Global Plastic Recycling Market to Grow
The “Plastic Recycling Market Opportunities and Strategies to 2033” report has been added to ResearchAndMarkets.com’s offering.
According to the source for international market research reports and market data, the plastic recycling industry was witnessing significant growth with the global market reaching a value of nearly 41.6 billion US-Dollar in 2023. Steady at a compound annual growth rate (CAGR) of 4.74 percent since 2018, the market shows promising trends and is projected to grow exponentially. Expectations are set for a surge to 62.56 billion US-Dollar by 2028 and a further climb to a remarkable 90.13 billion US-Dollar by 2033.
“Key growth influencers in the historic period included an increase in disposable income, a rise in plastic consumption, heightened environmental awareness, and a shift toward sustainable investing,” ResearchandMarkets.com described the favorable development. “The market faced challenges due to limited recycling infrastructure, but the forecast period points toward a brighter future, propelled by the demand for sustainable packaging, initiatives for plastic reduction in the automotive industry, proactive government measures, and a focus on tackling increasing plastic waste.”
In 2023, the polyethylene terephthalate segment led the market, securing 48.80 percent of the total, equivalent to 20.3 billion US-Dollar. Until 2028, it is projected to be the fastest-growing segment by type, with a CAGR of 9.14 percent since 2023. The films segment is foreseen as the fastest-growing source, with a CAGR of 9.307 percent through 2023-2028. For end uses, packaging made up the largest portion of the market, and the automotive sector is expected to see the speediest growth moving forward.
Geographically, Asia Pacific’s market share in 2023 was 40.77 percent. “North America and Western Europe followed suit, while future growth forecasts predict the highest CAGRs for Asia Pacific and South America, underlining robust industrial progression in these regions.”
Strategies and Opportunities
As reported, industry participants are focusing on novel technologies such as chemical recycling and AI integration to boost efficiency and sustainability. Expansion endeavors would include new plants and state-of-the-art recycling facilities that promise to enhance material recovery rates. “Top market opportunities are emerging in the packaging segment, with significant sales growth anticipated by 2028.”
To capture these burgeoning opportunities, industry players are encouraged to focus on technological innovation, efficiency-enhancing AI integrations, advancing processing capacities, and sustainable practices, the Ireland-based report provider stated. “Growth in the polyethylene terephthalate and film segments, along with strategic partnerships and product launches, should be key considerations, particularly in the context of strengthening market positions and capturing niche segments such as the automotive sector.”
(Published in GLOBAL RECYCLING Magazine 1/2025, Page 5, Photo: cirplus GmbH)
