Le Lézard
Classified in: Environment, Covid-19 virus
Subjects: RCY, MRR

Global Plastic Recycling Strategic Business Report, 2022-2024 and Forecasts to 2030 - U.S. Market is Estimated at $4.4 Billion, While China is Forecast to Grow at 8.1% CAGR

DUBLIN, Feb. 23, 2024 /PRNewswire/ -- The "Plastic Recycling - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.


Global Plastic Recycling Market to Reach $86.7 Billion by 2030

The global market for Plastic Recycling estimated at US$48.9 Billion in the year 2022, is projected to reach a revised size of US$86.7 Billion by 2030, growing at a CAGR of 7.4% over the analysis period 2022-2030. PET, one of the segments analyzed in the report, is projected to record a 7.9% CAGR and reach US$23.8 Billion by the end of the analysis period. Growth in the Hdpe segment is estimated at 7.1% CAGR for the next 8-year period.

The COVID-19 pandemic has had a significant impact on plastic recycling, causing disruptions across the supply chain. Collection rates of recyclable plastic decreased in 2020 as lockdowns and restrictions limited recycling activities and disrupted waste management systems. In response to the crisis, traditional waste management practices experienced a resurgence, as concerns about virus transmission led to a preference for single-use plastics over reusable alternatives. However, despite these challenges, there is optimism that plastic recycling will rebound, driven by a renewed focus on sustainability and circular economy principles.

In the competitive landscape, with 130 players worldwide in 2023, companies are actively pursuing opportunities in the plastic recycling market. They are leveraging various recycling methods and technologies to address the growing demand for recycled plastics. Governments, researchers, and startups are prioritizing plastic recycling initiatives, recognizing the importance of mitigating pollution and promoting environmental sustainability.

PET (polyethylene terephthalate) emerges as a major category in the plastics recycling market, with packaging being a high-growth end-use segment. Despite the challenges posed by the COVID-19 pandemic, the plastic recycling industry is expected to bounce back, supported by ongoing efforts to promote recycling infrastructure, improve collection systems, and raise awareness about the importance of recycling.

Recent market activity reflects the dynamic nature of the plastic recycling sector, with companies investing in research and development, strategic partnerships, and expansion initiatives to capitalize on emerging opportunities. As sustainability concerns continue to drive consumer preferences and regulatory measures, plastic recycling is poised to play a pivotal role in the transition towards a more circular economy.

The U.S. Market is Estimated at $4.4 Billion, While China is Forecast to Grow at 8.1% CAGR

The global market outlook for plastic recycling is promising, with innovation playing a key role in shaping its future trajectory. Concerns about pollution levels and increasing awareness about environmental issues are driving growth in the plastic recycling market. The Asia-Pacific region, in particular, dominates the global market, fueled by rapid industrialization and urbanization.

The Plastic Recycling market in the U.S. is estimated at US$4.4 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$33.9 Billion by the year 2030 trailing a CAGR of 8.1% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.6% and 5.9% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 6.4% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$24.2 Billion by the year 2030.


FOCUS ON SELECT PLAYERS (Total 130 Featured)

For more information about this report visit https://www.researchandmarkets.com/r/x010o8

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