Plastic Recycling Market Demand And Growth Rate Forecast 2024-2031
Plastic Recycling Industry Trend
Polyethylene terephthalate (PET) leads in product dominance, particularly in sustainable packaging solutions due to its recyclable and lightweight properties
WILMINGTON, DELAWARE, UNITED STATES, July 8, 2024 /EINPresswire.com/ -- Allied Market Research has published a report titled "Plastic Recycling Market," projecting the global market to reach $61.0 billion by 2031, up from $27.9 billion in 2021, with a notable CAGR of 8.7% during 2022-2031. The market expansion is driven by increasing awareness of plastic waste's environmental impact and efforts to reduce carbon emissions worldwide. Governments are implementing stringent regulations to boost plastic waste recycling, though challenges such as underinvestment in developing nations and infrastructure gaps hinder growth. Innovative technologies like chemical recycling and pyrolysis offer promising growth opportunities.
𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/8572
Key drivers include stringent global regulations and innovative initiatives aimed at promoting plastic waste recycling. Challenges such as inadequate investment in recycling initiatives in developing countries and insufficient infrastructure are obstacles, albeit opportunities lie in advancing technologies like chemical recycling and pyrolysis.
Polyethylene terephthalate (PET) leads in product dominance, particularly in sustainable packaging solutions due to its recyclable and lightweight properties, especially in the beverage sector. Plastic bottles are the largest source category, with significant growth expected as awareness of plastic waste issues rises. The packaging sector dominates applications, driven by demand for eco-friendly solutions. Asia-Pacific is poised to lead in market revenue and growth, spurred by escalating environmental concerns and regulations promoting eco-friendly waste management practices.
The packaging sector leads in application due to its substantial contribution to global plastic waste. The Asia-Pacific region is anticipated to lead the market, driven by pressing environmental concerns such as air and water pollution, prompting heightened awareness and adoption of eco-friendly waste management practices like plastic recycling.
The Asia-Pacific region leads in market revenue, driven by significant environmental challenges like air and water pollution, prompting increased awareness and adoption of eco-friendly waste management practices such as plastic recycling. Major market players like Covestro AG, CLEAN HARBORS, INC., Waste Connections, Shell International B.V., and others are adopting strategic initiatives to expand their market presence and enhance their competitive edge.
Top players in the market, including Covestro AG, CLEAN HARBORS, INC., Waste Connections, Shell International B.V., Veolia, and others, are implementing diverse strategies to expand their market share and influence through product innovations, operational expansions, collaborations, and strategic agreements.
𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/plastic-recycling-market/purchase-options
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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