Industrial Plastic Waste Recycling Market Size, Share, Growth, And Industry Analysis By Type (Polyethylene Terephthalate (PET), Polypropylene (PP), High Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Polystyrene (PS), Polyvinyl Chloride (PVC), ABS, Nylon, and Polycarbonate) By Application (Fuel, Diesel, Sulphur, and Hydrogen) and Regional Forecast By 2031

Updated On: 15 April 2024

Industrial Plastic Waste Recycling Market Report Overview

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The global industrial plastic waste recycling market size was USD 15413.98 million in 2021. As per our research, the market is expected to reach USD 36331.38 by 2031, exhibiting a CAGR of 8.95% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the industrial plastic waste recycling market growth and demand returning to pre-pandemic levels once the pandemic is over. 

The need for industrial plastic waste recycling is growing as the globe struggles with the problem of plastic waste. Plastic trash has emerged as one of the most serious environmental issues in the world, making it more imperative than ever to minimize, reuse, and recycle plastic garbage. Recycling industrial plastic waste is the process of creating new goods out of plastic waste from industrial operations. This procedure is crucial for lowering the volume of plastic trash that pollutes the environment or goes to landfills. Industrial plastic waste recycling comes in various forms, including mechanical, feedstock, and energy recovery. Sorting, cleaning, and processing plastic trash to create new goods are all steps in mechanical recycling. The waste plastic is melted down to create pellets or flakes that may be utilized to create new items.

On the other hand, feedstock recycling entails employing chemical techniques to disassemble plastic waste into its component pieces. Plastics that cannot be recycled mechanically can still be recycled using this approach. The method includes dissolving the plastic into smaller molecules to manufacture new polymers or other chemical products. Last but not least, energy recovery includes producing energy from discarded plastic. Burning plastic garbage creates steam that may be utilized to create power. In addition to providing energy, this method helps lower the quantity of plastic trash that ends up in landfills. In conclusion, recycling industrial plastic waste is essential for reducing the quantity of plastic trash entering the environment. Plastic trash recycling is made possible by the numerous forms of industrial recycling, which offers a variety of possibilities and is sustainable and kind to the environment.

COVID-19 Impact: Lockdown Restrictions Hampered The Market Growth

The COVID-19 epidemic has significantly impacted the recycling of industrial plastic trash. The volume of plastic garbage has dramatically grown due to the pandemic’s effects on the economy and the suspension of several recycling initiatives. Recycling commercial plastic trash is crucial in reducing plastic waste in landfills and the environment. Industrial plastic waste recycling techniques come in various forms, including mechanical, chemical, and feedstock recycling. Industrial plastic trash recycling is still a crucial procedure that helps protect the environment and minimize plastic waste, despite the difficulties brought on by the epidemic. The industry must keep funding and promoting these recycling procedures to secure a sustainable future for our planet.

Latest Trends

"The Use Of Advanced Technologies That Ensure Maximum Efficiency In The Recycling Process Boosts the Market Expansion"

Recycling industrial plastic waste has recently emerged as a critical component of sustainability. Companies are now searching for strategies to reduce their carbon footprint as environmental challenges are becoming more widely known. Adopting cutting-edge technology to ensure optimal efficiency in the recycling process is the newest trend in recycling industrial plastic waste. Industrial plastic waste recycling comes in various forms, including mechanical recycling, chemical recycling, and energy recovery. Chemical recycling transforms plastic trash into chemical feedstocks, whereas mechanical recycling includes shredding and melting plastic waste to create new goods. On the other side, energy recovery entails utilizing plastic waste as a fuel source in power plants. These recycling techniques have successfully cut down on plastic waste and fostered a circular economy. Copywriters and content creators must inform the public about the value of recycling industrial plastic waste and the different kinds that are accessible.

Industrial Plastic Waste Recycling Market Segmentation

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• By Type Analysis

The industrial plastic waste recycling market can be segmented into polyethylene terephthalate (PET), polypropylene (PP), high-density polyethylene (HDPE), low-density polyethylene (LDPE), polystyrene (PS), polyvinyl chloride (PVC), ABS, nylon, and polycarbonate. Among these, polyethylene terephthalate (PET) is projected to experience rapid growth through 2028.

• By Application Analysis

The market can be divided based on application into fuel, diesel, sulphur, and hydrogen. The fuel is expected to hold the most significant industrial plastic waste recycling market share in the upcoming years.

Driving Factors

"The Growing Demand For Plastic Products Propels the Market Expansion"

Recycling industrial plastic waste has grown more significant than ever, and it is simple to understand why. The need for sustainable solutions has significantly increased as people throughout the world become more aware of the effects that they have on the environment. Plastic trash recycling is one of several businesses that have prioritized recycling. Several factors primarily drive the market for recycling industrial plastic waste. First and foremost, there is a need for sustainable solutions because of the rise in plastic waste caused by the rising demand for plastic goods. As a result, several types of plastic waste recycling techniques, including mechanical, chemical, and feedstock, have been developed.

"The Increasing Awareness Of The Importance Of Sustainability Fuel the Market Growth"

The growing understanding of the significance of sustainability is another important market-driving element in the industrial plastic waste recycling sector. Customers are becoming more concerned about the environment and seeking eco-friendly and sustainable items. As a result, businesses are being pushed harder to embrace sustainable practices, such as recycling plastic trash. Moreover, the Industrial Plastic Waste Recycling market is also being driven by government rules and policies. Some nations have implemented severe laws and policies to limit plastic waste and encourage recycling. The market is expanding thanks to the rules and policies that have been put in place. In conclusion, several important reasons, including the rising demand for plastic goods, the growing recognition of the significance of sustainability, and government rules and policies, are propelling the market. In the upcoming years, the market is anticipated to expand rapidly because of the development of several types of plastic waste recycling techniques.

Restraining Factors

"The Lack Of Proper Infrastructure And Technological Advancements And Lack Of Awareness Hinders the Market Growth"

In recent years, the industry for recycling industrial plastic waste has expanded significantly, propelled by rising consumer demand for environmentally friendly and sustainable products. Nevertheless, several restraints are impeding this market’s expansion. The main issues the industrial plastic waste recycling market is dealing with are a lack of knowledge about the advantages of recycling and the high cost of recycling methods. Also, the efficient collection, sorting, and processing of plastic garbage are hampered by inadequate infrastructure and technical improvements. Despite these obstacles, governments and organizations are likely to continue promoting sustainable practices and investing in innovative recycling technologies, leading to stable expansion in the industrial plastic waste recycling market in the years to come.

Industrial Plastic Waste Recycling Market Regional Insights

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"The U.S. To Dominate Market Due To The Growing Demand For Plastic Products"

Between 2022 and 2028, the industrial plastic waste recycling market will be dominated by U.S. Factors driving the market growth in this region include the growing demand for plastic products.

Additionally, the market is anticipated to experience the fastest growth in European and Asian countries (India, China, Japan, and South East Asia). The increasing awareness of the importance of sustainability fuels market expansion.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• SPR (U.S.)
• Renewlogy (U.S.)
• Shini USA (U.S.)
• Neste (Finland)
• Plastic2Oil (U.S.)
• Sepco Industries Company Limited (Mauritania)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.