Plastic Recycling Market

The Global Plastic Recycling Market Industry is experiencing a surge in demand due to stringent environmental regulations imposed by governments worldwide. These regulations aim to mitigate plastic pollution and promote sustainable practices. For instance, the European Union has set ambitious targets for recycling, with a goal of recycling 50% of plastic waste by 2025. This regulatory landscape encourages businesses to adopt recycling technologies and processes, thereby driving market growth. As a result, the market is projected to reach 19.1 USD Billion in 2024, reflecting the increasing emphasis on compliance and sustainability in the plastic sector.

Based on the Region, the global Plastic Recycling is segmented into North America, Europe, Asia-Pacific, South America and Middle East & Africa. The Asia-Pacific dominated the global market in 2024, while it is projected to be the fastest–growing segment during the forecast period.  Major demand factors driving the Asia-Pacific market are the increasing use of plastic in the packaging industry and growing government policies worldwide towards reducing plastic waste to drive the market growth. 

The ban on the import of foreign waste has forced countries to develop their own recycling infrastructure. In response, many Asian countries like Thailand, Vietnam, and Malaysia have seen a surge in plastic recycling activities to fill the void left by China. India also plays a crucial role in the Asia-Pacific plastic recycling market. The Indian government has implemented several initiatives to curb plastic pollution, including a ban on single-use plastics and incentives for the use of recycled materials.

However, informal recycling sectors still dominate in many parts of the region, which poses challenges for scaling up organized and efficient recycling.

FIGURE 3: PLASTIC RECYCLING MARKET VALUE BY REGION 2024 AND 2035 (USD BILLION)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Further, the countries considered in the scope of the Application Tracking System Market are the US, Canada, Mexico, the UK, Germany, France, Spain, Italy, China, Japan, India, Argentina, Brazil, Saudi Arabia, UAE, South Africa and others.

Many global, regional, and local vendors characterize the Plastic Recycling Market. The market is highly competitive, with all the players competing to gain market share. Intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations are key factors that confront market growth. The vendors compete based on cost, product quality, reliability, and government regulations. Vendors must provide cost-efficient, high-quality products to survive and succeed in an intensely competitive market.

The major competitors in the market are CarbonLite Industries LLC, Seraphim Plastics LLC, MBA Polymers Inc., Kuusakoski Group Oy, Envision Plastics, Custom Polymers, Plastic Recycling, Inc., UltrePET LLC, KW Plastics, Inc., Green-O-Tech India are among others. The Plastic Recycling Market is a consolidated market due to increasing competition, acquisitions, mergers and other strategic market developments and decisions to improve operational effectiveness.