the near future.
Key Report Coverage & Details:
- Forecast Period: 2022-2031
- Base Year: 2021
- Market Size in 2021: $27,900 million
- Market Size in 2031: $60,962.8 million
- CAGR: 8.7%
- Number of Pages in Report: 260
- Segments Covered: Product, source application, and region
- Drivers: Increasing awareness of plastic's negative climate impact; government initiatives to encourage plastic waste recycling
- Opportunities: Introduction of new recycling technologies and processes
- Restraints: Low value of recycled plastic compared to virgin plastic
Polyethylene Terephthalate (PET) to remain dominant product category by 2031
Product Segment Insights:
Polyethylene Terephthalate (PET) captured the largest share of the global plastic recycling market and is anticipated to experience the highest growth rate with a 9.4% CAGR over the forecast period. This growth is driven by a rising demand for sustainable and eco-friendly packaging solutions. PET is a widely used plastic material in the packaging sector, particularly in beverages, due to its recyclability, shatterproof nature, and lightweight properties. With increasing environmental awareness, consumers are demanding packaging solutions that prioritize sustainability and reduce their environmental footprint.
For access to detailed statistical data, graphs, and key player strategies, please visit: https://www.alliedmarketresearch.com/plastic-recycling-market/purchase-options
Source Segment Insights:
Plastic bottles constituted the largest source category in 2021 due to growing awareness of the environmental impacts of plastic waste. The plastic bottles category is expected to exhibit the fastest growth with a 9.5% CAGR over the forecast period. Plastic bottles are commonly used consumer products that contribute significantly to plastic waste. There is an increasing demand for recycled plastic bottles as an eco-friendly alternative to new plastic bottles.
Application Segment Insights:
In terms of applications, the packaging subsegment contributed the most to market revenue in 2021. The packaging industry plays a significant role in the plastic recycling market, driven by the substantial contribution of packaging materials to global plastic waste. The packaging sub-segment's growth is further fueled by the increasing demand for eco-friendly packaging solutions and rising environmental awareness.
Regional Insights:
The Asia-Pacific region led the market in 2021 and is expected to grow the fastest with a 9.2% CAGR over the forecast period. Environmental concerns such as air and water pollution and waste management are prominent in this region. As a result, consumers and governments are becoming more aware of the need for eco-friendly waste management practices such as plastic recycling.
Top Market Players:
- Covetsro AG
- CLEAN HARBORS, INC.
- Waste Connections
- Shell International B.V.
- Veolia
- WM Intellectual Property Holdings, L.L.C.
- Republic Services, Inc.
- Stericycle
- Biffa
- REMONDIS SE & Co. KG
These key market players have utilized various strategies, including the introduction of new products, expansion of operations, partnerships, agreements, and joint ventures, to expand their market share and influence across different regions. The report provides valuable insights into the operational divisions, business performance, strategic initiatives, and product offerings of these market players, offering a comprehensive view of the competitive landscape.
Obtain Report Details: https://www.alliedmarketresearch.com/plastic-recycling-market-A08207
Contact:
David Correa
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
About Us
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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