The global plastics recycling market is expected to reach US$ 56.8 billion (EUR 53.2 billion) by 2029, up from around US$ 25.5 billion in 2022, a compound annual growth rate of 9.3% over the forecast period.
The North American market currently has the biggest market share (43%) in the global plastics recycling arena. This is mostly due to its fast-growing packaging sector, which has launched various recycling schemes.
Exactitude Consultancy Market Research says other growth factors for waste generation as well as recycling potential are the booming numbers regarding food to-go and online shopping.
The US Environmental Protection Agency estimates that around 15 million tonnes of plastic containers and packaging are generated every year, which represents less than 1% of America’s municipal solid waste. The recycling rate of polyethylene (PET) bottles is at the top in the plastics segment, at almost 30%.
Meanwhile, Canada’s beverage container recycling programmes collect and recycle more than 5.7 billion containers annually. However, glass bottles have a far higher recycling rate of 75% compared to roughly 12% for PET bottles.
The main themes in the new report from Exactitude Consultancy Market Research include: automotive plastics, plastics used in the construction industry, non-food packaging plastics, and niche recycling markets.
Regions covered in the report include:
- Asia Pacific
- Middle East & Africa
- North America
- South America
The following plastic types are analysed: