The global plastic recycling sector is expected to be worth US$ 41.2 billion (EUR 3.8 billion) by the end of the year, reaching over US$ 66 billion by 2030. This represents steady compound annual growth of 7% during the forecast period.
The worldwide plastics recycling industry is witnessing positive momentum, according to a new report by Market Research Future. Analysts cite a baseline of US$ 38.5 billion in 2021, with prominent market drivers being high demand for sustainable packaging, a general desire to reduce landfilling rates and more stringent recycling legislation.
A recent example is the European Union’s Circular Economy Package, which aims to increase the recycling rate of plastic packaging waste to 50% by 2025. Also, producer responsibility has come a long way, with leading brands heading the calls for more recycled content and recycling-friendly products.
The packaging industry still counts as one of the largest consumers of recycled plastics, mostly in the shape of containers, bottles, and bags. Other popular applications include construction, the automotive sector, and textiles.
Meanwhile, market analysts observe that the high cost of advanced recycling process (collecting, sorting, cleaning and further treatment) makes it ‘challenging’ to achieve profitability in the plastic recycling market. High investments in machinery, labour and energy thus pose an obstacle for some market players.
Some of the leading players covered in the report include:
- Kuusakoski Group
- Plasgran Ltd
- Seraphim Plastics
- Teijin Limited
- Ultra Poly Corporation
- Custom Polymers Inc
- Envision Plastics
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