Plastic Recycling Market Projected to grow at a CAGR of 6.6% during the Forecast 2019 to 2027 | Credence Research

In recent years, environmental awareness has surged, spotlighting the burgeoning plastic recycling market. As the world grapples with a plastic pollution crisis, recycling is increasingly seen as a sustainable way to reduce waste, conserve resources, and mitigate environmental damage.

Market Growth Drivers

The primary driving force behind the expansion of the plastic recycling market is the escalating global demand for plastics. According to recent data, over 300 million tons of plastic are produced annually, of which only a fraction gets recycled. As plastic waste infiltrates every corner of our planet—from the depths of the ocean to the remotest of islands—governments, businesses, and consumers alike are recognizing the urgency to shift from a linear to a circular plastic economy.

Stricter governmental regulations, combined with corporate sustainability commitments, have catalyzed innovations and investments in recycling infrastructure. Companies are now incentivized to develop new technologies and processes, reducing the overall carbon footprint of plastics. Additionally, the rise in consumer awareness and preference for eco-friendly products propels businesses to incorporate recycled plastic in their products.

Technological Innovations

The plastic recycling sector is experiencing a technological renaissance. Advanced sorting technologies, like infrared and laser-based systems, ensure better segregation of plastic types. Innovative processing methods, such as chemical recycling, are emerging as game-changers, breaking down plastics to their molecular level and transforming them into high-quality resins. Such advancements are poised to enhance the efficiency and profitability of plastic recycling, addressing the age-old challenge of downcycling.

Challenges and the Road Ahead

However, the path isn’t devoid of challenges. Contamination, lack of standardized recycling practices, and limited end-market opportunities still hinder market growth. Additionally, not all plastic types are recyclable, and there’s a pressing need to develop solutions for these ‘problematic plastics’.

The future of the plastic recycling market depends on collaborative efforts. Governments need to frame supportive policies, industries should drive innovation, and consumers must prioritize recycled products. With a collective approach, the plastic recycling market can not only thrive but also play a pivotal role in sculpting a sustainable future.

• MBA Polymers, Inc.
• MOL Group
• Plasgran Ltd
• Novolex
• Phoenix Technologies International LLC
• Vikoz Enterprises, Inc.
• Plastic Recycling, Inc.
• Terracycle US, Inc.
• KW Plastics
• DS Smith Plc
• PETCO
• Waste Connections, Inc.
• Custom Polymers, Inc.
• Envision Plastics
• Kuusakoski Group Oy