Plastic Recycling Services Market Size

Major Key Insights of the Plastic Recycling Services Market

• Europe dominated the plastic recycling services market in 2023.
• Asia Pacific is expected to grow at a significant rate in the market during the forecast period.
• By process, the mechanical recycling segment dominated the plastic recycling services market with the largest share in 2023.
• By type, plastic bottles segment is expected to grow at significant rate during the forecast period.

Plastic Recycling Services Market: Reduce Plastic Waste

Plastic recycling is the process of collecting and processing plastic waste to develop new products. This involves breaking down used plastic items, cleaning them, and then reprocessing them into raw materials that can be used to manufacture new plastic goods. The aim is to minimize plastic waste, conserve resources, and reduce environmental impact. The plastic recycling is either done by mechanical process or chemical process. Mechanical process plastic recycling involves physically breaking down plastic waste into smaller pieces without altering the chemical structure of the plastic.

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Key Factors Driving Plastic Recycling Services Market Growth

• Growing consumer preference for products made from recycled materials fuels demand for recycled plastics in various industries, including packaging and fashion and is seen to drive the growth of the plastic recycling services market in the near future.
• The key players operating in the market are focused on geographic expansion and launching their brand in other countries which is expected to drive the growth of the plastic recycling services market in the near future.
• Increasing focus on cost reduction and production efficiency can drive the specialty market growth further.
• Emerging markets and trends for plastic recycling services s is expected to drive the growth of the global plastic recycling services market over the forecast period.
• Increasing regulatory support is estimated to drive the growth of the market over the forecast period.
• Increasing in adoption of the advanced technology for the production of plastic recycling services s is estimated to drive the growth of the global plastic recycling services market in the near future.

Mechanical Recycling Led the Market in 2023

The mechanical recycling segment held a dominant presence in the plastic recycling services market in 2023. Mechanically recycling process is widely utilized for plastic waste as it’s cost-effective, energy-efficient, and can handle various types of plastics. The process involves shredding plastics, washing them, and re-melting to create new products. It helps conserve natural resources by reusing existing materials, reducing the need for virgin plastic production, which is resource-intensive. The energy required for mechanical recycling is generally lower than that for producing new plastics from raw materials, resulting in a smaller carbon footprint. By diverting plastic waste from landfills, mechanical recycling significantly reduces environmental pollution and promotes a circular economy.

Chemical Recycling is Being Adopted at faster Rate

Chemical recycling segment is expected to grow at the fastest rate in the plastic recycling services market during the forecast period of 2024 to 2034. Chemical recycling involves converting waste plastics into monomers or other useful chemicals, which can then be used to produce new plastics or other products. This process can handle a wider variety of plastics, including those that are often not recyclable through mechanical methods. Chemical recycling can process a wider range of plastics, including multi-layered materials and those contaminated with food or other substances.

Plastic Bottles to Show Significant Share

The plastic bottles segment accounted for a significant share of the plastic recycling services market in 2023. PET bottles are highly recyclable, and there is a rising market for recycled PET. PET is one of the most readily collected and recyclable polymers since it is widely used in beverage and water bottles. In order to encourage consumers to return used bottles for recycling, several regions have implemented curbside collection programs and bottle deposit schemes. Demand is also being driven by the growing use of PET in textiles and packaging as companies look to decrease plastic waste and achieve sustainability targets. As part of their environmental commitments, big businesses, especially in the food and beverage industry, have committed to utilizing a sizable amount of PET in their packaging.

Europe’s Regulatory Measure to Support Dominance

Europe region is held the largest share of 48.50% in the plastic recycling services market in 2023. The rapid growth of the plastic recycling services market in Europe can be attributed to stringent regulations promoting sustainability, increasing consumer awareness about environmental issues, and technological advancements that enhance recycling efficiency. Additionally, initiatives from the European Union aimed at reducing plastic waste and promoting a circular economy further drive demand for recycling services.

Asia’s Industrialization and Government Initiatives to Support Growth

Asia Pacific region is anticipated to grow at the fastest rate in the plastic recycling services market during the forecast period. The rapid growth of the plastic recycling services market in the Asia Pacific region is driven by rising industrialization, increased plastic consumption, and growing environmental awareness. Governments are implementing stricter regulations on plastic waste management, while advancements in recycling technology and infrastructure support efficient processing. Additionally, urbanization and a burgeoning middle class are amplifying the demand for sustainable practices. The key players operating in the Asia Pacific region are taking initiative to support plastic recycling which is estimated to drive the growth of the plastic recycling services market in Asia Pacific region.

New Advancements in Plastic Recycling Services Industry

• In March 2024, Clariant AG, chemicals company based in Europe, revealed the launch of the AddWorks PKG 158 and AddWorks PPA, a perfluoralkyl substances (PFAS)-free polymer processing aid product line. Add Works PKG 158, an exceptionally effective antioxidant solution with exceptional color protection, and AddWorks PPA, a line of products free of perfluoralkyl substances (PFAS) that are used in polymer processing aids, are specifically made for polyolefins that contain recycled material. A variety of next-generation products to enhance plastics recycling, lessen environmental effects, and improve surface qualities in building and construction; Licolub® PED 1316, a wax for easier processing and improved surface properties.
• In August 2024, Honeywell International, Inc., multinational conglomerate corporation and Hinergy, solar panel & solar street light manufacturer based in China, signed a collaboration to introduce an advanced plastic recycling program. This project will lessen its negative effects on the environment by turning plastic waste into useful materials through the use of cutting-edge technologies. The collaboration aims to improve the circular economy by making sure plastics can be recycled more efficiently and used again for a variety of purposes.

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