Plastic Recycling Solutions Market to grow by USD 20.89 billion from 2022 to 2027, Growing environmental concerns owing to increasing plastic pollution to drive the growth- Technavio

NEW YORK, Sept. 14, 2023 /PRNewswire/ -- The plastic recycling solutions market is expected to grow by USD 20.89 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 7.86% during the forecast period. The market is segmented by type (post-consumer recyclate and industrial recyclate), end-user (packaging, construction, automotive, electrical and electronic components, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). Growing environmental concerns owing to increasing plastic pollution is a key factor driving market growth. Individuals, communities, governments, and businesses continue to be on the lookout for sustainable solutions as a growing awareness about plastic's global scale and negative environmental impact becomes more apparent. In addition, governments around the world have also responded to the environmental crisis by enacting laws and policies aimed at reducing plastic pollution. Many countries, such as India, have introduced bans or restrictions on single-use plastics, imposed collection and recycling targets on plastic waste, and implemented Open Responsibility. manufacturer's extension (EPR), which holds manufacturers accountable for the life cycle of their products after consumption. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View FREE PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the plastic recycling solutions market: Altium Packaging, Biffa Plc, Cabka N.V., Cross Wrap Oy, EREMA Engineering Recycling Maschinen und Anlagen Ges.m.b.H., Far Eastern Group, J and A Young Leicester Ltd., KW Plastics, Loop Industries Inc., MBA Polymers Inc., OMV Aktiengesellschaft, Petcore Europe, Plastipak Holdings Inc., Republic Services Inc., Stericycle Inc., SUEZ SA, Tomra Systems ASA, Vanden Global Ltd., Veolia Environnement SA, and Waste Management Inc.
• Plastic Recycling Solutions Market is fragmented in nature.
• Market to observe 7.15% YOY growth in 2023.

Major Trend

• Increasing demand for recycled plastics is a major trend in the market.

Significant Challenge

• Recycling plastic is costlier than producing new plastic. This is a significant challenge restricting market growth.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

• The post-consumer recyclate segment will account for a major share of the market's growth during the forecast period. Post-consumer recyclables are plastic materials that have passed their useful life as consumer products and have been removed from the waste stream for recycling. These plastics are a result of various sources, e.g., waste from municipalities, commercial activity, and recycling programs in local communities. Demand for high-quality post-consumer recycling is set to increase because of increased awareness of plastic pollution and sustainability, leading to the adoption of plastics recycling solutions. Hence, these factors are expected to drive segment growth during the forecast period. 

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Related Reports:

The wet waste management market size is estimated to grow at a CAGR of 5.08% between 2022 and 2027. The market size is forecast to increase by USD 36.54 billion. This report extensively covers market segmentation by method (landfill, recycling, and incineration), service (processing, collection and transportation, disposal and landfill, sorting, and storage), and geography (APAC, Europe, North America, South America, and the Middle East and Africa). Growing awareness of wet waste management and recycling is the key factor driving the growth of the market.

The Waste Management market size is estimated to grow at a CAGR of 7.25% between 2022 and 2027 and the size of the market is forecast to increase by USD 167.1 billion. This report extensively covers market segmentation by end-user (residential, commercial, and industrial), service type (landfill, open dumping, incineration, recycling, and composting and anaerobic digestion), and geography (APAC, North America, Europe, Middle East and Africa, and South America). Laws in Europe for recycling waste is the key factor driving the growth of the market.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by End-User

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio