Global Polymer Recycling Market is valued at USD 47.63 Billion in 2022 and it is expected to reach USD 76.14 Billion by 2029 with a CAGR of 6.93% over the forecast period.
Global Polymer Recycling Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2022-2028: The market will expand due to the growing environmental concerns regarding the disposal of plastic waste, and the advancements in recycling technologies and processes.
Polymer recycling is the process of recovering or reusing polymers, which are synthetic materials made from long chains of repeating units. This process helps to reduce waste and conserve resources by transforming plastic waste into valuable products. The first large-scale recycling of plastics began in the 1970s when the environmental movement gained momentum. Since then, the development of new technologies has made polymer recycling more efficient and cost-effective. Today, polymer recycling is an essential part of the circular economy, which aims to reduce waste and promote sustainability.
Polymer recycling can be used to create a wide range of products, including packaging, textiles, construction materials, and automotive parts. The recycled polymers can also be used as raw materials for new plastic products. The end-users of polymer recycling products are diverse and include manufacturers, retailers, and consumers. The demand for recycled polymers is growing among companies and consumers who are concerned about the environmental impact of plastics and want to reduce their carbon footprint.
The COVID-19 pandemic has had a mixed impact on the polymer recycling market, with both positive and negative effects. On the positive side, the pandemic has led to a surge in demand for recycled plastics, particularly in the healthcare sector, where personal protective equipment (PPE) such as masks and gowns are needed in large quantities. Governments around the world are recognizing the importance of recycling and sustainable practices, and many have introduced policies and incentives to promote recycling and reduce waste.
However, on the negative side, the pandemic has disrupted supply chains, making it difficult for recycling companies to access the waste streams they need to operate. While demand for certain recycled products, such as PPE, has increased, demand for other recycled products has decreased as consumer behavior has shifted during the pandemic.
Some major key players for the global Polymer Recycling market report cover prominent players like -
The revenue generation model for polymer recycling can vary depending on the type of recycling process and the products produced. Some companies generate revenue by selling recycled polymers to manufacturers, while others generate revenue by producing finished products made from recycled polymers and selling them directly to consumers.
The supply chain model for polymer recycling typically involves the collection of plastic waste from various sources, including households, businesses, and industrial sites. The waste is then sorted, cleaned, and processed into recycled polymers, which are sold to manufacturers or used to produce finished products.
The value chain model for polymer recycling involves multiple stakeholders, including waste management companies, recyclers, manufacturers, and consumers. Each stage of the value chain adds value to the recycled polymer, from collection and sorting to processing and manufacturing.
Growing environmental concerns regarding the disposal of plastic waste: Plastic waste has become a significant environmental problem, polluting landfills, oceans, and other natural habitats. Plastic waste takes hundreds of years to decompose and releases harmful chemicals into the environment, endangering wildlife and human health. The awareness of the negative impact of plastic waste on the environment has led to increased demand for sustainable practices and recycling solutions, promoting the adoption of recycled plastic products. Stringent government regulations and policies are also driving the shift towards a circular economy and closed-loop supply chains.
For example, plastic waste in the ocean kills an estimated 100,000 marine mammals and turtles, and over 1 million seabirds every year. Over 300 million tons of plastic waste are generated every year, and only about 14% is collected for recycling.
Advancements in recycling technologies and processes: These advancements have led to the development of more efficient and effective recycling methods, which have increased the quality and quantity of recycled materials. New technologies such as chemical recycling, depolymerization, and upcycling have emerged to process complex and contaminated plastic waste streams.
Additionally, improvements in sorting and separation technologies have enabled the recovery of a wider range of plastic materials, further contributing to the growth of the polymer recycling market. The advancements in recycling technologies could enable the recycling of 50% of plastic waste globally by 2030, up from the current recycling rate of 14%.
Limited infrastructure and facilities for plastic waste collection and recycling in certain regions: This is because recycling facilities require a considerable amount of investment in terms of equipment, technology, and operational costs. Furthermore, the collection of plastic waste is often decentralized and fragmented, making it challenging to efficiently collect and transport the waste to recycling facilities. The lack of proper waste management systems in certain regions also contributes to the issue, as plastic waste is often littered and ends up in landfills or the natural environment.
In low- and middle-income countries, it is estimated that only 10-20% of plastic waste is collected for recycling, compared to 40-60% in high-income countries. The World Bank estimates that the cost of solid waste management in low-income countries ranges from $10 to $50 per ton, which is significantly higher than in high-income countries due to the lack of infrastructure and facilities.
Difficulty in separating and processing mixed plastic waste streams: This is because mixed plastic waste streams consist of various types of plastics with different chemical properties and compositions, making it difficult to separate and process them efficiently. This results in lower yields and quality of recycled plastic materials, which can impact the economic feasibility of recycling processes. Additionally, the sorting and separation of mixed plastic waste streams require advanced technologies and equipment, which can increase the capital and operating costs of recycling facilities. For example, the European Commission, it was found that the presence of non-target plastic waste in mixed plastic waste streams can range from 5% to 50%, which can significantly impact the quality and purity of recycled plastic materials.
Growing demand for recycled plastic products in packaging, construction, automotive, and consumer goods industries, development of innovative recycling technologies for complex and contaminated plastic waste streams, increased focus on the circular economy and closed-loop supply chains by businesses and governments, emerging markets with a significant potential for plastic waste management and recycling, and the rising demand for eco-friendly and sustainable products from environmentally conscious consumers
Increasing use of mechanical recycling technologies for processing post-consumer plastic waste, development of advanced sorting and separation technologies for mixed plastic waste streams, the growing popularity of chemical recycling and depolymerization technologies for complex plastic waste, and the adoption of blockchain technology for tracking and tracing the supply chain of recycled plastic products
Increasing demand for sustainable and eco-friendly products from environmentally conscious consumers, growing awareness and education about plastic waste and its impact on the environment, preference for products made from recycled materials or with a high content of recycled materials, and rising interest in responsible waste management and disposal practices among businesses and consumers
The polymer recycling market is a competitive industry, with numerous players competing for market share. The key players in the market include major plastic manufacturers, recycling companies, and startups, among others. The competition is primarily based on factors such as technology, quality of recycled products, cost, and sustainability.
Innovation in recycling technology to improve the efficiency and yield of recycled products. Expansion of recycling capacity through acquisitions, partnerships, and collaborations. Diversification of product portfolio to cater to different end-user industries. Investment in research and development to develop new products and technologies. Collaboration with governments and industry associations to promote the use of recycled plastics.
Focus on sustainability and circular economy initiatives to address the plastic waste problem. Investment in advanced recycling technologies such as chemical recycling to improve the quality and purity of recycled plastics. Collaboration with end-user industries to develop customized recycled products that meet their specific requirements.
The North America polymer recycling market is primarily driven by the demand for recycled plastic products from the packaging, automotive, and construction industries. The United States is the largest market for polymer recycling in the region, accounting for the majority of the demand and production. The region has a well-established recycling infrastructure and facilities, with advanced sorting and separation technologies for plastic waste streams. For example, the adoption of circular economy initiatives and sustainable practices by businesses and governments in North America is increasing, with the Ellen MacArthur Foundation's "New Plastics Economy Global Commitment" signed by over 200 organizations in the region, including major brands such as Walmart, Coca-Cola, and PepsiCo.
Europe is a significant market for polymer recycling, driven by strict government regulations, the circular economy initiative, and increasing consumer awareness and demand for sustainable products. The European Union has set ambitious targets for plastic waste reduction and recycling, which are expected to drive the growth of the recycling industry in the region.
In 2019, Europe generated around 30 million tonnes of plastic waste, and only 32% of it was recycled, indicating a significant opportunity for the growth of the recycling industry. The European recycling rate for plastic packaging waste increased to 41.9% in 2019, which is still below the 50% target set by the European Union for 2025.
We are always looking to hire talented individuals with equal and extraordinary proportions of industry expertise, problem solving ability and inclination interested? please email us firstname.lastname@example.orgJOIN US
AI® Market Research and Consulting Pvt ltd.
124, City Road, London EC1V 2NX
© Copyright 2023-24 AI® Market Research and Consulting. All Rights Reserved | Designed by AI® Market