The PET segment is expected to maintain dominance, with a 9.4% CAGR, driven by demand for sustainable packaging.

WILMINGTON, DE, UNITED STATES, September 7, 2024 /EINPresswire.com/ -- The Allied Market Research report on the plastic recycling market highlights strong growth, projected to reach $61.0 billion by 2031 from $27.9 billion in 2021, at a CAGR of 8.7%. Key drivers include rising awareness of plastic waste's environmental impact and governmental efforts to promote recycling. Challenges include low investments in developing countries and inadequate infrastructure, but innovations like chemical recycling and pyrolysis offer future opportunities.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/8572

The PET segment is expected to maintain dominance, with a 9.4% CAGR, driven by demand for sustainable packaging. Asia-Pacific leads the market, with a projected 9.2% CAGR due to heightened environmental awareness. The plastic bottles segment is set to grow fastest at 9.5% CAGR, with recycled bottles seen as an eco-friendly alternative.

Plastic recycling is the process of recovering plastic waste to create new products, helping reduce the amount of plastic sent to landfills. The procedure involves collecting, sorting by type and quality, purifying, and melting the waste into pellets or flakes. Recycled plastic is then used to manufacture items like bottles, jars, packaging, and even clothing, conserving natural resources and lessening the need for new plastic production.

Rise of Environmental Consciousness:

Governments and private organizations worldwide are initiating programs to divert plastic waste, particularly to prevent it from polluting oceans. Recycling efforts, such as plastic bag and bottle collection, are gaining traction due to increasing awareness. Methods like drop-off, curbside, buy-back, and deposit-refund systems encourage waste collection for recycling. Initiatives like plastic banks offer incentives to exchange plastic waste for goods, services, or money, further supporting the cause.

For example, in October 2022, Indonesia launched a program where fishermen were paid to collect plastic waste from the sea, aiming to reduce marine plastic waste by 70% by 2025. Similarly, SCG Chemicals, a major petrochemical company in Asia, acquired Sirplaste, a leading plastic recycling company in Portugal. This acquisition allows SCG to expand its footprint in the European market for high-quality post-consumer recycled resins, capitalizing on the growing demand for sustainable materials.

These initiatives reflect a global shift toward more sustainable plastic waste management, driven by both environmental concerns and new business opportunities in recycling.

Top Market Players:

- Covetsro AG

- CLEAN HARBORS, INC.

- Waste Connections

- Shell International B.V.

- Veolia

- WM Intellectual Property Holdings, L.L.C.

- Republic Services, Inc.

- Stericycle

- Biffa

- REMONDIS SE & Co. KG

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/plastic-recycling-market/purchase-options

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